As a provider of professional tax services in Celebration, FL I ask my clients this question, Does the word tax make you get frustrated? Sure, you are right. There is plenty of time left, so why worry now? The thing is that you should start with your taxes as early as you can. Doing so will prevent you from too much stress because should the situation get complicated, you have enough time to handle it. Moreover, you can also get your refund quickly.
Before you indulge in tax preparation, be sure to hire a tax services Celebration FL. Once you do, you can start with the steps that are presented below and the process will be fairly simplified.
Collect your forms
Generally, you will need a 1099 and W-2 form, but this is not always so. As such, confirm the same with your tax services Celebration FL. The W-2 form will be sent to you by your employer through regular mail; you should receive this towards the end of January. At the same time, you should receive the 1099 form as well which will be sent by an investment firm and present you a review of your stock and bond sales in the past year.
Make sure that you go through these documents carefully and all of the stated amounts are correct. The gross wages must match the exact amounts that you earn. If this is not so, notify your employer and get another form. The same goes for the 1099 form. Review it as carefully and note down the cost basis; you will need it when you file the return.
Request bank statements
Request copies of your account statements from your bank. This will serve as evidence if there is any deposit on which tax will not be applicable.
Gather proof or your IRA contribution
Did you make any contribution to the IRA? Have the evidence ready so that you can itemize the deduction. Show your appointed tax services Celebration FL and they will be able to do it for you. Depending on your income level, you can either deduct the full amount of portions of it.
Ready your receipts related to work expenses
If you bought any item that you require for work and if you do not get a reimbursement from your employer, you can utilize it as a deduction. Examples of such expenses include electricity, computers, desks, tools and manufacturing equipment.
Be sure to save the receipts with you because at times, the IRS does ask for proof.
Save pictures or receipts of charitable donation
Do you contribute to charity? As long as you have the receipts or another proof with you, you can use these as deductions as well. Request this form from the charitable organization, and make sure they send you the documents before the 15th of April.
Arrange your mortgage paperwork
Interest on mortgages is another deduction that is widely used. The though the lender will provide you proof, you should save the receipts yourself to confirm the accuracy.
If you need more information about our Celebration, 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, and Hunters Creek, 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 numbers, incorporations, and non profit 501c3 tax exempt status applications.