Your Guide to Easy Tax Preparation


One thing in life we can always be certain of is taxes. Each year it seems that tax day sneaks up on us. This year make plans to get ahead of the deadline and gather all the information you need to file your taxes early. Following is a checklist and items to remember to help prepare you to file your taxes with confidence. Who knows, maybe you will get a nice refund you can use to plan a trip to a fun destination in your Porsche.

Personal Information
The first step to preparing to file your taxes is to gather all important personal information. Know birth dates and Social Security numbers or Tax ID numbers for you, your spouse and all dependents. Have income information for these same parties and have childcare records, if applicable.

Important Papers
It is vital to have all important papers together before you start on your taxes. Pull out a copy of your returns from last year to serve as a reference. It may be helpful to have returns from the year before as well.

Here is a list of additional important documents needed:

  • All W-2s, 1099s, Schedule K-1s and records to verify income not reported on 1099s
  • Receipts from major household expenses
  • Credit card statements
  • Check registers
  • Review online receipts and contributions and print copies if needed
  • Statements and records showing rental income
  • Statements showing Social Security or other retirement income
  • Statements showing IRA contributions or other investment income
  • Bank statements from the previous 12 months
  • Medical bills
  • Educational expenses
  • Property taxes and mortgage interest paid
  • Statements and receipts showing state and local taxes paid
  • Records of all third-party transactions (like those made through PayPal or Venmo)

Deductions
Deductions are typical expenses that the taxpayer incurs during the year that can be applied against or subtracted from their gross income. Hopefully you kept a file of all your itemized deductions for the past year. If not, make it a goal for this year. Deductions can make a big difference in the amount of taxes you owe. It’s worth the time and effort to keep this information organized.

Make sure to get the following information together:

  • Records and receipts of all itemized, non-cash contributions to local charities
  • Receipts from all donations to nonprofits, schools and charities
  • Proof of contributions to retirement plans
  • Mortgage interest statements
  • Real estate and personal property tax records
  • Receipts for energy-saving home improvements
  • Miles driven for charitable or medical purposes
  • Amount paid for healthcare insurance
  • Childcare expenses including wages to a babysitter or licensed day care center
  • Vehicle taxes paid

Tax Credits
It is also important to keep information together relevant to any tax credits you may qualify for. Credits can give you dollar-for-dollar breaks in any taxes owed.

Popular tax credits include:

  • American Opportunity and Lifetime Learning credits
  • Child Tax Credit — the standard Child Tax Credit is worth up to $2,000 per child dependent (Adopted children may also qualify you for additional credits)
  • Retirement savings contributions credit (also known as the Saver’s Credit)

While most people are not fond of doing taxes, they do not need to feel stress or frustration over it. Take the time throughout the year to file important papers as they are received, keep receipts categorized and neatly filed, and store other information in a safe, easy to reach place. If you take these steps, it will be a breeze to file your taxes or give the information to a paid tax preparer and not be scrambling as tax day approaches.

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Porsche Atlanta Perimeter
Porsche Atlanta Perimeter
4006 Carver Drive
Atlanta, GA, 30360 US
404-600-0573
https://di-uploads-development.dealerinspire.com/porscheatlantaperimeter/uploads/2018/06/PorscheAtlantaPerimeterOGImage.png
Porsche Atlanta Perimeter 33.9118039, -84.2899589.