Click me
Transcribed

10 Steps to Tax Preparation

10) Steps to Tax Preparation 2) Collect Copies of Bank or Brokerage Collect Your 1099s and W-2s Statements Employers typically send W-2 wage information to their employees via regular mail by the end of January. About this same time investment Brokerage statements come in handy because they often contain data that may alert your accountant to any tax-loss you might have from last year. firms will send out 1099s as well, detailing any stock or bond sales you've transacted over the course of the past year. Tax Credit Review your Documents Stock or Bonds Tax Loses Securities Sold Tax Gains Income earned Find Social Security Set Aside IRA Information for Contribution Proofs New Additions to Your Family In 2013, taxpayers under 50 years of age are allowed to contribute $5,500 per person to their IRAS. Those over 50 may contribute $6,500. With that in mind, taxpayers should set aside proofs of this contribution Be sure to provide your accountant with the social security number of any children that you had or have adopted over the past year. If you earn under $75,000 as a single taxpayer or under $110,000 as a married taxpayer, you are eligible for a $1,000 tax credit Deductibles Tax Credit IRA Contributions Dependent Children Save Pictures, Receipts or Records of Charitable Gather Work Related Receipts Donations If you purchased an item that you need for your job and your employer does not reimburse you for that expense, then the item is deductible. Both the federal government and the IRS encourage individuals and corporations to make donations to charities by offering deductions for donated goods. However, receipts detailing the items donated must be saved and included with your tax Deductibles return. Deductibles 2$ Uniforms Donated Goods Self-employed business Gather Mortgage Tally Co-Pays Receipts While your mortgage company will provide you with a 1099 detailing the interest you've paid on your loan throughout the Most employees have the cost of medical insurance deducted from their paychecks on a pre-tax basis. Therefore, these amounts cannot be deducted year, saving individual mort- gage receipts also makes sense. again on your tax return. Tax Credit Deductibles 24 Interest on Home Loans Doctor Bills Mortgage Hospital Bills Gather Proofs Of Purchase for Energy Efficient Goods Locate Last Year's Tax Return New electricity vehicles purchased after December 31, 2014 will come with a tax credit between $2,500- $7,500 depending on the vehicle and the phase out caalculation. Before completing your taxes this be sure that both you year, and your accountant review last year's tax return. The return will provide you with a wealth of information that can be valuable Deductibles to this year's return. Stock or Bonds Hybrid Vehicle Securities Sold Income earned Do NOT wait for the last minute!!!! File your Tax Now Softwares to assist you TaxAct TAXACT eSmart Tax e smart tax BY LIBERTY TAX Tax Brain taxbrain H&R Block H&R BLOCK intuit. Turbo Tax TurboTax. Online coupons to get you the best deals on Caear Caey Cary Tax Calculating Software Sources: http://www.ehow.com/ehow-tax-time/ http://www.investopedia.com/articles/pf/07/tax_prep.asp http://taxes.about.com/od/preparingyourtaxes/ http://money.msn.com/tax-preparation/your-15-point-tax-return-checklist-1 http://money.msn.com/tax-preparation/7-easy-steps-to-an-early-tax-refund-1

10 Steps to Tax Preparation

shared by couponcanny on Feb 10
115 views
0 shares
0 comments
Tax Preparation is no easy task, it takes time and effort. If done inaccurately it could lead to large penalties which can be avoided by following the these small and simple steps. These ensure that y...

Publisher

Coupon Canny

Category

Business
Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy

For wordpress.com:

Click the code to copy
Customize size