New Year is around the corner; and in a jiffy, your tax season will be here too!
All you need is a little knowledge and preparation to stay calm and composed when you file for the taxes next year. Whether you are electronically filing your returns or traditionally mailing your paper returns, below are the necessary information that you need to know.
4 THINGS YOU SHOULD START DOING RIGHT NOW TO WELCOME THE TAX SEASON STRESS-FREE
HAVE EVERYTHING ORGANIZED:
Collect all your records well in advance: Do not start filing your return until you have all the necessary papers in hand, which include:
- Tax Identification Number or Social Security Number: you must have this number for everybody mentioned in your return.
- Salary/ income statements: Collect all the salary or income certificates before you start filing.
- Routing numbers: have this 9 digit code right on hand if you would like a direct deposit of the refund.
See what’s changed this year: The Department of Revenue time and again amends the tax rules. Avoid any undesired surprises. Take a look if there’s any changes for this year’s tax filing.
Think about e-filing: it is always best to go e-filing, that is if you qualify. E-fling is highly recommended by the DOR as the processing is much quicker and this means you can also get your refund quicker.
GOING TO MAIL YOUR TAXES? THEN IDENTIFY THE APPROPRIATE FORM:
If you go for mailing your tax papers, it often gets you confused on where to start and how to proceed. Below are some of the most important documents you need:
- Personal income tax return
- Business expenses and additional income
- Fiduciary income tax return
- Healthcare proof
- Capital loss and gain, dividends and interests
- Senior tax credit
- Royalties & real estate rentals
- Use of Tax exemption
- Sale of motor vehicles
- Amendments after filing.
We know it sometimes becomes hard to file your tax returns before the deadline. Fret not! You can very well get an extension of 6 months. To do so, you can either choose electronic options or make use of one of the two forms given below:
- Individual resident or nonresident- if you are an individual use Form-4868
- Partnership or Fiduciary- if you are in a partnership, use Form- 8736
*Condition: If you wish to get an extension, you must qualify for the same. That is, you need to pay any tax that you already owe the government.
FIGURE OUT THE RIGHT MAILING ADDRESS FOR THE RESPECTIVE FORMS
If you choose to mail a paper return or make a payment, you must be careful to which address you send them out to. For, the addresses depend on the forms itself.
Call Joyce @ +1-516-717-2049 to have a stress-free tax period.