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When’s the Tax season? How much tax do I owe? What should I do to save money? All of these questions will be answered by those who sweat cash during Tax season, April 15-22. Many people panic when they see the date “Tax Season” comes out of the year. They think they’re going to struggle making their payments or get into big debt. But nothing could be further from truth! Tax season is when businesses and individuals alike start paying attention to their tax returns and understanding how much they owe. The amount owed will vary from person to person based on what kind of return and tax calculations were performed, but in all cases it will be something to focus on during this time.

What is Tax Season? 

During tax season, members of the public, businesses, and organizations file their own tax returns. The income they earn, as well as the amounts they pay, are reported to the Internal Revenue Service. The IRS then issues a tax return report card to each taxpayer to help them understand where they stand with their tax obligations. 

Why is Tax Season a Good Time to Start Planning? 

Because tax season is typically the most time- consuming part of the year for taxpayers, it’s a great time to plan ahead and take steps toward saving money. While Planning is not required, it’s a good idea to have some kind of strategy in place. If you’re filing a tax return for the first time, it can be helpful to have an expert prepare your tax return for you. The person who prepares your tax return is known as an “ Auditor-in-Chief ”. An Auditor-in-Chief is an accountant, an attorney, an economist, a IRS special agent, and an accountant-supervisioning surgeon. The Auditor-in-Chief works for and is paid by the organization that hired the Auditor-in-Chief to prepare the organization’s tax return. If you hire an Auditor-in-Chief, they will prepare your tax return for a fee. The Auditor-in-Chief will also audit your return, meaning they’ll go over your returns and make sure you’re compliant with the law. Without an Auditor-in-Chief, you’re on your own when it comes to auditing your own tax return. 

The Fresh Start Provision 

One of the most important things you can do is request a “ Fresh Start ” with the IRS. The Fresh Start Provision allows you to start the process of getting your tax return Prepared for Filing. The Fresh Start Provision only applies if you’ve been audited by the IRS and want to start the process of resolving the issues with your tax return. If you want to start the Fresh Start process, the first step is to write a letter to the IRS explaining why you want a Fresh Start. You can find more information on the Fresh Start Provision in IRS Publication 519. 

How to Prepare for Tax Season 

Now that we’ve gone over what to expect during tax season, it’s time to get down to the nitty-gritty. The first and most important thing you can do is prepare yourself mentally. Remember, you’re not alone! There are millions of people who file tax returns and many of them have gone through this process before. Make sure you have the facts straight and know where you are legally as a taxpayer. It’s also a good idea to get a tax return preparer on retainer who can help you through the process and beyond. 

Bottom Line 

The best way to prepare for tax season is to make sure you know what your taxes are, where you’re legally required to pay them, and how much you’re obligated to pay. Once you know your answers to those questions, the rest will come easier. The information in this article is accurate and up-to-date as of the date of publication. The information is not intended as legal or tax advice. If you have specific questions about your situation, you should consult an accountant or tax lawyer. The information in this article is current as of the date of publication. The materials are not intended as tax advice or as a specific strategy to prepare for any given situation. The information is only meant as a guide. If you are interested in starting your own tax return, we recommend that you contact a tax attorney or your local IRS office for more information. The IRS does not accept unsolicited tax returns.