NEW BLOG: Preparing Your Own Taxes! “Doing your own taxes really isn’t as daunting as it may seem,” says Jessi Dolmage, spokesperson for TaxACT. “Tax preparation solutions put the complicated tax code in plain English and give step-by-step instructions from start to finish. If you have questions, they offer resources and experts for help.” Dolmage says most brands allow you to try their products risk-free. You can use online products without creating an account, and downloadable software often includes money-back guarantees.
Whether you love or hate income tax season, save time and maybe even some money using these simple tips.
Start by gathering all your tax forms and documents, including:
* Last year’s federal return (and your state return if applicable) for
comparison purposes
* Form W-2 for wages, tips and pensions – keep in mind employers have until
Jan. 31 to distribute to employees
* Form 1099 for interest, dividends, state tax refunds, retirement plan
distributions and unemployment – issuers have until Jan. 31 to distribute
* Form 1098 for mortgage interest paid
* Retirement plan statements
* Schedule K-1 from partnerships, S corporations, estates and trusts
* Estimated tax payments
* If you itemize deductions: receipts for health care expenses, state and local income or sales taxes paid, mortgage interest and points, charitable gifts, work-related costs, investment expenses, and casualty and theft
losses
* If you’re a business owner, documents related to income statements (1099-MISC and payment stubs not reported on 1099s), health insurance payments and pension plan contributions (such as Keogh, SEP and SIMPLE)
* Social security numbers for you, your spouse and your dependents
* Bank account and routing numbers if you want to receive your refund via
direct deposit or pay your taxes electronically
(taken from: sfgate.com)
Whether you love or hate income tax season, save time and maybe even some money using these simple tips.
Start by gathering all your tax forms and documents, including:
* Last year’s federal return (and your state return if applicable) for
comparison purposes
* Form W-2 for wages, tips and pensions – keep in mind employers have until
Jan. 31 to distribute to employees
* Form 1099 for interest, dividends, state tax refunds, retirement plan
distributions and unemployment – issuers have until Jan. 31 to distribute
* Form 1098 for mortgage interest paid
* Retirement plan statements
* Schedule K-1 from partnerships, S corporations, estates and trusts
* Estimated tax payments
* If you itemize deductions: receipts for health care expenses, state and local income or sales taxes paid, mortgage interest and points, charitable gifts, work-related costs, investment expenses, and casualty and theft
losses
* If you’re a business owner, documents related to income statements (1099-MISC and payment stubs not reported on 1099s), health insurance payments and pension plan contributions (such as Keogh, SEP and SIMPLE)
* Social security numbers for you, your spouse and your dependents
* Bank account and routing numbers if you want to receive your refund via
direct deposit or pay your taxes electronically
(taken from: sfgate.com)
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