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Tax season is right around the corner, so we thought it would be great to kick off our first post with a few essentials for the 2016 tax season.
First, gather all personal information for each person on your return. This includes things like: social security numbers and employer information for each person on your tax return.
Second, gather all income data. A good first step is to gather tax forms for you and your spouse. Next, keep in mind that you may have income that isn’t included on your W-2. So, don’t forget to claim any income you’ve received throughout the year. For instance, this can include: money from rental properties, home businesses, investments, alimony, and even, home businesses and even lottery or casino winnings. Start putting this information together as soon as possible, because it may take you some time to put it all together.
Third, Make sure that you have all itemized deductions and credits. Tax deductions can decrease your total tax liability, that’s why it’s very important to keep track of everything you can deduct. Some standard deductions include: Childcare costs, education costs, mortgage interest payments and charitable donations. Most deductions require receipts and other documentation, so check with your tax advisor to make sure you have the necessary paperwork.
Fourth, record all of your life changes from the past year. Certain IRS-recognized life events can affect your tax return. For instance, if you got married, divorced, had a baby, moved to a new state or had another IRS-recognized life event, you may be eligible to claim additional deductions on your return.
Fifth, keep a record of taxes you’ve already paid. Most employers will deduct federal, state and other taxes from each of your paychecks. These deductions will be listed on your W-2 form. However if you are a contracted employee or own a business, you’ll have to keep these types tax records yourself.
We’ve offered a few tips here, but this is by no means an exhaustive list, so always make sure that you consult your tax adviser for answers to your specific tax questions.
At Alana Tax Group, we know that every case is different, but every case has a solution. If you have any tax issues, we can help you figure out the best way to solve them. Call us for a FREE consultation at 855-472-8294.