| With the ever changing tax laws, which are | | | | 4. Non Taxable Income: |
| difficult to understand, we have put together | | | | |
| 9 helpful hints to help you to be better | | | | When gathering your above income information |
| organized and make your tax filing run more | | | | do not forget your non taxable income. Here |
| smoothly. | | | | are a few examples of these: Child Support |
| | | | payments, Welfare benefits, Life Insurance |
| 1. Don't procrastinate: | | | | proceeds received due to the death of an |
| | | | individual. |
| You will want to gather your information and | | | | |
| began reviewing it as soon as possible. Also, | | | | 5. Personal information: |
| by reviewing last year's return for changes | | | | |
| in things such as; deductions, dependant's | | | | You will need to gather some personal |
| status, and income. In doing this step it | | | | information that will be required to file |
| will refresh your memory, so that important | | | | your return such as; security numbers and |
| deduction are not forgotten on this year's | | | | birth dates for any dependents you will be |
| return. | | | | claiming. |
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| 2. Gathering your deductions: | | | | 6. Children's income: |
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| You want to review your current year's | | | | While gathering your information to file your |
| expenses and gather anything you might | | | | tax return, take a moment to review this |
| consider to be a deduction. Also, going | | | | information for your children to see if they |
| through your checkbook, credit card | | | | have any filing requirements. |
| statements, and receipts will help you better | | | | |
| locate those all important deductions. Let's | | | | 7. Scheduling your appointment: |
| face it the more deductions you have the | | | | |
| better. Here are some examples of expenses to | | | | You will want to schedule your appointment |
| look for that you may have: Medical expenses, | | | | with your tax preparer as soon as possible to |
| Mortgage interest, Real estate taxes, | | | | allow ample time for any corrections or |
| donations, work related expenses, union dues, | | | | documents you will need to track down before |
| personal property taxes and any other items | | | | the filing deadline and to avoid the last |
| that you think might be deductible. | | | | minute rush of filers. |
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| 3. Income Documentation: | | | | 8. Making tax payments: |
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| Gather all the income documents you have | | | | When making payments to the IRS you will want |
| received during the year such as: Form W-2 | | | | to make sure that your payment is properly |
| (Statement of Wages), Form W-2 F (Gambling | | | | identified with the following information: |
| winnings), Form 1099-B ( Stocks and Bonds), | | | | Your name, Address, Social Security Number or |
| Form 1099-R (Distributions from pensions, | | | | your business ID number. Also, include what |
| Annuities, Retirement or profit-sharing | | | | the payment is for including what tax year. |
| plans, IRAs, and Insurance contracts), Form | | | | Make individual payments; do not combine more |
| 1099 (Interest, dividends, royalties), Form | | | | than one payment in the same check. |
| 1099-G ( State and Local income tax refunds), | | | | |
| Form 1099-B and Brokerage statements (Sales | | | | 9. Keeping records: |
| of securities), and K-1s (Income and | | | | |
| Deductions from Partnerships, S Corporations, | | | | It is recommended that should keep your |
| Trusts, Estates). Review all these documents | | | | records including bank statements, canceled |
| to make sure they are correct. If you notice | | | | checks, income and deductions for at least 3 |
| any discrepancies contact the issuer of the | | | | years from the date of filing your return. |
| form immediately to get a correct form. If | | | | That is the statute of limitation set by the |
| you are unable to get the correction made you | | | | IRS for audits. By doing so that will help |
| will be required to attach a letter of | | | | you be better prepared in the event that your |
| explanation with your return. | | | | return is selected for an audit. |
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