Another year has come and gone leaving in its wake a pile of paperwork for many individuals to cipher through as they gather important documents for tax filing purposes. No matter if you happen to be married with kids and run your own business or a single individual with nothing but a W-2 form - the tax man calls and everyone must answer. Fortunately, there’s plenty of time to get everything in order and multiple opportunities for assistance along the way.
As you begin preparations for filing this year’s tax return, which may be submitted beginning Monday, January 27, 2020 for last year, you’ll want to consider each of the following. Not only will these tips and tricks aid in streamlining the process but they can also serve to help eliminate some of the stressors associated with this sometimes daunting task.
There are multiple benefits to hiring help when filing a return. Often, professionals finding even one deduction, which may not have been computed on an individual return, can not only cover the cost of submission but also increase your potential refund by decreasing one’s tax liability.
As the window for accepting returns is opened by the Internal Revenue Service, ensuring you already have your place in line with a paid preparer can get you a head start on the process. In addition, this date provides a deadline of sorts for ensuring that you have all of the necessary documentation to complete your return.
Organizing W-2 forms, potential 1099’s and any other paperwork associated with your tax liability is critical to completing a return. Not only will having all of this information readily available quicken the process of filing but it also protects against any audits and can be used as backup when or if any numbers are ever questioned.
Once you have an appointment, go ahead and begin organizing all of the required forms and begin to mark each off on your tax prep checklist to make certain your filing is completed with all of the necessary information available.
Not only can having an appointment limit the amount of time available for organizing all of the necessary documentation but it may also enlighten you to the need for filing an extension. Necessary to be completed by the same filing deadline - April 15, 2020 - extensions are an option for individuals or couples who need more time to get all of their paperwork and figures together for submission.
Just remember, while this option provides an additional six months of leeway, it does not serve in providing more time to pay. Should you owe the IRS for taxes from the 2019 calendar year, these must still be submitted by the original deadline.
The tax and financial experts at Bloch Rothman and Associates
are ready and willing to assist during the upcoming tax season. Whether you need help submitting an annual return, owe back taxes, or have any other personal, corporate, wealth management issues - we are here and willing to help. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial 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 filings and needs, 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 very soon!