2019 is in full swing folks, and you know what that means? TAX SEASON! Whether those two words make you jump for joy or moan in dread of gathering paperwork, it’s a reality. Though the process for filling your tax return is generally the same, there are a few changes and tips you may want to know!
- Know where to get help. There are many ways to file your return such as Turbo Tax, H and R Block, TaxAct and many more. Depending on the complexity of your return, check out the online options first! If you are a business owner or have a lot of exemptions and/or forms to complete, going to a CPA may be a better option for you.
- Decide how you plan to file, including married filing jointly, married filing separately, single or qualifying widower. There are changes for 2018 especially for families that include personal exemptions and increases in the child tax credit. (goodfinancialcents.com)
- Have social security numbers on hand for each household member, complete copies of the prior year’s income tax returns, home office information if you use it for your business. Also make sure you have you W2s, 1099s and other forms
- Double check your deductions and itemizations. Did you know you may be able to include medical bills, mortgage interest or student loans? Also, if you have made any contributions to charities, these may be able to be listed as well.
- If you are a business owner, make sure you file your return both personally and for your business. If you are a small business owner, you may be able to deduct up to 20% of your qualified business income (goodfinancialcents.com)
- Lastly, be aware of tax bracket changes. Brackets can change from year to year and you may owe more or less depending on where you fall. You can find an updated tax bracket online if you so choose!
While this list isn’t all inclusive, I hope that it sheds a little light to help you in a season that is deemed one of the most stressful 4 months of an accountant’s career every year. If you have any more questions, the best thing to do is ask! Whether your CPA, H and R Block, or even head over to the IRS website.
*This blog is for informational purposes only. See your tax care professional/provider or click HERE for more information.