Those taxes need to be filed some time. Why not get your income tax preparation in Kissimmee, Orlando, or Hunters Creek over with before crunch time? Keep the following in mind and you will never be short of the proper documentation and file your tax returns in time –
Copies of Bank Brokerage Statements
Have your monthly bank statements ready and you will be able to present them to your accountant for determining items that shouldn’t be taxed. Brokerage statements might contain valuable data that may alert your accountant to any tax loss carry forwards you might still have from last year. Not only will such financial records determine the type of gains or losses that could be evident for next year they will also make your income tax preparation easier.
IRA Contribution Proofs
Taxpayers under the age of 50 are allowed to contribute $5000 per individual to the IRA since 2011. However storing proofs of such contributions and showing them to your accountant at an opportune moment will entitle you to deductions.
Work Related Receipts
You are not liable to be taxed for items that you purchased for work related situations like office uniforms. If an employer does not reimburse an employee for such an expense then the item is deductible. The situation will also be applicable if you happen to be self employed.
Last Year’s Tax Return
Have your accountant review last year’s tax return before both of you file your taxes for this year. Why should you do that? It might contain information on the following –
- Withholding information
- Tax loss carry forward info
- Info on capital gains and traditional income
Number of Tax Events
If you have an enormous amount of taxable issues that need to be resolved in your return an income tax preparation service might hike the price for its services. For example your income tax preparation time will be longer and more costly if you are in possession of a retirement income, rental property, a large stock portfolio or part time business.
In order to get a more accurate rate for your return and to save time, make a list of all your taxable events like any charitable donations that you might have made, operating your business, or buying/selling property or stock.
Proper Bookkeeping Counts
The price of your tax preparation services will naturally go up if the accountant assigned to you has to dig through a mound of all of your cash receipts, invoices and other paper based financial records in order to categorize them.
If you want to make the best of a income tax preparation service make sure that you ask the accountant the format as well as the type of expenses they expect to see. This will allow you to resolve any source documents and provide the accountant categorized receipts.
Income Tax Preparation is only as hard as what you make of it. Resolving it in a timely manner is a good idea. Your accountant will definitely thank you for it.
If you have any questions regarding income tax preparation in Kissimmee, Orlando or Hunter’s Creek, please contact us at 407-344-1012. God bless.