Again, as Tax Team stares out the window at the brilliant artic sunshine, we hope all of you are using some of this indoor time to enjoy reading, getting caught up on movies and your favorite series on Netflex and do a little video gaming. We also hope that you spend some time finishing up getting your taxes together, ‘cause that’s what we do!
Over the past few weeks we have discussed the basic items needed for a tax return, including income, deductions and credits. Here are a few miscellaneous items to help your tax process go more smoothly, whether you do it yourself or with the assistance of a tax professional.
First, tax preparation is one of the few times you need to use the actual social security card for you, your spouse and the dependents listed on the return. This is especially important the first time you see a professional to be sure the spelling of the name and the number are correct. It helps to have a copy of last year’s return available. Information from the previous year’s return may be needed to complete the current year’s tax return. Also, it can be used as reference- if your tax situation is more or less the same from year to year, your results should be more or less the same. Another helpful item is your last pay stub of the year for any jobs you may have had. Sometimes there is information on the pay stub that is not on the W2 that can be used on the tax return. Also, it can help clarify a mistake on the W2, which occasionally happens.
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If you are expecting a refund, have your bank routing number and account number for direct deposit. If you are seeing a professional for the first time, or if your professional partners with a financial institution that offers paying your fees from your refund, you and your spouse will both need unexpired picture IDs with a current address.
Next week: You are ready! You are set! Now go!
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For a more detailed tax guide, check out www.taxteam1.com. Be sure to contact john.lawless.tax@gmail.com for questions or comments. Thanks! Stay safe and warm!
