It's never too early to think about tax planning. While personal and corporate tax deadlines may be a long way off, it pays to think about taxes now. There are many steps that can be taken to reduce a family's or company's tax burden, but they must be taken throughout the year.
Start preparing early for your tax appointment by compiling a list of the documents you expect to receive based on last year’s statements and this year’s activities. If you are not sure of what documents you may need, call your tax preparer to discuss. As you start receiving your documents in the mail (usually around the end of January), mark them off your list and put them in a tax folder with the list to stay organized.
If employed, you will need to include your W-2. If you received income from interest, dividends, pensions, self-employment, government payments or the sale of property, you will receive a Form 1099. It is helpful to bring the actual statements to your appointment. Remember that not all forms will look alike; be sure to check the bottom of year-end statements that may be substitute 1099s. Also, don’t forget to include any Schedule K-1s you receive from a partnership, an S corporation or estate. If you had any income not reported on the forms listed above, make a note for your tax preparer to include it.
If you sold stock during the year, you will receive a 1099-B as described above that includes the gross proceeds. However, the price you paid for the stock, the cost basis, may not listed on the 1099-B. If the stock was received as a gift or inheritance, other means of determining the cost will be necessary. For every stock you sold, you should include the basis for your tax professional to calculate the net gain/loss.
If you own a home, it is probable that you can itemize deductions. Each year, bring the property tax bill and the mortgage interest statement to your tax appointment. Medical expenses are deductible if they exceed 7.5% of your adjusted gross income (AGI). Prescription drugs, doctor, dental, hospital bills, medical insurance premiums and the mileage to and from the doctor’s office enter into this category. Charitable contributions are a good source of deductions. Contributions can be cash, property or out-of-pocket expenses you paid to do volunteer work. If you drove to and from the volunteer work, you can take the actual cost of gas and oil or use the standard rate of 14 cents a mile. You need a receipt for any donation you claim.
Individuals and businesses in Bronx NY and metro NYC area now have a new resource for planning ahead for their next tax-filing deadline. Extended Services Group, LLC a tax preparation and filing firm based in Bronx, NY, has opened a new office at 753 Burke Avenue in Bronx, NY10467 to serve the needs of its growing client base. Extended Services Group, LLC (http://www.extendedservices.com) offers a no-obligation consultation program, which enables potential clients to get to know the firm, discuss how the firm can help them and review the related fees.
Our base of clients in Bronx NY and Metro NYC area have continued to grow and to serve them better we decided to open an office in the area. That way, we can provide our clients in Bronx, NY with greater convenience and easier face-to-face service, says founder, John Odocha.
Extended Services Group Tax Preparation & Financial Service has been serving clients across Bronx NY and Metro NYC area from its former office location since 2007. The firm offers a wide array of services including QuickBooks help, accounting and financial services, mobile notary and document signing services, real estate and apartment rental services, small business consulting services, as well as documents and forms preparation assistance, including fax, copy, scan, print services and more. Founder John Odocha and his staff of tax professionals have a combined 10 years of tax preparation and accounting experience. To learn more visit http://www.extendedservices.com