Tax Prep Tips for 2020
Tax Day 2020 will be here before you know it. The tax deadline is Wednesday, April 15th, 2020. You don't want to get caught off guard this year and realize you have waited to the last minute to get your taxes prepared. Waiting to the last minute can cause you to rush and make mistakes. If you are having a professional accountant in Mid-Missouri file your taxes for you this year, make your appointment in a timely fashion because they are likely very busy the closer to the deadline you wait. In the meantime, the Mid-MO accounting firm is here to give you a few tax prep tips for 2020 in this week's blog.
Source: https://www.irs.gov/forms-instructions
Understandably, this information can be complex and it's best to ask your accountant how best to go about planning your taxes for 2020. A professional accountant in Central Missouri can help you to know exactly what forms you will need. Wilson Toellner CPA is here for you! Call today for a consultation. We have four office locations throughout Mid-Missouri, check out our website at www.WTCPA.com for the addresses and phone numbers. See below for a summary of the tax-related services we provide:
Tax Planning
Ideal tax outcomes, plain and simple, rarely happen by chance. Whether you’re an employee or a business owner, retiring or expanding, our staff will look ahead, remove unpleasant surprises, develop proactive strategies, and intentionally deliver great results.
Tax Preparation
We take a proactive approach, rather than a reactive one, when it comes to tax preparation. You can count on us to be experts on the continuously-changing tax landscape and to always be in a position to identify opportunities to minimize your current and future tax liabilities. We work year-round to provide tax strategy to individuals, corporations, partnerships, LLCs, estates and trusts, gift-tax filers, and not-for-profit organizations.
Estate & Trust Tax Preparation
Effective estate and gift planning facilitate the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
Call today with any questions you may have and have a Happy New Year!
Think about how much money you are donating and how it will affect your taxes.
If you are just under the point of surpassing the standard deduction mark, you could consider making 2 years worth of donations this year so that you can itemize, if possible.Make sure you track your income accurately.
To track your income the best, in addition to your W-2, gather your:- Form 1099
- Form W-9
- Publication 17
- Form 4506-T
- Form 941
- Form 9465
- Form SS-4
- Form W-7
Contribute to your IRA by April 15, 2020.
If you maximize your IRA contributions, it is possible that you will have LESS taxable income. Does your employer offer you an IRA through your work? If you can't afford to pay the maximum amount on your IRA, you should at least try to match the amount your employer is contributing if you can.Source: https://www.irs.gov/forms-instructions
Understandably, this information can be complex and it's best to ask your accountant how best to go about planning your taxes for 2020. A professional accountant in Central Missouri can help you to know exactly what forms you will need. Wilson Toellner CPA is here for you! Call today for a consultation. We have four office locations throughout Mid-Missouri, check out our website at www.WTCPA.com for the addresses and phone numbers. See below for a summary of the tax-related services we provide:
Tax Planning
Ideal tax outcomes, plain and simple, rarely happen by chance. Whether you’re an employee or a business owner, retiring or expanding, our staff will look ahead, remove unpleasant surprises, develop proactive strategies, and intentionally deliver great results.
Tax Preparation
We take a proactive approach, rather than a reactive one, when it comes to tax preparation. You can count on us to be experts on the continuously-changing tax landscape and to always be in a position to identify opportunities to minimize your current and future tax liabilities. We work year-round to provide tax strategy to individuals, corporations, partnerships, LLCs, estates and trusts, gift-tax filers, and not-for-profit organizations.
Estate & Trust Tax Preparation
Effective estate and gift planning facilitate the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
Call today with any questions you may have and have a Happy New Year!
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
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