Filing Taxes....
Just tidbits of information that I wish I knew earlier in life....
I recently found an accountant I wouldn't mind establishing long term relationship with, because she was educational, polite, and friendly. She thoroughly explained everything!
What to Bring when filing Taxes with an Accountant:
***Bring you filed taxes from the previous year when filing (If using a new accounting place)
***Bring your State ID
***Bank Info. (Account # and Routing #)
***All Income info. (ex: W2, 1099, Bank or Investment Interest Earned, etc etc) &
Health Insurance has (1095A- Obama Care, form will be filled to see if credits issued might be retracted due to your income & 1095B - Medicaid)
***Itemized Deduction Summary & ( Detailed info. stored for your files; best if digitized, ink fades on paper or gets lost. )
If you haven't found a good accountant that you want to establish a long future with....
A) Beware of Tax Preparer Fraud; because whatever your accountant falsify your itemized deductions; you are responsible for the penalty fees according to the IRS.
https://www.irs.gov/uac/tax-return-preparer-fraud-2
And there's no such thing as filing a complaint anonymously. So you'll risk IRS eyeing you closely....
READ OVER ALL INFORMATION !! It's filed under your SSN, your name....
IRS set $6500 for Itemized Deduction... you may want to write off to get tax refund.
Itemized Deduction is a pain to document and you would have to keep it indefinitely; because you don't know how far IRS will dig when and if you get audited....
For my fellow Single and not married.... we're in the highest tax bracket lol
Unless... we buy a house and have mortgage, a car, or run a side business..... there's not much outside of getting an IRA account that can help lower our taxes for the time being. :/
Accountant highly suggested buying a house and running a side business.
(Ex: Web Business Amazon & eBay etc etc) She also said Amazon resolves most tax issues for items shipped all over U.S. ; unlike eBay, because you have to deal with that by yourself at the end of the year.
I recently found an accountant I wouldn't mind establishing long term relationship with, because she was educational, polite, and friendly. She thoroughly explained everything!
What to Bring when filing Taxes with an Accountant:
***Bring you filed taxes from the previous year when filing (If using a new accounting place)
***Bring your State ID
***Bank Info. (Account # and Routing #)
***All Income info. (ex: W2, 1099, Bank or Investment Interest Earned, etc etc) &
Health Insurance has (1095A- Obama Care, form will be filled to see if credits issued might be retracted due to your income & 1095B - Medicaid)
***Itemized Deduction Summary & ( Detailed info. stored for your files; best if digitized, ink fades on paper or gets lost. )
If you haven't found a good accountant that you want to establish a long future with....
A) Beware of Tax Preparer Fraud; because whatever your accountant falsify your itemized deductions; you are responsible for the penalty fees according to the IRS.
https://www.irs.gov/uac/tax-return-preparer-fraud-2
And there's no such thing as filing a complaint anonymously. So you'll risk IRS eyeing you closely....
READ OVER ALL INFORMATION !! It's filed under your SSN, your name....
IRS set $6500 for Itemized Deduction... you may want to write off to get tax refund.
Itemized Deduction is a pain to document and you would have to keep it indefinitely; because you don't know how far IRS will dig when and if you get audited....
For my fellow Single and not married.... we're in the highest tax bracket lol
Unless... we buy a house and have mortgage, a car, or run a side business..... there's not much outside of getting an IRA account that can help lower our taxes for the time being. :/
Accountant highly suggested buying a house and running a side business.
(Ex: Web Business Amazon & eBay etc etc) She also said Amazon resolves most tax issues for items shipped all over U.S. ; unlike eBay, because you have to deal with that by yourself at the end of the year.
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