7 Steps To Get Organized for Your Upcoming Tax Meeting.

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7 Steps To Get Organized for Your Upcoming Tax Meeting.

Tax time is tough enough and we all know its not your favorite time of year. We have always aimed to make your life a little easier during this tough time. Below are excerpts from an article at bankrate.com. They are some quick things you can do to make Tax Season a breeze.

Tax Time

Photo courtesy of Images_of_Money(CC Attribution)

Even if your tax situation isn’t complicated, there’s still documentation the IRS demands. But filing taxes doesn’t have to be an ordeal. And it can be less frustrating and less time-consuming if you have all the material at your fingertips.Read more: 

  1. Filing by the (identification) numbers:     But if you drop all your data off at your accountant’s office, make sure your Social Security number is in there, as well as your spouse’s if you file jointly. Don’t forget the ID numbers of your dependents…
  2. It’s called an income tax:      By the end of January, every employee should get Form W-2
    [ .. ] Form 1099-MISC showing your gross earnings.{Some other forms of income are: unemployment, possibly Social Security, 1099-R Distributions, even your state tax refund}.
  3. IRS interest in your other assets:       Interest account form 1099-INT, Stocks or Dividends Form 1099-DIV, Brokerage Forms (stock trades/sells) Form 1099-B. {note on 1099-B’s, if you receive digital spreadsheet (xls or csv file) of your brokerage statement you will be charged less on your return’s fees.}
  4. Tax trimming starts at home:       Homeowners know the value of a mortgage [ .. ] Your lender will send you Form 1098 [ .. ] If you have a vacation home [ .. ] it is just as deductible. [ .. ] don’t forget the interest you paid on a home equity loan.
  5. Using taxes to reduce taxes:       claiming real estate taxes as a tax deduction.
  6. Good deeds, good tax break:       When you give cash to a qualified charity, get a note from the group acknowledging your gift if it was $250 or more. Are you dropping off clothes and household items at a local collection center? Get a receipt for those. {Salvation Army Donation Valuation Guide
  7. Organized info means easier filing:       Now you’ll be able to find the tax documents you need [ .. ] Even better, by getting organized early, you give yourself plenty of time to complete filing taxes properly, saving you time, anxiety, and in many instances, money.

Our Notes in braces “{}”.

Adapted from: BankRate.com See the Whole article: Read More

http://www.bankrate.com/finance/taxes/7-ways-to-get-organized-for-the-tax-year-1.aspx#ixzz3OfArCXt4

By |January 13th, 2015|General, Tax|0 Comments

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