The best tax preparation Kissimmee service knows that tax return filing is a major responsibility on every citizen that should be undertaken carefully. Although we have plenty of time for tax preparation Kissimmee, it is best to prepare well before time to make things much easier for yourself and your accountant.
To start with, organize necessary documents and information that you may need when doing tax preparation Kissimmee. Here is a list of some important documents that you should have before April 15th to ensure timely and accurate filing of tax returns.
Kissimmee Tax Preparation Tip 1 – Get Necessary Forms
Individuals need Form 1040, partnerships require Form 1065, corporations should have 1120, while for investment income Form 1099 is used to file tax return.
Employers usually send the W-2 wage information to their employees by the end of January. Review the details carefully to ensure that the information provided therein is accurate and updated. If you find any discrepancy, contact your payroll department to request them for modification and an updated form before you go to tax preparation Kissimmee services.
Similarly, investment firms send out the 1099 at about the same time to inform the investors of their activities in the stock market over the course of past year. Check the 1099 form carefully to ensure that the information matches your records. Find out the cost basis of the securities you have sold so that you may have everything prepared when filing the tax return at tax preparation Kissimmee.
Kissimmee Tax Preparation Tip 2 – Collect Copies of Bank Statement
Sometimes you deposit some amount that you received as gift from a relative but your accountant treats it as earned money. Such amount is not taxable and should be reported to the accountant immediately. Get your monthly statement to show the accountant that the deposit was a onetime gift which is not subject to tax.
Kissimmee Tax Preparation Tip 3 – Provide Your Accountant with Social Security Information of New Family Members
If you have dependent children under the age of 17, you are eligible to get a tax credit of $1,000 for each child. Be sure to provide your accountant, that is doing your tax preparation Kissimmee, with the social security information of the child that you had or adopted over the past year. Remember that if you don’t furnish this information to your accountant, you are unlikely to get this advantage.
Kissimmee Tax Preparation Tip 4 – Save Record of Charity and Donations
In order to encourage people to donate generously, the federal government and IRS has categorized the donations as tax deductible items. However, if you have donated items to the Salvation Army, certified charitable organizations, and churches, it is recommended to keep a receipt of the contribution.
If you have not obtained receipt or any other proof of your donation, you have enough time until April 15th to contact the organization and get the necessary documents from them before you to to an office for tax preparation Kissimmee.
On the other hand, keep the relevant bank record relating to the monetary donation you have made during the past year. Since personal notes issued against cash donations are no longer acceptable by the IRS, it is suggested to donate via bank to be able to furnish proof of the contribution through checks record, credit union statement, or credit card statement.
If you need more information about our Kissimmee, 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.