Tax season can be overwhelming if you aren’t prepared for filing your taxes. Preparing for taxes begins with organizing your documents and paperwork. Having everything in hand when you are ready to file taxes will make your task much easier. Some of the most common documents related to income for tax filers include W-2s and 1099s. However, you might also have records of income or expenses for rental property or self-employment. Other documents include proof of jury duty pay, alimony, interest dividend, brokerage or retirement funds.
As for expenses that might be applicable for deductions, depending on your situation you might have student loan interest paid or IRA contributions. Deductions common to young families include moving expenses, day care costs or educational expenses. Some of the other deductions often taken by tax filers include job related expenses, charitable donations, motor vehicle registration and health care expenses.
Here at Mike Stromsoe’s Unstoppable Profit Producer Program we specialize in marketing and business. Contact us today to find out how your business can be better prepared during tax season.