602-322-1010
Tax season can be stressful and taking the time to prepare, organize information, and write checklists will not only remind you which documents you need but it will save you time. There are many articles and checklists available online but My Tio Rico has already done the research and is here to help with tips tax preparation Phoenix professionals need to breeze through everything with no problems at all.
Start with Personal Data
Social Security numbers
Child care provider (name, address, tax I.D.)
Alimony paid
Prepare Your Employment Documents and Income Data
W-2 forms
Forms 1099-G (Unemployment compensation)
Forms 1099-MISC (Income including rent)
Schedules K-1 (Partnership, S Corporation & Trust income)
Forms 1099-R (Pensions & annuities)
Forms RRB-1099 (Social Security/RRI benefits)
Alimony received
Jury duty pay
Gambling & lottery winning
Prizes & awards
Scholarships & fellowships
Form 1099-G (State and local income tax refunds)
Gather Your Homeowner/Renter Data
Residential addresses
Form 1098 (Mortgage interest)
Form 1099-S (Sale of home)
Second mortgage interest paid
Real estate taxes paid
Rent paid
Moving expenses
What Are Your Financial Liabilities
Auto loans & leases
Student loan interest paid
Early withdrawal penalties
Add Up Your Contributions and Expenses
Gifts to charity
Unreimbursed expenses related to volunteer work
Unreimbursed expenses related to your job
Investment expenses
Job-hunting expenses
Job-related education expenses
Child-care expenses
Medical Savings Accounts
Adoption expenses
Alimony paid
Tax return preparation expenses & fees
When in Doubt, Turn to the Pros
With all the tax preparation websites and apps available these days, it has become easier than ever to file your own taxes. But, honestly, paying a tax professional can really pay off because most likely they can boost your refund by a thousand dollars or more. While a visit to the pros costs somewhere between $100-$500, they are savvier about which deductions, filing status, and credits will work in your favor. Professionals have to keep up with continuously changing laws so they will know how deductions, status and credits will affect your cash flow. Don’t wait until the last minute to start preparing your taxes, as you’ll want to give yourself or your tax advisor as much time as possible to find the most deductions and create the best filing strategies. Get started by calling the experts at Tio Rico Te Ayuda tax preparation office today at 602-322-1010.
