HOW TO BE PREPARED FOR 2019 TAX FILING

As we approach year end, consider these TAX tips…and let’s get organized!

Mark your 2020 calendar with important TAX related dates: 

• January 31^st – Be sure you receive your W-2, 1098 or 1099 forms and all other appropriate tax paperwork

• Schedule an appointment with your accountant.  It can be via email, by phone, or in person.

• April 15^th – IRS filing deadline

• Extension dates if necessary

Create a filing system for your records:

• Gather and file your documents.  Use file folders, an accordion file, or scan the papers to your computer and create e-folders.
  • Group papers by categories:
    • Income: W-2, 1098 or 1099, paid invoices and all other proof of income receipts.
    • Expenses (possible deductions):  mortgage interest payments, property taxes, charitable gifts, auto mileage log, etc.
    • Miscellaneous:  When in doubt, save it.  Your tax accountant will determine how to use it when preparing your return.

After your system is set-up, maintain this organizational method.  Going forward, every TAX year will be a breeze.

Consider life changes this current year and potential changes for next year:

• Filing status – married or divorce
• New dependents or change in dependent status
• New employment
• Retirement
• Moved to a new location

Plan for TAX payments

• Current year taxes due 04-15-20

• Next year estimated tax payments:
  • 04-15-20
  • 06-15-20
  • 09-15-20
  • 01-15-21

Are you organized for the upcoming tax season? For further assistance near King of Prussia, Ardmore, and Allentown, PA, give us a call at our main location by dialing 484-368-3183 and one of our experienced accountants will speak with you.

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