QUICK ADVICE ON HOW TO PREPARE TO FILE YOUR TAXES

Last month I shared my thoughts on some of the best New Year’s Resolutions I have found for jump-starting your income for 2013.  Today, I thought it would be appropriate to use this month’s newsletter to help you prepare to file your taxes.

Whether you choose to try to do this yourself, or seek professional help, our website actually tells it in a nut shell:

“Whether you like it or not, today’s laws are so complicated that filing a relatively simple state return or federal tax return can be very confusing.  Even if you use a computer software program, there’s no substitute of the assistance of an experienced tax professional.”

We certainly would hope you would reach out to your favorite CPA Firm in Reno, Nevada.  And when and if you do, the information below will make it a much more enjoyable experience for all involved.

GET ORGANIZED

Before you head out the door you will need to do some homework.  Every client of ours has different needs and backgrounds so what you may need to bring to us may be a little different than the next yet the ‘must have’s” include the following:

  • Identification

Driver License or Passport

  • Social Security Card
  • Income Verification

Depending on your personal situation, you may need one or more of the following:

W-2’s

1099 –MISC (for those who are self-employed)

1099-INT (interest)

1099 DIV (dividends)

1099-B (brokerage trades in stocks, bonds)

1099-SSA (social security)

K-1 (partnership income, trust, etc.)

In addition, you will need to produce information about any other non-tracked income from employment, property income, alimony, jury duty pay, retirement income, etc.  This does not need to be anything formal; a simple word document or excel spreadsheet is acceptable.

  • Expense Documentation

Job related expenses (rent, dues, supplies, entertainment, fuel, etc.)

Real estate taxes (and any information due to theft or casualty to your home)

Mortgage interest paid

Health care (insurance, eye care, dentists, doctors, medicine)

Motor vehicle registration

Gifts to charity

Last year’s tax preparation fees

Gambling losses

Moving expenses

Daycare costs

Child support

Student loans

Contributions to IRA

PLUS any information on any pre-paid tax payments to have made in 2012

GET HELP

The option is always open to tackle your taxes or seek professional help.  To help you sort this out, those who have a simple life without a lot of deductions usually can pull their information together and file electronically on-line.

However, if you fall into the following categories, we suggest you call us at Mark Robertson CPA:

  1. You have no time in your life for this.
  2. You hate to pay any more money than need be to the government.
  3. You want to make sure you are doing the right thing.
  4. You have a very complicated business situation.
  5. You know you may be in trouble with the IRS from a previous tax situation.
  6. You have had nightmares about the IRS knocking on your door …

 

OK, you get the idea.  We’re here to help.

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