Get Ready to File Your Taxes in the New Year
Tax Season is coming to town.
With the hustle and bustle of the holiday season, many people are preoccupied with gifts and gatherings. However, a new year is just around the corner, and before you know it, it will be time to file your taxes. So, what are some things you can do to get ready? Here are a few tips to make this filing season run as smoothly as possible.
Choose How You’ll File
Decide whether you’ll file your own taxes or pay an accountant to prepare and file for you. Ask friends and family for recommendations on a good tax preparer, and make sure that he or she has a PTIN (Preparer Tax Identification Number), which ensures they are authorized to prepare federal income returns. Inquire about fees and plan now for budget purposes.
Gather Your Forms, Receipts and Records
You’ll receive various information forms in January and February. Verify the information on each form is correct and matches your records. Common forms are W2, SSA-1099, 1095A and various other 1099s, but check with the IRS for a complete list. You’ll also need to gather your receipts for various deductible expenses and records for charitable contributions. Don’t forget to gather business information, such as a profit and loss statement, if you need to file business tax returns for a partnership, corporation, or other entity.
Make a List of Personal Information
You’ll need the Social Security number of each dependent you claim, as well as other personal information, to complete your return. This might include dates you moved, addresses of rental property or other homes you own, and dates you bought or sold property.
Decide How You’d Like Your Refund
If you anticipate a refund on this year’s taxes, you’ll need to decide whether you’d like the IRS to:
- Mail a check or deposit the refund to your bank account
- Contribute some or all of your refund to an IRA, health savings, or education savings account, or to buy S. Savings bonds
- Apply some or all of the amount of your refund to your next return’s tax bill
Thoroughly organizing your records will reduce time and cost when it’s time to file, and ensure that you aren’t missing out on any tax benefits.
Contact Brevard County’s Taxation Specialist!
Alron Taxes, Inc., a subsidiary of Alron Enterprises, Inc., specializes in providing taxpayers and small businesses the highest quality expert assistance with professional tax preparation services. For more tips and important tax information, including how the tax reform will affect your 2018 taxes, consult our taxation specialists today. Give us a call at 321.951.7626, or contact us here. We look forward to working with you!