I trust all of you had a wonderful Xmas and a pleasant New Year. My family and I spent the holidays with friends and family and spent many hours tracing the family tree. The neat part was we were able to trace family ties back to Mauritius and India.
Now for the heavy lifting. The income tax filing season has begun and your important tax documents should be arriving in your mailbox. Although your personal tax return is not due until April 17 this year, you can make tax time easier on yourself with an early start. Here are some tips to ensure a smooth tax-filing process.
1. Gather your records Round up any documents you’ll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you’re claiming on your return.
2. Be on the lookout for W-2s and 1099s which will be coming soon; you’ll need these to file your tax return. Be alert for the new Form 8949 to report your capital gains and losses from brokerage statements.
3. Have a question? Call or email me at Jaya Naiken CPA, LLC. to help you to find answers to your tax questions about credits, deductions, general filing questions and more.
Review! Review! Review! Don’t rush. We all make mistakes when we rush. Mistakes slow down the processing of your return. Be sure as the documents arrive to organize and keep in a separate folder. Double check to make sure you have the correct documents by tax year, account numbers, titles and Social Security numbers as these are the most common errors. Don’t panic! If you run into a problem, remember Jaya Naiken CPA is here to help. Start with visiting www.jayanaikencpa.com to answer questions about credits, deductions, general filing and more.
