If you’re like most people, the mere thought of preparing your taxes induces anxiety. Fortunately, there are a few ways to make preparing your taxes easier. Take the stress out of tax season by following the three simple steps listed below.
Gather the Necessary Documents
Whether you’re hiring a tax professional or preparing your return yourself, you’ll need certain information and documentation to file. Specifically, you’ll need a copy of last year’s taxes (both federal and state returns, if applicable); ITINs for you, your spouse, and any dependents; any forms that confirm the income you received during 2017 (such as W-2, K-1 and 1099 forms); and receipts for any tax deductions you wish to claim (i.e. retirement account contributions, charitable donations).
There are several ways to obtain copies of any documents you may be missing, so don’t panic if you can’t find a form or your employer fails to send you the required information. If you’re missing a W-2 form, for example, you can simply ask your employer to supply you with a new copy. By law, employers are required to keep copies of all of your payroll information on file for at least four years. 1099 forms can be obtained by contacting the institutions that issued them (i.e. banks, investment brokers). You can also get copies of all of your tax documents from the IRS.
There are free tax organizers on our web site www.frickecpa.com to assist you in organizing your information.
Business Tax Returns
Remember that Corporate and Partnership tax returns are due a month before your individual tax return. If you are a business owner, make sure all payroll tax returns are complete for year-end and your books are closed for the year including reconciliation of bank accounts.
Schedule an Appointment with Us
There are clear benefits to hiring a Certified Public Accountant (CPA) to file on your behalf. CPAs are more than just bookkeepers or tax preparers; they are specialists that help businesses and individuals with tax planning, financial planning, and estate planning. CPAs also provide other types of consulting, such as representation before the IRS and advice on how to more effectively manage your business.
When it comes to managing your taxes, you don’t have to go it alone. Contact us today at www.frickecpa.com for more information about how a CPA can help you meet your tax obligations and achieve your personal financial goals.