Tips to remember as we enter tax season

LEXINGTON, Ky. (ABC 36 NEWS NOW) — It’s that time of year again where businesses and people are preparing to file their taxes.

“If you have a job and you get a paycheck then you may have had taxes withheld, so, by filing a return, you may be able to receive a refund,” partner at Sterling CPA’s Dan Heidemann said.

Not only are people legally required to file their taxes, but you might see a benefit if you qualify for a tax refund.

“It depends on each person’s individual tax situation, Heidemann said. “There are quite a few people that do end up with refunds.”

Tax returns can seem daunting especially when there’s consequences from the IRS if you don’t file correctly.

“A common mistake is not properly recording or reporting deductions or missing deductions or leaving out some income,” he said.

His main piece of advice is to stay prepared and know what forms you’ll need as you file your return.

“If you’re doing it on your own and you’re not sure, feel free to contact a tax professional,” he said. “A lot of times you can get a quote at no cost for what it would cost to prepare your tax return.”

The individual tax return deadline is April 15th. The business filing deadline is March 17th. People can also file an extension if they need more time.