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Tuesday, January 21, 2014

Tax return tips for this tax season

The smell of tax season is in the air as today marks the first day that the IRS will start accepting tax returns.  It's that time of year when you have to carefully compile all your documents and fill out long redundant forms all for the hope of getting some of your hard earned money back.




So are you ready? If you're like most of Americans out there, probably not.  Tax season usually hits us at the start of the year before we've even had a chance to settle down.  However this year to help, we've created a tax return check list that can help you avoid the stress when it comes to this year's tax season:

Begin With the Pre-File 

Collecting your documentation is the first step in filing your tax return.   Make sure to stay alert for any documents from your employer, lenders, banks, etc. as those tend to come within the first few weeks of the year.  Below are some other forms to keep in mind when gathering your documentation:


  • W-2's - For you, your spouse, and any other household members applicable. 
  • 1098 - Your mortgage interest statement.
  • 1099 - Other interest and dividends.
  • Receipts - For any applicable donations, business costs, etc.
  • State property tax, income tax, and sales tax documentation.
  • Account Statements and Tax Forms for any capital gains or losses.
  • Any other documentation that proves you are eligible to receive a tax credit or deduction.

Besides this proof you will need to know the Social Security numbers for your children, spouse, or any person you plan to claim on your taxes.

LLC's and S-Corp's will need to prepare other documentation such as a profit and loss statement and payroll information.  A certified public account or other professional should be able to advise you more on this information.  

Start Filing Early to Avoid Headaches

It's important to start filling out your tax return forms early.  This will give you a chance to figure out what you need or might be missing.  Start by filling out as much as you can, keeping a list throughout the process with areas you might have questions or concerns with.  

Keep in mind that some organizations don't send out their tax information until January 31st, meaning you might have to wait until February to finish everything up.  However, it doesn't hurt to get started right away.  If you have a professional to prepare your taxes make sure to give them a call ahead of season. 

Tax season does not always have to feel like an overwhelming mess.  Get started today instead of procrastinating until April.  You'll be happier you did.  

2 comments :

  1. Thanks to share us and if you want to tax management then visit on Personal Tax Accountants in Toronto site . They provide you all necessary help in tax accounts

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  2. Thank for the Business Tax Planning and tax management, Its really helpful

    ReplyDelete