Tax Preparation Begins and Ends With You
Thinking about taxes, preparing for tax time, and juggling all the receipts and statements are enough to drive anyone – Crazy! We would like to help you to be prepared. After all, you work Hard For Your Money, and you Deserve someone to work hard for you, so that you don’t leave money laying on the table (with the government) and NOT with you.
Handy Forms “That Apply To You” – to Build the Foundation for Your Tax Preparation
♦ W2 for reporting wages
♦ 1099 for reporting interest and dividends
♦ 1099B for reporting stock and bond sales
♦ 1040 for self-employed/individual income tax returns
♦ 4868 (IF you file your taxes late) is an application for an automatic extension of time to file
• Knowing How Exemptions Work for You
♦ The personal tax exemption for 2015 is $ 4,000
♦ You are allowed to claim one personal exemption for you and one for your spouse, as long as neither of you are claimed as a dependent on someone else’s returns.
♦ You are also allowed to claim one exemption for each dependent, even if the dependent files a return (exceptions may apply)
• Deductions That MATTER The Most!
♦ Standard deduction for individual taxpayers is $ 6,300
♦ Standard deduction for married & filing jointly is $ 12,600
♦ Standard deduction for head of household is $ 9,250
♦ Retirement / Savings Contributions (e.g. IRA) $ 5,500 (with $1,000 additional for 50 and older)
♦ Student loan interest (Up To) $ 2,500
• Tax Credits. Do They Apply to You?
♦ Child tax credit
♦ Dependent care credit
♦ Adoption credit
♦ Education credit
♦ Energy improvement credit
♦ Foreign paid tax credit
♦ Earned income tax credit
• The Choice Is In Your Hands On – How To File
♦ Professional (Done-For-You) Tax Preparer
♦ Standard Deductions
♦ Itemized Deductions
On-Time Filing Deadline – April 15th
WARNING: Only claim deductions you can prove!
♦ Keep Receipts
♦ Have Your Bank and Credit Card Statements in Order
♦ Don’t Claim Anything Your Don’t Have Record Of