We are headed towards the end of 2018. What does that mean for you as an American? Yes, the end of the year New Years Eve Party is near, however, there is something that is more important. We are talking about your taxes. With the 2019 approaching, so are your annual income taxes. The experts at SmarTax, LLC. are here to help. We are the best tax advisor in Pembroke Pines. We are here to inform you of all the steps in tax preparation.
How Are You Going To Prepare
The federal government estimates that 60% of individuals use paid preparers to complete and submit their tax returns. If you are one of these people, it’is important to get started right away so you can have a successful tax return experience. Your preparer may take information directly from you or ask you to complete a questionnaire. Either way, you will need time to gather and organize the information.
Our Tax Advisors Advice on Tax Preparation
Here is a list of step we feel will help you when filing your taxes in 2019.
- Choose a preparer
- Schedule an appointment
- Gather all of your information returns
- Here are common forms:
- Form W-2, if you have a job
- Form SSA-1099, if you received Social Security benefits
- Various 1099s to report income such as cancellation of debt (1099-C), dividends(1099-D), interest (1099-INT), and nonemployee compensation paid to independent contractors (1099-MISC) (Note: Brokers don’t have to mail Form 1099-B, which reports gains and losses on securities transactions, until January 31, 2019.)
- Form 1095-A to report information from the government Marketplace from which you purchased health coverage
- Various 1098s reporting mortgage interest (1098), student loan interest (1098-E) and tuition payments (1098-T)
- Form W-2Gs for certain gambling winnings
- Schedule K-1s from entities in which you have an ownership interest, such as S corporations, partnerships, limited liability companies, trusts or estates (Note: You may not have received them yet; they are due by the first March 15 following the end of the partnership’s tax year; check with the entity if one doesn’t arrive.)
- Here are common forms:
- Get Your Receipts Together
- Gather records for charitable contributions
- Make a list of personal information
- Decide what to do about a refund
- Find a copy of last year’s return
Start early doing prep work for your income tax so you’ll have a successful tax return experience. Ideally, you will have been gathering and organizing your receipts all year. (Apps like Expensify and Shoeboxed on a smartphone make it easier, now that the IRS accepts electronic receipts.) Whether you’re doing your own return or having a preparer do it, thorough documentation and organized records will reduce the time (and therefore the expense if you’re using a paid preparer). Most of all, these 10 preparation steps will ensure that you’re not missing out on any tax benefits.
Call Our Experts Today
We have all the information regarding income taxes for 2019. Our tax advisor wants to ensure you have all the info for tax preparation. The professionals at SmarTax, LLC.want to ensure that you have all the information you need going into tax season this year. It is essential to be aware of all tax laws as they may affect you. For further information call or contact us today, Pembroke Pines. We offer the best tax accountants near me.