Tax season is in full swing and while individuals all across the United States rush to file before the April 15 deadline, other options do exist. Extensions are possible, but still require a legal filing and while, if granted, it gives the taxpayer an additional six months to submit a return, it is not an extension to pay - only for the paperwork.
If you’re not wanting to file an extension then time is quickly running out but there are some steps people can take in order to save time when filling out the return. Depending on the number of taxable materials you have that need to be reported, organizing some of the information and putting it together prior to entering an office can help to save you much needed time during the filing process.
Consider these potential adjustments to help you make the best use of your time this tax season.
Standard Deduction Changes
The increase in standard deduction amounts
for individuals and those filing jointly take a lot of the preparation work away from most taxpayers. Where many who have itemized in the past with their required documentation for each potential deduction, the increase covers more than enough in most scenarios. Unless you have totals exceeding $12,200 as an individual or $24,400 for joint returns, then choosing to take the allowable standard deduction is often a best case and time saving scenario.
Receipts Over Statements
Another technique many taxpayers use is for bank and credit card statements to be used as backup for any potential deductions. While this can be handy, the receipt which shows exactly what was purchased and when is a better document. Keeping up with these over the course of the year and then matching them to your statements can keep everything in one place and ready for any potential audit that may occur.
Claiming a mileage tax deduction
for W-2 employees disappeared with the changes applied to the 2018 tax year but those who are self employed can still cash out. Depending on your personal employment situation, you may or may not need to keep up with specific mileage during the year. Understanding where you stand will save you time in the long run.
Bill of Sale
Should you sell any property during the year, keeping up with the bill of sale can help make your tax preparations easier. Depending on if you are selling property within the given time restrictions for personal use or utilizing the sale of a rental or other property, keeping up with the prices and amounts paid at closing and/or purchase is important. These numbers can assist you in getting the most out of your return and those who prepare it from having to chase down any missing figures.
The tax experts at Bloch Rothman and Associates
are able to assist with completing your tax return or analyzing any other factors associated with issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us
today. Available for all of your tax needs and filings there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!