Get a Head-Start on Tax Season
Tax season might not be right around the corner, but it’s never too
early to start preparing your return.
The dawn of a new calendar year often marks the end of the
sometimes hectic holiday season. This time of year marks
a return to normalcy for many families, as the kids go back
to school and parents return to
work. The beginning of January
also serves as a great time to
start preparing for tax season.
While the deadline to file
returns may be several months
away, getting a head-start allows
men and women the chance to
organize their tax documents so
they aren’t racing against a deadline
come April. The following
are a handful of ways to start
preparing for your returns now.
Find last year’s return. You
will need information from last
year’s return in order to file this
year, so find last year’s return
and print it out if you plan to
hire a professional to work on your return.
Gather dependents’ information. While you might know
your own Social Security number by heart, if you have
dependents, you’re going to need their information as well.
New parents or adults who started serving as their elderly
parents’ primary caretakers over the last year will need their
kids’ and their folks’ social security numbers. If you do not
have these numbers upon filing, your return will likely be
delayed and you might even be denied potentially substantial
tax credits.
Gather your year-end financial statements. If you spent the
last year investing, then you will have to pay taxes on any
interest earned. Interest earned on the majority of savings accounts
is also taxable, so gather all of your year-end financial
statements from your assorted accounts in one place. Doing
so will make filing your return, whether you do it yourself or
work with a professional, go more quickly.
Speak with your mortgage lender. Homeowners should
receive forms documenting their mortgage interest payments
for the last year, as the money paid in interest on your home
or homes is tax deductible. If these forms are not received in
a timely manner, speak with your lender. You might even be
able to download
them from your
lender’s secure
website.
Make a list of your
charitable contributions.
Charitable
contributions, no
matter how small,
are tax deductible.
While it’s easiest to
maintain a list of all
charitable donations
you make as the
year goes on, if you
have not done that,
then you can make
one now. Look for
receipts of all contributions, contacting any charities you
donated to if you misplaced any receipts.
Book an appointment with your tax preparation specialist
now. As April 15 draws closer, tax preparers’ schedules get
busier and busier. The earlier you book your appointment,
the more likely you are to get a favorable time for that meeting.
In addition, if you have gathered all of the information
you need by early February, then booking your appointment
early means you can file earlier and receive any return you
might be eligible for that much quicker.
ACCOUNTANT
BUSINESS / INDIVIDUAL
Tax Planning
Preparation
Bookkeeping
Business
Start Up
Counseling
Are you having
problems with
the IRS? Nils R. Lenz, MBA, RTRP
Give me a call.
813-782-9491
ENROLLED AGENT QUALIFIED TO PRACTICE BEFORE THE IRS
B&N LENZ ENTERPRISES
37023 Pepper Drive, Zephyrhills, FL 33541-3613
December 2017 Community Magazine 17