Page 23 - AreaNewsletters "Mar 2022" issue

B US I N E S S & F I N A N C E
With Tax Season Underway Here are Tips to Help
Get Started Preparing Your Return
by Janell D. Ball
Pro Accounting and Tax Services, LLC
Here is a brief list of items that you will need to gather to get started:
Personal Information: Your Social Security number, spouse and children social security number. As well as Date of Birth for each person.
EIP3 & Advanced Child Tax Letter from the IRS. You may have received the EIP3 letter last year if not you should have gotten one in January and the ACTC letter would have come in January 2022 as well. Your preparer is going to need both of these letters or you need to con rm that you did or did not get the money. Easiest way to con rm is look at your bank account.
Income records consisting of W-2, which is the tax form your employer will provide you with and 1099 forms, which is what you’ll receive from anyone you worked for on a freelance basis who paid you $600 or more, or you’ll receive from your bank or brokerage account summarizing your interest or dividend income, or the amount of gains you took in from the sale of investments.
You’ll also need a record of what you received in Social Security income (if you’re collecting bene ts).
Having all this information ready to go will ensure that you report all your income. And that’s a good way to stay off the IRS audit list.
Expenses or deductions records:
Mortgage interest, Property taxes, Charitable contributions (including records donated goods, which are deductible just like cash donations), Medical expenses, Student loan interest, Higher education expense, Child care costs, Educator expenses, IRA contributions and HSA contributions. Keep in mind that some of these won’t apply if you’re taking the standard deduction.
Get moving
Clearly, there’s a lot of potential paperwork to gather during tax season, so the sooner you get started, the less stressed you’ll be. Remember, even if you’re hiring someone to prepare your taxes for you, you’re still the one responsible for digging up the above information, and if you get moving now, you’ll be well positioned to complete your return well ahead of the April 18 ling deadline.
Reach out to Janell Ball, Pro Accounting & Tax Services, LLC to help you with your tax preparation.
PRO ACCOUNTING
AND TAX SERVICES, LLC Janell D. Ball, Accountant
Castle Rock, CO 80108
(303) 324-8617 Work
(303) 223-3303 Fax
proaccountingtaxservices.com jdball65@gmail.com
23
Castle Rock “AreaNewsletters” • March 2022