THE FORESIGHT GUIDE TO YEAR-END TAX PLANNING
December 3, 2019

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 31st – 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 15th – 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:

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.