After a stressful year with the COVID-19 pandemic, the last thing that many people want to do is think about filing their taxes. Unfortunately, this isn’t something that can be avoided, and with tax deadlines approaching it is important to think ahead and get prepared. Below you will find 3 different ways that you can minimize your stress and get the most out of this tax season!
1) Prepare in advance and be proactive
Early preparation is essential, especially this year with COVID-19. You may be confused about where to start and a great place to begin is understanding when your return and payments are due as well as what options you have. Think about whether or not you want to file your taxes yourself or if you want to reach out to a professional – there may be more complicated and unexpected tax situations this year that you need to take into consideration. Lastly, gather your relevant documents in advance and anticipate that there could be delays.
2) Utilize the online/virtual options available
Online tax filing software is a great resource that is even more popular now with the virtual world that we are living in. You can e-file your Rhode Island State Income Taxes for Tax Year 2020 online and check out the State of Rhode Island Division of Taxation website to download necessary tax forms.
Additionally, check online for COVID-19 related information as changes will be reflected on government sites!
3) Ask questions & reach out to a local CPA
At the end of the day if you are worried about your taxes the best way to ensure you minimize your stress and get the most out of your returns is to reach out to a professional. There are many local CPAs who can help and Rhode Island has many businesses that specialize in this. If you choose to take this route, ensure that you make appointments as early as possible! With all the uncertainties that this year has had, many people may find it useful to utilize a professional. If you’ve had major changes over the last year you may have a more complicated tax filing process.