As part of the filing process, learn about the three primary types of taxes.<\/p>\n\n\n\n
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- Progressive<\/strong>\u00a0\u2013 In simple terms, progressive tax, which relates to income tax, means you have more income that\u2019s subject to tax.<\/li>\n<\/ul>\n\n\n\n
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- Regressive<\/strong>\u00a0\u2013 This is the opposite of a progressive tax. Social Security tax is a prime example.<\/li>\n<\/ul>\n\n\n\n
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- Flat and Proportional\u00a0\u2013 <\/strong>In this case, the amount you pay in tax is proportional or \u201cflat\u201d to how much you have.<\/li>\n<\/ul>\n\n\n\n
Useful Information Whether You\u2019re Working With a Professional Tax Preparer or Doing Your Taxes Online<\/strong><\/h2>\n\n\n\n
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- Preparation<\/strong> \u2013 Before anything, you\u2019ll need to gather as much relative information and documentation possible. That includes W2\u2019s, last year\u2019s tax documents, 1099\u2019s, paycheck stubs, and so on. This is also an excellent time to educate yourself about the different tax brackets and applicable deductions <\/li>\n\n\n\n
- Hiring the Right Preparer<\/strong>\u00a0\u2013 If you opt to have an expert prepare your taxes, make sure you validate his or her qualifications. Ask for the preparer tax identification number, review the preparer\u2019s history with the Better Business Bureau, and have all service fees in writing before getting any work done.<\/li>\n\n\n\n
- Self-preparation<\/strong> \u2013 If you prefer filing taxes without assistance, always use a reputable software program. You want something easy-to-use that can calculate your taxes, identify all deductibles, and process taxes online for a faster payout. <\/li>\n\n\n\n
- Know the Deadlines<\/strong> \u2013 There\u2019s a surprising number of people who miss the deadline on getting their taxes filed. As a result, they pay more in interest. That also puts them at risk for paying hefty penalty fees. You must have your taxes in the mail or submitted online no later than midnight of April 15, 2020. <\/li>\n\n\n\n
- Learn about Deductions<\/strong> \u2013 This is where working with an expert or using state-of-the-art software is advantageous. There\u2019s an abundance of deductions that people often overlook. This is especially true for parents and individuals who run a business inside the home. <\/li>\n\n\n\n
- Report All Income<\/strong> \u2013 Regardless of the source or amount, it\u2019s essential that you report all income. For one thing, that could help you get a larger tax refund. On the other hand, not reporting something could get you in trouble with the IRS. When filing taxes, honesty is always the best policy. <\/li>\n\n\n\n
- E-filing<\/strong> \u2013 If you want to receive your tax refund quickly, use e-filing as opposed to snail mail. Usually, this is part of the service provided by tax preparers and the best software programs. <\/li>\n\n\n\n
- Where\u2019s My Refund?<\/strong>\u00a0\u2013 No one likes to be in the dark when it comes to receiving their income tax money. Just as with e-filing, experts and top-of-the-line software programs offer a way to check the status of your return.<\/li>\n\n\n\n
- Beware of Scams<\/strong> \u2013 Sadly, tax season is a time when scammers come out of nowhere. Never provide any information to someone claiming they\u2019re a representative of the IRS. Also, avoid using any free tax filing service. It\u2019s worth paying a fee to have an experienced and educated tax preparer help you with filing taxes. <\/li>\n<\/ol>\n\n\n\n
![\"man](\"https:\/\/www.insureone.com\/knowledge-center\/wp-content\/uploads\/sites\/4\/2020\/01\/tax_season_tax_return_how_to_do_taxes.jpg\")
<\/figure>\n\n\n\nFiling taxes doesn\u2019t have to be a painful experience. Today, the process is easier and more efficient than ever before. Along with e-filing, high-tech calculators for your tax and tax refund estimate, and ways to check on the status of your return, you can get a cash advance. That means you\u2019ll receive a portion of your tax return before the IRS has even processed it. For a lot of people, this helps tremendously.<\/p>\n\n\n\n
You Don\u2019t Have to Deal With Filing Taxes Alone<\/strong><\/h2>\n\n\n\n
For outstanding support, InsureOne now offers professional tax return preparation at a competitive price. Working in partnership with Tax Max, you\u2019ll receive superior service, whether your tax filing is simple or complex*. Plus, you can get your money right away with an advance up to $6,000**. <\/p>\n\n\n\n
- Hiring the Right Preparer<\/strong>\u00a0\u2013 If you opt to have an expert prepare your taxes, make sure you validate his or her qualifications. Ask for the preparer tax identification number, review the preparer\u2019s history with the Better Business Bureau, and have all service fees in writing before getting any work done.<\/li>\n\n\n\n
- Preparation<\/strong> \u2013 Before anything, you\u2019ll need to gather as much relative information and documentation possible. That includes W2\u2019s, last year\u2019s tax documents, 1099\u2019s, paycheck stubs, and so on. This is also an excellent time to educate yourself about the different tax brackets and applicable deductions <\/li>\n\n\n\n
- Flat and Proportional\u00a0\u2013 <\/strong>In this case, the amount you pay in tax is proportional or \u201cflat\u201d to how much you have.<\/li>\n<\/ul>\n\n\n\n
- Regressive<\/strong>\u00a0\u2013 This is the opposite of a progressive tax. Social Security tax is a prime example.<\/li>\n<\/ul>\n\n\n\n