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The new year is upon us. And the new year means time to prepare for tax season! You may have a lot of resolutions that you have set for yourself this year, maybe reduce your stress or to be more organized? Well you can definitely reduce your stress during tax time by being better prepared and organized.
When it comes to tax season being organized and getting your tax information and documents in order is going to ensure that your tax filing goes as smoothly as possible for you.
So what exactly do you need to do to get prepared for tax filing this year? What tax information and documents are you going to need on hand? We are here to answer those questions for you.
Having the birth dates and social security numbers for yourself, spouse and any dependents is going to be necessary to file your tax return this year. Having the proper personal information will also allow you to claim credits on your tax return, if eligible.
This month you should start receiving your income statements from your employers (W2s). If you worked as a contractor or freelancer you should be receiving a 1099 if you were paid $600 or more.
Your CPA will also want you to have income documents such as:
Deductions are the key to lowering your taxable income. However, to claim these deductions you will need documentation. This is where organization is going to be your friend. If you don’t already have a procedure in place for keeping track of your receipts, expenses, etc., now might be the time to implement one. You can easily track them during the year on your computer or phone. Whether you are filing as an individual or a business there are many deductions you may qualify for.
Some common deductions that you may want to have documentation for are:
Be sure to talk to your local Mckinney CPA to be sure that everything you need is in order. We can walk you through all the documents you will need ahead of time to prepare your taxes. This takes all of the guesswork out of filing. Your CPA is your best resource to ensure that you are prepared for tax filing season. Give David Kesel, CPA a call today to schedule an appointment so you are prepared for tax season.