Filing your taxes can be really confusing, especially for first timers. Dan Geltrude, CPA and Managing Partner, Geltrude and Company, spoke with TheStreet to share some of his best tips for newcomers navigating the tax filing process.
Full Video Transcript Below:
J.D. DURKIN: Tax day, just a little over a month away. Dan, what sort of tips do you have for first time filers?
DAN GELTRUDE: Well, the first thing I would tell people out there is avoid those common mistakes. For example, having an incorrect Social Security number. It may seem like an easy thing, but it's easy to transpose that numbers, that causes all kinds of problems. Another thing is getting the numbers on the wrong lines of the return. Incomplete information like 1099. Sometimes those things get missed. And also remember another thing, any unemployment compensation is taxable. Now, these things don't sound like a big deal and they are easily fixed. However, you don't want to be getting one of those little love notes from the IRS that says, hey, wait a minute, something is wrong here.
J.D. DURKIN: What sort of tips do you have for maximizing returns?
DAN GELTRUDE: Well, you know, the whole thing about getting your refund is all about how you plan going into the year. Now, the best case scenario here is when you're going to actually be a break even. You didn't overpay. You didn't underpay. You paid exactly the right amount. But if you're going to get a refund, the one thing you want to make sure that you do is you file electronically. That speeds the process. You also want to set your return up to be on direct deposit. So you get that refund as quickly as possible. And of course, you want to file early as early as you possibly can. You don't want the government holding your money.
