January 20, 2016
Happy tax season to us all! Ok, maybe tax season is not a happy time but it doesn’t have to be a stressful time. Many times individuals add additional stress to their lives by not tax planning throughout the year for their tax returns or just not keeping track of important tax documents. As the end of January draws near, there are quite a few things you need to keep a look out for. Tax documents will most often be sent out by no later than January 31st but there are a few exceptions. Keep in mind that some people and companies send out their forms earlier than the end of the month and you may have already received those. The documents you should be on the look-out for are:
- Forms W-2 for wages, salaries and tips.
- All Forms 1099 for interest, dividends, retirement, miscellaneous income,
- Social Security, state or local refunds, gambling winnings, etc.
- Brokerage statements showing investment transactions for stocks, bonds, etc.
- Schedule K-1 from partnerships, S corporations, estates and trusts.
- Statements supporting educational expenses, deductions or distributions, including any Forms 1098-T, 1098-E, or 1099-Q.
- All Forms 1095-A, 1095-B, and/or 1095-C related to health care coverage or the Premium Tax Credit.
- Statements supporting deductions for mortgage interest, taxes, and charitable contributions (including any Form 1098-C).
- Any tax notices sent to you by the IRS or other taxing authority.
Keep in mind that Schedule K-1s, Brokerage statements, and 1095-A, 1095-B and/or 1095-C forms can arrive much later in the tax season. Some of these forms may even have correction forms issued.
It is important to keep all this information as it arrives in a safe place as to not lose any of the items because many of them are hard to replace or take additional time to recreate. Gathering this information as it comes in and taking it down to your tax preparer will help you file your tax return timely and relieve any stress caused by waiting until the deadline.
Additional stress can be reduced by sitting with your CPA or tax preparer and planning for the current year’s taxes. Whether it is an adjustment to your withholdings per pay check, making estimated tax payments quarterly or making the right decisions on investment sales your preparer can help you plan and ease any yearend tax burden.
For questions about current forms to be on the look-out for or other tax related questions contact your CPA. If you don’t have a CPA or tax preparer we would be glad to help serve you. With over 60 years of experience, Brammer, Begnaud & Lattimore CPAs have the knowledge and understanding to help you handle all your tax questions and needs. For a consultation, give us a call at the office (409)983-1669 (or email: firstname.lastname@example.org) and give us the opportunity to serve you!
Thank you for the opportunity to serve you – now and in the future!
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