Helpful Tax Tips: Part 1
What are some of the basic things individuals should be doing now in preparation to file for 2020? This Mid-MO accounting firm is here to give you a top five list and reasons why these are important in this 2-part blog series. Stay tuned next week for Part 2. If you have any questions about preparing to file for your taxes for 2020, please call our CPA firm in Central MO today. Wilson Toellner CPA can be reached at one of our 4 locations throughout Mid-MO and all contact information can be found on our website at www.WTCPA.com.
1. Gather the necessary documents. Begin watching for tax forms and documents coming by mail and start a file or folder for anything you receive for tax year 2019. Staying organized and keeping all your information in one place will help ensure you have everything needed to prepare your return. If you aren’t sure if you have received all forms and documents, ask your tax preparer for a checklist of necessary documents.
2. Consult with financial professionals for deduction opportunities. Maximizing contributions to retirement plans could help you lower your taxable income. Some individuals have the ability to make contributions to certain retirement and health plans until April 15th. Contribution limits and maximums can be complex and different from one individual to the next, so it is best to talk with your accountant to find what is best given your overall tax situation.
3. Ensure you have notified any financial institutions or employers of any changes of information such as a change of address or marital status. For privacy protection, many financial institutions will not allow for tax forms and information to be forwarded by mail. If you have had an address change, having a forwarding address on file with the postal service will not suffice; contact your financial institutions as soon as possible to ensure timely delivery of your tax forms.
4. Request your appointments early. Tax season is a busy time for many financial professionals. If you plan to work with a new tax preparer this year, make your appointments and be prepared by having prior year tax returns readily available.
5. Take into consideration any major life events that have happened in the last year such as a change in marital status, deaths, births, home sales/purchases, continuing education, and employment changes. Such life events can affect your tax return, so be sure to communicate these changes to your accountant and other financial professionals, if you haven’t already.
All of us here at Wilson Toellner CPA hope you found these tips helpful. Stay tuned next week for reasons why these tips are so important in the second part of this 2-part blog series. If you have any questions, please give us a call today. We are here for you.
Helpful Tax Tips: Part 1
1. Gather the necessary documents. Begin watching for tax forms and documents coming by mail and start a file or folder for anything you receive for tax year 2019. Staying organized and keeping all your information in one place will help ensure you have everything needed to prepare your return. If you aren’t sure if you have received all forms and documents, ask your tax preparer for a checklist of necessary documents.
2. Consult with financial professionals for deduction opportunities. Maximizing contributions to retirement plans could help you lower your taxable income. Some individuals have the ability to make contributions to certain retirement and health plans until April 15th. Contribution limits and maximums can be complex and different from one individual to the next, so it is best to talk with your accountant to find what is best given your overall tax situation.
3. Ensure you have notified any financial institutions or employers of any changes of information such as a change of address or marital status. For privacy protection, many financial institutions will not allow for tax forms and information to be forwarded by mail. If you have had an address change, having a forwarding address on file with the postal service will not suffice; contact your financial institutions as soon as possible to ensure timely delivery of your tax forms.
4. Request your appointments early. Tax season is a busy time for many financial professionals. If you plan to work with a new tax preparer this year, make your appointments and be prepared by having prior year tax returns readily available.
5. Take into consideration any major life events that have happened in the last year such as a change in marital status, deaths, births, home sales/purchases, continuing education, and employment changes. Such life events can affect your tax return, so be sure to communicate these changes to your accountant and other financial professionals, if you haven’t already.
All of us here at Wilson Toellner CPA hope you found these tips helpful. Stay tuned next week for reasons why these tips are so important in the second part of this 2-part blog series. If you have any questions, please give us a call today. We are here for you.
Our Success Stems From Your Success
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
Follow us on:
