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  • Safeguard Your Tax Returns

    Saturday 06th of October 2012 5:52:52 PM

    Not many are aware that safeguarding their tax returns is a way to avoid income tax debt.  Here are some examples on how it can be done:

    1. Comparing your pay stubs with your W-2 can avoid discrepancy in your tax return.
    2. Keeping a record of your tax filing forms and other important document used in tax returns for at least 3 years will save you in IRS tax audit.
    3. Scanning your related tax documentation and then saving it as a PDF file is a good way to preserve its authenticity electronically.
    4. When record keeping is done electronically, always make back up files. Read more on Securing Tax Records.

    Safeguarding tax returns can also entitle you to a possible tax rebate and once this becomes effective, you should think of practical ways to make a good use of it, and the safest way is of course by putting it in your savings account. In this way you are also safeguarding yourself against income tax debt without even realizing that you are also preparing for next year’s tax return.

     

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