Tax Preparation Tips

Tax Preparation Tips

​As you get ready for your 2015 tax preparation, we have a few helpful tips so that you can quickly and efficiently ready yourself for your tax appointment. First and foremost – BE ORGANIZED! Remember that Time is Money. Most firms provide 'Organizers' for you to fill out, take a few moments and compare your current year data to your prior year – this will allow you to determine if there is anything that you may have inadvertently forgotten.

You will need to gather all of your W-2's, 1099's, K-1's, to name a few. If you are self-employed be sure that your books are up to date and it is helpful to have all your financials available (i.e. Balance Sheet & Income Statement).

​Make note of any details of new assets you may have acquired, sold or traded. Likewise, if you have Rentals you will need Income and expense information along with any major renovations or improvements you may have made. Preparers do NOT want to see your receipts. 

While most of your pre-tax planning occurred in the later part of the prior year there are some items after 1/1/16 that you can do to improve your tax outlook. Contributions to Traditional IRA's, Roth and Recharacterizations can be made for the prior year until April 15th. Or a SEP (self-employed business) IRA contribution can be made up until October 15th for individuals. 

Be prepared and make sure you write down any questions that you may have. Tax season is a busy time for many people and most tax preparers work long hours during the season -- the earlier you schedule your appointment the better. Remember Time is Money!

 

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Sunday, 24 October 2021

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Address

5345 N El Dorado Street
Suite 5
Stockton, CA 95207

Phone Number

Hours

8:00am - 4:00pm
Monday - Thursday

8:00am - 1:00pm
Friday


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