No matter your personal financial situation, completing a tax return can be an extremely tall task. From those who are filing individual returns with only one income to people who have retirement, stocks, multiple properties, and more - the information necessary can be difficult to gather. However, there are a few key components that everyone will need in order to complete their taxes and file a return.
Over 240 million tax returns were filed last year
and now is the best time to begin collecting information for submission. These final few months in a calendar year can help individuals get a majority of the information together, although some will not be available until after December. Earnings information, typically in the form of a W-2, does not technically have to be submitted to taxpayers until January concludes but still, putting together other aspects of your return may be available sooner rather than later.
Taxpayers need identification information for their tax return. Name, address, birthday, Social Security numbers, and filing status are all required as part of a return. This identifying information helps to distinguish returns from one another, in addition to ensuring that any appropriate refunds are correctly distributed.
Along with personal information and filing status, any dependent information will also be required for submitting a return. For those who are claiming dependents, the same personal information required of the taxpayer is also due for any and all dependent listings.
For tax filing purposes, all sources of income will need to be reported. Whether this is earnings from a job, rental income, or another method, each of these typically has some sort of reporting summary and should be filed accordingly. From those who work for big corporations to the self-employed, everyone will need to report their income from the prior year for tax purposes.
Common deductions, including certain taxes, interest, and potential medical expenses should also be tallied in order to assist in reducing your taxable income and thus the amount which may be owed. These deduction totals should also include any relevant backup information which confirms the amounts being reported.
In the event there is any question about either an income or deduction, it should be brought to the attention of a tax professional for guidance on how to report the figure. By seeking assistance, individuals can ensure that their returns are appropriately filled out and filed accordingly.
If you’re ready to file a return or need help determining which information is relevant to your given situation, then let the tax professionals at Bloch Rothman and Associates
assist you today. In addition to providing answers to all of your tax related questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete all types of returns or answer any other factors associated with financial issues or concerns you may have. Serving 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, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!