When you are facing the strict deadline associated with tax filing, the pressure is on. Failing to meet this deadline will result in significant penalties, but people who have complicated tax returns may hesitate to get started. Here are some tips for staying on track when it comes to tax return preparation in Hawaii.
- Gather all of the necessary forms and paperwork before you get started. Not only do you need W-2 forms and the tax forms associated with your return, but you may also need receipts to accurately claim deductions. Keeping this information centrally located throughout the year will help you avoid the hassle each April.
- Start on your tax return as soon as you receive the necessary paperwork from employers, banks and investment companies.
- If it becomes apparent that you are not going to meet the April 15 deadline, consider filing an extension. The simple form required to file for an extension is due by April 15 and gives you an extra six months to work on your taxes.
- Do not go through tax return preparation in Hawaii on your own. Michael J. Yuda, CPA, LCC is a CPA firm that has extensive knowledge when it comes to filing tax returns for clients. You do not have to worry about complying with complex tax regulations when you hire someone else to complete and file your return.