PERSONAL TAX PREPARATION
PERSONAL TAX PREPARATION
To submit tax returns is a lengthy process. It has been estimated that 60% people hire a tax preparer for this job.
Here are some helpful instructions that will guide you through the process of personal tax preparation.
Select your preparer
You need a tax preparer who is experienced and knowledgeable to help you with personal tax preparation. You can ask your friends and family for suggestions and referrals. You also need to ensure that the preparer has a Prepare Tax Identification Number. This is because that person needs to be authorized to prepare federal income tax returns. Discuss your tax issues with the preparer and talk about the fees.
Get your information returns together
In order to execute your personal tax preparation plan, you need together all your information and data by the end of January. Get your receipts together in a place. Choose the personal deductions which you want to itemize. To itemize your personal deductions, collect all your receipts that you have received throughout the year rule out the ones which are covered by insurance. Search for the receipts where the costs are not covered by insurance such as property taxes, investment related expenses and investments related to jobs.
Charitable Contributions Records
If you have contributed to charities or invested in voluntary work, then you must collect all the records and proofs that you have. For an accurate personal tax preparation, it is important that you get a written acknowledgement paper from the charity stating the amount of your contribution. It must also state that you did not gain anything from it. When you file your return, you need the documents as evidence.
Be informative about the tax law changes
It is convent and helpful to know the emendations and changes made in tax laws. It is not going to make you a tax expert necessarily but you may save yourself in critical situations if you know the laws. This will enhance your personal tax preparation.
Your personal Information
Collect all your personal information for your personal tax preparation and keep it ready for submission. You need to know the number for each dependent you claim. Addresses of hotels you have been to for vacation, rental property addresses, data about your property, things you sold or bought, payments you made, the gains that you made and similar information needs to be gathered.
In case you have not been able to complete your personal tax preparation, you can request for a filing extension. In this way, you can prevent the hassle of paying late fees and penalties.
Our online tax software gives you the most accurate return and the largest possible refund you are entitled to receive. If there is an error in the preparation of your return that results in penalties and interest, we will reimburse you for the associated penalty and interest initially assessed
Our returns have significantly increased since filing with M&M Tax Group. Other franchise Tax Services never took the time to look at all our options to make sure we were getting all credits that applied to us. With you, I have the comfort and confidence that I am taken care of even though I know you are very busy, but you still take the time to cover all bases to help us get the refund we truly have coming
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