Tax preparation in Poinciana is similar to tax preparation anywhere else in the world. It’s meticulous and requires details and lots and lots of hard work and time! All Tax preparation in Poinciana revolve around adequate paper work and a clear headed approach.
Here we’ll provide you with a list few documents and evidences that you’ll need to save time off Tax preparation in Poinciana.
1.Copies of Bank Statements
If your accountant is reviewing your checkbook and finds you deposited $500 he/she may regard it as an income and thus it will become taxable. To steer clear of this mess you need to have your bank statements so that you can show that it wasn’t an income rather a onetime gift.
2.IRA Contribution Proofs
Taxpayers can provide contribution to the IRS worth around $5,000. Proof of contribution whether it be a bank statement or cancelled check can be used as proof to show to the accountant the amount you contributed. The purpose of this proof is because this amount of contribution can be deducted from the overall tax bill.
3.Work Related Receipts
Any item that you have bought for the purpose of your work or as a means of promoting your business, that amount can be deducted from your tax bill. Items that are regarded as deductible include; tools, manufacturing equipment, computers, etc.
4.Save Receipts of Charity
One important factor in Tax preparation in Poinciana or anywhere in the US is the keeping of receipts of charity. The US government and the IRS encourage donations to charitable organizations. Tax bill will be deducted for every donated good. Even when it comes to monetary donations make sure you have all the relevant bank records. These bank records will help you have to pay a lower tax bill for having been a responsible citizen of the US.
Mortgage receipts are important documentations in Tax preparation in Poinciana. Make sure the mortgage company provides you the details of your loans and the interest that you’ve paid throughout the year through the 1099 form. Also saving mortgage receipts can be a good heads up to your accountant of what interest amount to expect for the coming year. Interest amount is deductible from tax.
6.Find the Social Security Number of New family members.
Providing your accountant with the social security number of your whole family including the new addition whether it be a biological child or an adopted one’s social security number is important. For every child that’s under the age of 17 the father or the parents get a $1,000 tax credit. This means effective documentation will save you such a huge amount.
7.Last Year’s Tax returns
To save effort on this year’s Tax preparation in Poinciana you need to have the tax returns of last year. These will help your accountant look for previous wealth statements and any unusual loop holes if present. Looking at a past tax return will also help you look at your financial position whether it has increased or decreased.
If you need more information about our Poinciana accounting and tax services, please contact us at 407-502-2400. 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.