February 8, 2016
On January 19th, the 2016 Tax Season opened and the IRS began accepting individual tax returns. For many individuals, tax season is a time of stress and anxiety. If you have a significant amount of paperwork to sift through, there’s no need to worry! Tax and Business Consultants has some organizational tips to help you through the stressful tax season. All it takes is a few easy steps and you will be organized and ready to file taxes.
Every person is tracked by the IRS through a Social Security number. Make sure you know the correct ID numbers for all of your dependents. If you miss one or use an incorrect Social Security number, the tax refund could be slowed down or even stopped.
By the end of the month, you should receive a Form W-2 (wage and tax statement) from each of your employers. This document shows how much you earned, how much was taxable, and what taxes were withheld. This is a key piece of information in filing taxes. If you are a homeowner with a mortgage, your lender will send you Form 1098 (mortgage interest statement) with a tax-deductible amount.
Depending on your employment, savings, and charitable donations, you may be expecting more paperwork. To be safe, make sure you keep receipts and documentation that the IRS could further question.
Once you have all of the important information ready, you have accomplished the first step in filing your taxes. Before you lose track of any important paperwork, it’s time to utilize a filing system. A folder, binder or container is a great way to store and label important paperwork. Keep this in mind all year round as you prep for 2017 as well.
After you organize your tax-related documents, it’s time to ask the professionals for help! At Tax and Business Consultants, we offer a variety of individual tax services. When you need help with your tax returns, don’t hesitate to contact Tax and Business Consultants to discuss your needs. It is our job to efficiently maximize opportunities for our clients – including tax returns.
For more information, please call 402-426-4144 or visit www.taxandbusinessconsultants.com.
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