Tax season is just around the corner with the first day of filing coming up on Monday, January 27. Here's more from experts on how to make this year’s filing stress free.

New year, new tax season. Local tax professionals are already seeing an influx of filers, eager to submit their returns early. But according to Rose Coronado, office manager of DLM Services, rushing without preparation leads to costly mistakes. “We’ve had some filers come in," she said. "I guess they’re trying to rush for the first day opening of Rev & Tax for tax filing 2024.”

She emphasizes the importance of providing accurate information to avoid errors. “I guess just give the right information," she added. “Don’t procrastinate, don’t wait until the final deadline, which is April 15, to file your taxes because anything can happen.”

A common "mistake" she sees? Filers inflating their returns by providing false details, as Coronado added, “I guess sometimes people they want the bigger outcome on their refunds. So, they are influenced by other people to give wrong information. So, true and accurate information is always the best for an error free tax return.”

Arthur Murphy, franchise owner of H&R Block Guam, says one of the most common mistakes he sees involves claiming dependents. “The most common one, specifically for married couples, is when they have their dependents file their own tax return and then they don’t realize that they can still claim their dependents on the parents’ tax returns," he explained.

Murphy also stressed the importance of proper preparation, saying, “I think they just need to get their documents together. The tax season is a snapshot of their financial situation. You get the documents from your employer, your W-2s or whatever income you have, retirement. Just make sure you enter it accurately based on what’s showing on the statement because that’s what causes a lot of problems.”

With the right preparation and these tips in mind, tax season doesn’t have to be stressful.