P. Diggs-Costen EA, MBA
9 Tips to Prepare for Upcoming Tax filing Season
Updated: Jan 5, 2020
It's that time again! Soon you will start receiving your 2019 tax documents. January 28th is the official IRS date for electronically filing tax returns. How do you get organized? Here are 9 steps that will hopefully streamline the process for you.
Prepare an envelope or electronic folder and label 2019 taxes.
Scan tax documents when received. Do not toss your IRS notices- you may need for tax filing.
Categorize and total your expenses such as medical expenses or contributions.
Separate business expenses and rental properties (do not lump all the properties together) using an accounting software or excel spreadsheet. If you have more than one business- each business must be itemized separately.
Do a Scope Review of your tax organizer or last year's tax return to actual documents received. This will trigger what could be outstanding.
A tax organizer is a great resource to use for compiling your tax documents and triggering life changes that could impact your taxes.
Compile a list of questions for me or your accountant.
Remember extensions are to extend the deadline to file; not to pay. Late payments after April 15th will result in penalties and interest.
Schedule your appointment early or upload your documents to a secure portal. Keep in mind complex tax returns require more time to prepare.
Maximize your deductions
Poor record keeping can cause you to lose valuable tax deductions. The above steps will ensure we can better minimize your tax liability, and or optimize your refund, and provide proper tax planning for you in the coming year.
Contact our office at 770-575-9737 should you have specific questions regarding your taxes.
Upcoming Tax Deadlines
4th Qtr Estimated Tax Payment January 15, 2020
1099's and W2's deadline January 31, 2020