Now that the New Year has arrived, it’s time to start thinking about tax season once again. Instead of waiting until the last minute to do your taxes this year, get yourself prepared as early as possible and enlist the help of a tax professional to make sure you get the most out of your returns. It can feel overwhelming to tackle your taxes by yourself, so it’s a wise idea to find an experienced financial expert to help you get through them quickly and painlessly. Keep reading to learn what you should do to prepare yourself for tax season.
In order to fill out your tax forms correctly, you will need to provide personal information including your Social Security number. While you probably know your own number by heart, you will also need Social Security numbers for your spouse if you are married, as well as any dependents. Write down all of these numbers in one place so you have them handy when you need them.
You should start receiving important tax forms from your employer either at work or in the mail very soon, so put these in a safe place where they will not be lost. To complete your taxes, you’ll need W-2 forms for you and your spouse (if you’re filing a joint return) from all employers you’ve worked for in the last year. If you are a contractor and have earned more than $600 from any one given employer, you’ll also need 1099 forms to bring to your tax professional. Remember that the government considers more than just your job’s salary as income, and keep track of paperwork from any investments you have.
Adjustments and Deductions
This is where your taxes can get a bit tricky. There are a number of different scenarios that may entitle you to an income adjustment, tax credit, or deduction, such as buying a new home, contributing to an IRA, and more. Talk to your tax professional to find out of any of these situations apply to you.
At Financial Directions, LLC, we understand that taxes can be complicated. That’s why we offer professional financial services including tax planning to help you keep as much of your money as possible. Contact us at (520) 408-7777 to learn more about our services for our clients in the Tucson area.