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Matthew Ledvina Offers a Simple Guidelines to the Process of Filing Taxes


When it comes to filing the US taxes, it is important to understand the best practices, concepts, and basic terms related to it. You might have hired a professional to file your taxes for you. But, knowing these crucial aspects of taxation will help you know about the steps you can take or reducing your tax bill or getting you more refunds. It will also make sure that you get to dodge any late-payment penalties or failed-to-file fees.

Regardless of whether it is the first time you’re filing taxes or you want to improve your present process of filing, the following ideas will come to your aid.

Choosing the right ways to file the US taxes

Matthew Ledvina, one of the most respected tax advisors in the country, believes that the most important thing is to determine who will file the taxes. You can do it yourself using the online tax filing systems, or you can visit professionals who prepare taxes.

If there is nothing complicated about your financial situation, it might be a good idea to file taxes through the tax software. In fact, there are many tax programs available online that let you file your taxes for free. Many tax software companies will let you use their free filing option for the simple tax returns. However, you will be charged extra for that attachment of additional forms (for instance, the ones required for reporting self-employment incomes).

When your tax situation is rather complex, say you sold some of your investments or began freelancing this year, it would be wise to visit a professional tax preparer. Ledvina suggests you to work with either an enrolled agent or a CPA (certified public accountant).

The right time to start filing your taxes

The IRS usually starts accepting tax returns sometime around January. For instance, the IRS had started accepting the tax returns for 2020 on 27th January. If you anticipate a refund, Matthew Ledvina suggests that you should start filling your taxes as soon as you can. You will have to wait till you get the relevant forms, such as your 1099 forms and W-2 income statements. These forms will be needed for you to detail your earnings from different sources during the financial year.

Your refund might get delayed if you claim added child tax credits or earned income tax credit. These are the types of credits that are usually misused by the fraudsters. Thus, the IRS is extra cautious in this regard, and taxes extra time for reviewing such claims.

There is no reason to panic in case you miss the deadline to file taxes. Your next step depends on whether you owe taxes or are supposed to get your money back through tax refunds. If you owe taxes to the IRS, your best bet is to file the taxes at the earliest in order to avoid hefty penalties. If you’re supposed to get tax refunds, the IRS gives you three years to collect the money it owes you.

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