Everyone’s favorite time of year is in full swing. Your 2019 tax return is due by April 15th, 2020. For some, this may be a year where there was a big change in your tax situation. You may have started a new job, created your own business, or finally made the move to sunny Dunedin, Florida (congratulations!). Whatever the case, here are some helpful steps to make sure you have your ducks in a row before going to meet with your tax preparer:
Step One: Compare your tax forms for 2019 to your 2018 forms. This is the easiest way my office catches a missing 1099, or business expense for our client’s. Once you have the same forms, or know you didn’t work with a company from 2018 in 2019 so you wouldn’t receive one from them, proceed to step two.
Step Two: If you own a business, or are a contracted worker, make sure you have all your business expenses for the last year. Create a spreadsheet, or word document to give to your tax preparer. Save this list, and use it next year when you’re prepping for your 2020 tax return!
Step Three: If you needed to make estimated tax payments, check your records to ensure that you paid all of them! Some people have them automatically pulled from your bank account, but others send a check each quarter to the IRS. Please, please double check this!
Step Four: Compare your tax preparer’s pricing. If you’re getting charged $250 for a simple tax return, you may want to consider finding a new preparer. Plus, most preparer’s give incentives for new client’s (ex. Our office will do it for 10% less than your old preparer the first year).
Step Five: Drop off your 2019, AND 2018 return to your preparer. Go over it with your preparer once they’ve completed the return, and file. *Note: if you have an Identity Protection Pin, make sure you have given it to your preparer*
Step Six: Wait the 2-4 weeks for your refund to arrive. If you want to check the status, go to www.irs.gov/refund
This six step process should get the majority of people through tax season. There are others who may have more information to collect, or questions. Feel free to give my office a call at (727) 443-3300 to go over your individual questions, or concerns.
By: Chris Mavrakos
President of MFP Tax Services, Inc. Located in Dunedin, Florida and serving families in the community for over 25 years.
The information contained in this article is provided for informational purposes only and is not intended to substitute accounting or tax advice.