Steps to Take Before You Prepare Your Taxes

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Steps to Take Before You Prepare Your Taxes
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Choose a Preparer
In case you are running a small business, you
need to pay your tax. If you dont have a tax
preparer, it is better to take the suggestion of
a family member or a friend regarding referrals.
However, while choosing the tax prepare, ensure
that the person must have a PTIN. PTIN shows that
the person is authorized to prepare federal IT
returns. You must also inquire about the fees and
other matters too.
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Schedule an Appointment
Once you have finalized the tax preparer, now you
must meet a person as soon as possible. Sooner
you will meet the tax preparer, sooner you will
be able to complete the tax return. In case you
are expecting a refund, you will get it soon if
you contact the tax preparation soon. Further, if
you will not appoint a tax preparer soon, you
wont be able to get him within the time as most
of the tax preparers remain busy during the
closure months.
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Gather Your Documents
No matter when your tax preparer Santa Monica
will start working, but you need to gather all
your urgent documents by the end of January, each
year. You must collect them from the employee or
employees, as well as from banks, brokerage
firms, and others with whom you do business. Some
of the common forms are Form W-2, 1099 forms,
Form 1098, Form W-2G, etc.
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Round Up Your Receipts
What are the receipts you need to present depends
on whether you itemize the deductions or claim
the standard deduction? You need to choose which
one produces the greater write-off. However, the
only way to know for sure is to add up your
itemized deductions and compare that with your
standard deduction. For singles, the standard
deduction is 12400 and for married it is 24800.
The tax preparation will take less time if the
records are properly organized.
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List Your Personal Information
Once completing all the process, you need to list
all your personal information. It will include a
Social Security number. The tax preparer will
need this, so it is better to pen down along with
any other information. Note other important
details such as renting a property or selling any
property. You must also note down the dates of
the sale and buying.
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Find a Copy of Last Years Return
Finally, get a copy of the return of the last
year. However, if you have hired the same tax
preparer Santa Monica, then the tax preparer will
have your all information with them. However, if
you are filing the return with a new tax
preparer, then it is better to provide the last
years copy. It will work as a sample as well as
a reminder for the new tax preparer.
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Thank You
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