Posted by As the 2020 tax season officially enters, tax reporting issues have become the focus of work and life this quarter.If you have a new income in the past year, or change jobs, tax filing will become a little more complicated than in previous years; if it happens to be the first year after you buy a house in the United States, then it is even more important for tax filing. A very important year.
Professional tax planning and targeted material preparation will greatly help us in tax declaration. Specifically, we can benefit from the following two points:
1. Pay less money from your wallet and hand it to the IRS;
2. Reduce the chance of being checked by the IRS;
What should we prepare before making an appointment with a professional who helps us with tax filing?Christine Berdine, a registered tax agent and tax preparation expert from Orange County, gaveAmerican Life Insurance GuideThe editor shared her 18 tax filing experiences.
Before we use TurboTax for filing, or before making an appointment with the IRS tax report specialists and accountants, we can check the following list, improve efficiency, and help each other save valuable time.
1. Prepare receipts and records of all possible income and expenses.
2. Prepare the billing documents, which are made byEmployer, bank, investment and financial management company, governmentFrom the relevant revenue department. (U.S. Life Insurance Guide ©️ Note: Usually you can receive it at the beginning of February. If you don’t receive it, we can log on to the Internet Banking, Wealth Management App website to download, or call to obtain it)
3. Prepare all vouchers about specific income, such as W-2 Form, 1099 Form, and K-1 Form.Our employers and banks have sent a copy of these forms to the IRS, which has kept these information records on file.
4. Bring all cancelled checks, check deposits, bank statements, and any tax-deductible expenditure bills.Keep all commercial expenditure bills as much as possible every year.
5. Separately sort out the documents for purchasing or selling assets.Such as stocks, bonds, and real estate sales records.
6. Collect and archive anyFor job huntingAnd the overhead bills incurred.
7. Sort out the bills of medical expenditures and medical insurance premiums. These bills may become deductions and deductions.
8. If the refinance of a house mortgage (Refinance) is carried out in 2019, sort out the relevant documents and use them for the deduction of related expenses.
9. Use a notebook to write down any expenses that do not have a bill record and think that it can be reduced or exempted.
10. Collect the social security numbers of all dependents.If you need to apply for a social security number for someone who depends on you this year, please fill out the application form immediately.
11. The first timeBuy a housePeople will have some new items that can be deducted, such as real estate tax and loan interest.Prepare all relevant documents.The tax declaration for the first-time buyers is relatively complicated. A professional tax agent registered with the IRS can help us prepare these documents.
12. If you are married and both spouses are at work and use Child Care, then the family may get a child care tax benefit.
13.如果你給作為家庭成員的僱員支付了$1000美元或以上，你必須在1月30日以前給這個僱員簽發W-2表，並申報僱主稅。
14. Don't wait until the last minute to sort out tax-related materials.For 5 consecutive days, spend 15 minutes a day to discuss and organize these materials.
15. Find last year's tax filing documents, and bring them to see the tax filing service staff.A careful study and study of last year’s tax table will help me recall which items need to be prepared.List the missing items separately.
16. Keep an eye on your mailbox in January. Important tax letters (such as W-1, 2) will be received in January.Check whether your registered delivery information is correct.
17. Independent contractors (such as freelancers) have a lot of additional exemptions.And independent contractors are the key group that the IRS focuses on tax inspections.Experienced IRS-registered tax agents can help independent contractors reduce the chance of tax inspections.
18. Make an appointment for tax filing as early as possible.The earlier you make an appointment for tax filing, the more flexible the time and the more convenient it will be for you.The sooner you are ready to file your tax return, the faster you will receive your tax refund.
Article summary
Be Prepared and Organized.When the 2020 tax season officially enters, according to the above list, prepare the relevant materials, carry out the correct classification, and then take these materials to face the professional tax service personnel.The result of this can significantly improve the efficiency of each other's tax returns.And this process of personally sorting out will help us to understand the financial and asset status of individuals or families, and provide a rational basis for the accumulation of family wealth.
(about the author:Christine T. Berdine, a registered tax commissioner of the Internal Revenue Service, founder of CB Tax Accounting Services.Committed to providing professional tax planning and tax filing services for residents in Irvine, Newport, Laguna Hills, and Mission Viejo.Tax appointment telephone number:(949)709-0833 English)
