The tax deadline is right around the corner and you need to apply for ITIN number. Have you been delaying your taxes all this time? No problem. You still have one weekend for it, right? We will tell you how you can get them done over just the last weekend.
Friday Evening: Gather all documents
Taxes cannot be managed until you have all relevant documents with you. Gather these with you and then sit down to filling up your return form. What if you still forget some of these? Use the checklist given below and this will not be so.
- The 1040 form or any of its other versions
- Your social security number. If you are not eligible for this, you will have to apply for ITIN Number when you file your return. In this case, you will need the W7 form.
- Your W-2 form which mentions all details of your income; your employer will give you this. If you are self-employed, you will need the 1099, W9 and Schedule K form
- The 1099 form which contains information about your investments, retirement funds and the like
- Receipts which can serve as proof of your deduction
Saturday: Opt for an accounting software or appoint a tax preparer
Once you have all documents with you, you can start to apply for ITIN Number by filling up your return from. Either use an accounting program for this or avail the services of a tax preparer. If your tax situation is simple, the former will be a good choice, and if it is complex, you can take help form a tax preparer.
If you are using the software, carefully enter all information and then check your form thoroughly. Make sure you are entering all figures carefully so that all calculations are correct.
Compared to a tax software, a tax preparer is a more expensive option. If you have gotten married during the year, bought a home, started a business or gone through any major change, you may be better off with the pros. The tax preparer will go through your financial documents, figure out applicable deductions and then fill out your return for you.
Sunday: Time for another check
Sunday is the day on which you should go through the return form once gain. Devote an hour or two for this, and make sure there are no errors. Also review your deductions and ensure that you are availing each and every one of them. What if you find a mistake? Rectify it; there is still time, and do not send your form until you do this. Should you not abide by this, you may have to go through an audit.
Generally, you have to fill out the 1040X form to indicate the mistake. Since filing this forms you are reporting the error, you can avoid penalties.
So do your taxes, and apply for ITIN number in this manner this year. For next time, we will still suggest that you start on it when you have more time left.
If you need more information about our 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.