April 15 is the key day of tax season in Jamestown, ND. It’s also one of the most loathed dates on the American calendar, a day when we’re all held to account for the income we received the preceding year. When done correctly, taxes may yield a windfall profit; when handled poorly, the IRS could come knocking on your door. Either way, there’s some anxiety associated with the middle of April.
But there doesn’t have to be. The earlier you begin to gather the paperwork you’ll need for your taxes, the more smoothly tax day will go. It’s a breeze if you just take things one step at a time. The first thing to do is make a simple list of all the documents and information you’ll need when filing your tax return in Jamestown, ND. Once your list is assembled, you can sit back and patiently collect each document as it arrives in January and February.
The first item you’ll need is proof that you are you. More often than not, a driver’s license won’t cut the mustard for your accountant. The best thing to have on you is your Social Security card.
Your Social Security card actually kills two birds with one stone, as your accountant will need your Social Security number for every tax form you file.
Your employer(s) wage statements
If you work a full-time or part-time position at a company that takes taxes out of every paycheck you receive, you should get a W-2 by the end of January. Freelance employees—those contractors who take taxes out of their income after the fact—will receive a 1099-MISC form from each client they’ve worked for over the previous calendar year.
If you haven’t received these documents by the beginning of February, you may want to contact your employer before filing your tax return in Jamestown, ND.
Proof of additional income
Some people accrue income over the course of the year outside their primary salary. Those gathering Social Security income or a profit from investments, for example, should receive an official document during the same timeframe as they receive their W-2.
Real estate information
If you’re a homeowner, bring proof that you’ve been paying down your mortgage, since this might help you qualify for a deduction. The same goes for those people with more than one residence.
Your most recent tax returns
Even if your financial position has changed since you last filed taxes, your previous tax documents should be of help to your accountant.
Take the sting out of tax season
The smartest move you can make for your financial well-being is to place your trust and your tax return in Jamestown, ND in the skilled hands of Craig S. Hanson, CPA. When you’re on the hunt for a courteous and talented accountant to handle your taxes, you need look no further than our firm.
The pros at Craig S. Hanson, CPA offer a wide variety of services for our valued commercial and individual clients. Tax preparation, payroll and accounting services, tax consultation—we do it all!
It’s never too early to start preparing for the upcoming tax season in Jamestown, ND. Give us a call today and let us know what we can do for you.