Ready, set go! Get ready for an awesome tax season. Here are some tips to get ready to file your US tax return.
Here is a list of documents which your tax accountant will need:
Wage earners: You should receive your W-2 from your employer by Jan. 31. For those in Israel, Israeli Form 106 (equivalent to a W-2) should be ready by early March.
Independent contractors: Your 1099-NEC should be ready by Jan. 31. You should also finalize your list of business expenses, which will reduce your taxes. Technically, anyone who receives a 1099-NEC is considered a business owner, although not everyone realizes it.
Business owners: You should finalize your Profit & Loss statement, as well as a categorized list of business expenses.
Real estate investors: It's time to finalize your records for the year - rents received, expenses, mortgage interest etc.
Other documents: 1099-B from brokerages should be available by mid-February.Â
Forms 1099-INT for interest, 1099-DIV for dividends and 1099-R for retirement income will be available by Jan. 31.
Remember, the quicker you're ready to file, the quicker you'll receive your refund (if applicable)!
I'm ready to take on a limited number of new clients this tax season, so it's best to reach out early and get things started.
Comments