Tax preparation Hunters Creek, FL can be a hectic process although it is simply the process of preparing tax returns. Often, people or businesses (that may or may not be taxpayers) that need compensation have to hire professional help to handle Tax preparation Hunters Creek, FL people and businesses as well).
People can handle Hunter Creek, FL tax preparation on their own using software apps, or hire licensed professionals. These professionals can be certified accountants, attorneys or enrolled agents trained but unlicensed. It is common for taxpayers to seek professional help because the process seems complicated, and almost 59.2% of tax preparation in Hunters Creek, FL is by remunerated preparers.
Additionally, there may be likely claims a business can make for deductions in the tax payable. This varies with the total income businesses generate. In Florida, there are incentives the Federal Government offers.
Steps of Tax Preparation in Hunters Creek, Fl
1. Collect the W-2s or 1099s
At the end of January, employers send the W-2 (wage information) to their employees via email. At the same time, it is a requirement that investment firms should send the 1099s with details of bonds and stocks transacted during the last year. Review these documents thoroughly, to make sure they are accurate. Rectify any problem immediately.
2. Compile Bank and Brokerage Statements
There may be transactions that were one-time only. You will need to prove this in order to ensure there is no tax on that transaction. This is very important because these statements will help alert you on the status of any tax loss that you may incur during the year.
3. Reserve IRA Contribution Proofs
In 2013, it was a regulation that taxpayers below fifty years could contribute $5,500 per person to the IRA. Those above fifty could contribute $6,500. Keeping this in mind, one has to keep proof of contributions to provide proof of contribution to the accountant when the need arises, especially to receive deductions.
4. Information about Social Security and Family Size
If you have adopted children, you must provide the social security number to your accountant. This is because ideally for those who are single taxpayers, and that earn about %75,000, or that are married and earn less than $110,000, receive a credit of $1,000 for every dependent child (below 17 years). If you don’t inform the accountant of additions to the family, you will not receive the $1,000.
5. Document Work Related Receipts
There are work related expenses that are deductible, and your employer must reimburse you. Keep receipts of such expenses and be reimbursed. Example of such expenses include, uniform, gas, computer, etc.
6. Save Records and Receipts of Charitable Donations
Collect records of such donations before 15th April. During audits, this can be of great help as proof of donations the business makes during the previous year.
7. Collect Mortgage Receipts
Mortgage companies provide the 1099, showing details that you have paid the loan through the year, and this is deductible. Mortgage receipts are useful for reconciling year-end 1099s.
8. Proof of Purchasing Efficient Goods
You can present the proof of presenting efficient goods to your accountant and receive the credit worth $500.
9. Tally Co-Pays
Medical insurance has to be deductible. Itemize this in your returns.
10.Date of the Last Tax Return
Make sure you discuss with your accountant about the year’s return regarding tax losses.
All this will help you with tax preparation Hunters Creek, FL
If you need more information about our Hunters Creek, FL accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt.