Americans are receiving forms from employers and clients in preparation for the 2014 tax season. Enterprises TV offers tips for getting documentation organized so there are no delays.
Prepare an electronic tax file. Set up folders were all tax forms, receipts, invoices, and other paperwork is kept. Save all W-2s, 1099s, K-1s, escrow papers for purchase, property tax receipts, tax deductible receipts, employer retirement paperwork, and acknowledgement letters from charitable organizations. Scan and save in the file. Make notes to help professional tax preparers file properly.
Download and keep the correct tax form is doing taxes yourself. Refer to the electronic file for any backup documentation.
Use the form to prepare a test filing. If something doesn’t seem right, ask a family member or friend for a referral to certified tax preparer.
If you moved for a new job, got a new job, got married, divorced, had a child or bought a new home, these life changes should be added to your tax return.
Enterprises TV warns readers against trusting anyone you don’t know well to do your taxes on the basis of promising a big refund. Stick with the professionals. Also, beware of the many tax scams operating this time of year. One of the most prevalent is getting a phone call from a phony IRS agent stating you owe money and better pay or the local enforcement agency will come knocking. If you get a call like this, hang up. Better yet – don’t answer the phone if you do not recognize the number.
We wish readers a successful tax preparation time.