For us in the tax industry, January through April can be hectic. We at Taxware Systems want to help you have a smooth tax season. Here are some tips to help you and your clients file returns quickly and efficiently.
Gather Records: Before their tax appointments, remind your clients to bring in all applicable records for the year, including receipts, tips and records pertaining to deductions and tax credits claimed. If they purchased health insurance or received it from their employer, your client should receive a 1095-A, 1095-B or C.
Report All Income: The client will need to report all income from Forms W-2, wage and tax statements, tips if applicable, Forms 1099 and any other income, even if they do not receive a statement. If a form that affects income is missing, the IRS will notify the client of the error.
Use Direct Deposit and e-File: When possible, suggest to the client to use direct deposit combined with e-file. It is a fast, accurate and secure way to get a refund. With direct deposit, the IRS issues nine out of ten refunds in less than 21 days.
Weigh Filing Options: If your client asks about whether the standard deduction or itemizing is better for them, show them both plans thoroughly as applicable to their tax return. We also have a comparison tool in the Taxware Systems software that allows you to compare whether filing a joint return or a married filing separate return would be more advantageous for the client.
Review the Return: Mistakes on a return can slow down a refund. In the Taxware Systems software, any errors picked up by the validity check will be indicated in red or yellow and will be in list form. Red means that the return is likely to reject because of errors that will be tagged by the IRS, such as errors in basic information. Yellow indicates that there are warnings you should probably look into, but may not be immediately rejected, such as missing preparer or state information.
Questions? Feel free to contact us!