New York-NY – The TAX SEASON 2016 is around the corner. ONLY SEVENTEEN DAYS LEFT to start the TAX SEASON, and it is very important for you to contact your tax professional EARLY to reserve a convenient time for your appointment. Your tax return can be done more accurately and in a shorter period of time if all of the information is available at the initial appointment, so BEING ORGANIZED can help both YOU and your Tax Specialist.
- Start preparing soon for your Tax Appointment by compiling a list of the documents you expect to receive based on last year’s statements and this year’s activities. If you are not sure of what documents you may need, call your tax preparer to discuss. As you start receiving your documents in the mail (usually around the end of January), mark them off your list and put them in a tax folder with the list to stay organized.
- If employed, you will need to include your W-2. If you received income from interest, dividends, pensions, self-employment, government payments or the sale of property, you will receive a Form 1099. It is helpful to bring the actual statements to your appointment. Remember that not all forms will look alike; be sure to check the bottom of year-end statements that may be substitute 1099s. Also, don’t forget to include any Schedule K-1s you receive from a partnership, an S corporation or estate. If you had any income not reported on the forms listed above, make a note for your tax preparer to include it.
- If you own a Home, it is probable that you can itemize deductions. Each year, bring the property tax bill and the mortgage interest statement to your tax appointment. Medical expenses are deductible if they exceed 7.5% of your adjusted gross income (AGI). Prescription drugs, doctor, dental, hospital bills, medical insurance premiums and the mileage to and from the doctor’s office enter into this category. Charitable contributions are a good source of deductions. Contributions can be cash, property or out-of-pocket expenses you paid to do volunteer work. If you drove to and from the volunteer work, you can take the actual cost of gas and oil or use the standard rate of 14 cents a mile. You need a receipt for any donation you claim.
This article contains general tax information for taxpayers and is not all-inclusive. Each tax situation may be different, so do not rely upon this information as your sole source of authority.
Contact Martha Calderon (City) at Marthy Tax Services for professional advice for your tax situation.
Martha is an expert who keeps current on tax law changes as well as a member of the National Association of Tax Professionals.
She can save you time and offer insight on how to use the tax breaks available to you.
Make an Appointment NOW. Contact me at 718-809-1124; by email her @ [email protected] or via this website: