Filing taxes, including federal income tax returns can be much easier to prepare when the proper tax prep is completed.
Whether you are filing taxes as an individual, corporation, or a partnership, you will need to complete a federal income tax return. The proper tax prep can make this process go smoothly.
If you are under the age of 24 be sure that your parents or legal guardians are not claiming you as a dependent, if they are you will not be able to claim the standard deduction for yourself.
Before starting to file your taxes, whether doing it yourself or hiring a bookkeeper to do it for you be sure to gather all of your pertinent information before starting. Make sure all of your W2s have been sent to you from any employers you have worked for in the past year.
If you have done any independent contract, work in the past year be sure to include the correspondence 1099 form with your tax return.
Create a file or folder and place all W2s and 1099s in this folder for safekeeping.
Make sure that all of your income and loss statements are up to date and organized.
Collect and organize all of your receipts that relate to your business. You will need these in order to support deductions to be taken such as, home office deduction, office equipment expenses, and meal allowances. Receipts must be legible and include the amount of what the expense specifically was for.
Research changes for tax year 2010. There are many changes this year along with the deadline to file partnership tax returns, which is April 18, 2011.
Decide whether you are going to prepare your own taxes using one of many software programs available. If you decide to hire a professional bookkeeping service such as Integrity Bookkeeping. Whether you are an individual, partnership or a corporation be sure to spend some time on tax prep when filing taxes this year. With a little planning, you will not be stressed this year when it comes time to file your federal income tax return. Whatever your needs are, Integrity Bookkeeping is here to help.