The best tax preparation in Lake Nona, FL will tell you that it is important for you to file all documents on time, and making it a daily habit is very helpful. The same goes for your tax returns; if filled on time, you will be getting your money back, if not, then your money will never make its way back to you. This is why it is important for you to do some tax preparation in Lake Nona, FL provides many employment opportunities to every individual, and every earning individual is obligated to taxes, including filing for tax returns.
Step 1: Collect all of your Documents (W-2s & 1099s)
W-2 is an employee’s wage information which the owner must give to the employee. This is usually sent by the end of January so that the employee may go over the documents to ensure everything is in place. 1099s are bond sales, which are out around the same time too. These bond sales are those ones which the employee has transacted throughout the year.
Review all the W-2 and 1099 documents very carefully, go through each detail and do not just scan through them to save you time, these documents will save you money with tax preparation in Lake Nona, FL gives many employment opportunities so you must make sure your information is completely correct and authentic. Go through each transaction in the 1099 too; make sure each has been matched against your records. Start collecting documents like you bank statements and brokerage statements as well. If there have been any tax losses or if there are any adjustments needed to be made, the statements will help you with so. Once you are satisfied, it is time to move on.
Step 2: IRA Proof of Contribution
Those individuals who are under the age of 50 are allowed to contribute the amount of $5,500 to their IRA. Those who are older are allowed to contribute $6,500. This is your proof that you have contributed towards your account. These are the best to use if you do not get your hands on your bank statements and brokerage statements.
Step 3: SSN Info
If you have any new member in the family, make sure you prepare yourself with their Social Security info. If there are children who have been adopted, or who are your dependants, you will have to include them in your tax preparation in Lake Nona, FL.
Step 4: Gathering Receipts & Donation proofs
If you purchased any item from your own pocket or made any charitable donation, keep a track of those as well. Let us say you had purchased some computers for your workplace with your own money, and the employer does not recall any such activity, the receipt will be your proof. Proof of donations should be sent along with your tax return files as well as the IRS makes a charitable donation from the amount of tax you pay. This can save money from being cut off from your income tax returns.
Step 5: Previous Tax Return
Find the tax returns from last year, this is important to track changes like withholding of information, and will only benefit you.
Now that you are ready, you can go on with your tax preparation in Lake Nona, FL . The employments in this area have different sets of rules as well; make sure you peruse them thoroughly.
If you need more information about our Lake Nona, FL 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.