{"id":34,"date":"2015-12-03T10:31:26","date_gmt":"2015-12-03T15:31:26","guid":{"rendered":"http:\/\/www.fcallc.biz\/blog\/?p=34"},"modified":"2024-11-23T08:31:59","modified_gmt":"2024-11-23T13:31:59","slug":"preparing-for-tax-season","status":"publish","type":"post","link":"https:\/\/www.fcallc.biz\/blog\/?p=34","title":{"rendered":"Preparing for Tax Season"},"content":{"rendered":"<p class=\"MsoNormal\" style=\"margin: 0in 0in 10pt; text-align: justify;\"><span style=\"font-size: small; font-family: Calibri;\">Tax season is upon us.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>My personal belief is that preparation is key to making it through tax season.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Many people become overwhelmed by all of the forms and deadlines.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Well, to help you get organized for this tax season, I offer these simple tips:<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 10pt; text-align: justify;\"><span style=\"font-size: small; font-family: Calibri;\">\u00a0<\/span><\/p>\n<ul style=\"margin-top: 0in;\" type=\"disc\">\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 10pt; text-align: justify; mso-list: l1 level1 lfo1;\"><span style=\"font-size: small;\"><span style=\"font-family: Calibri;\"><strong style=\"mso-bidi-font-weight: normal;\"><span style=\"text-decoration: underline;\">Locate a copy of your prior year return<\/span><\/strong>: This is really important in the event that you or your tax preparer wants to compare how you filed last year.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>For example, did you claim a deduction last year that you are not claiming this year?<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Did your filing status change?<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>If you aren\u2019t able to locate a copy of last year\u2019s return, the IRS keeps transcripts of prior year returns. Transcripts are free of charge. <span style=\"mso-spacerun: yes;\">\u00a0<\/span>Obtaining them is as simple as picking up the phone and making the call or completing Form 4506-T, <em style=\"mso-bidi-font-style: normal;\">Request for Tax Return Transcript<\/em>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>This form can be downloaded from the IRS website, <\/span><\/span><a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/f4506t.pdf\"><span style=\"font-size: small; font-family: Calibri;\">http:\/\/www.irs.gov\/pub\/irs-pdf\/f4506t.pdf<\/span><\/a><span style=\"font-size: small; font-family: Calibri;\">.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 10pt; text-align: justify; mso-list: l1 level1 lfo1;\"><span style=\"font-size: small;\"><span style=\"font-family: Calibri;\"><strong style=\"mso-bidi-font-weight: normal;\"><span style=\"text-decoration: underline;\">Create checklist for expected tax forms:<\/span><\/strong><span style=\"mso-spacerun: yes;\">\u00a0 <\/span>If you receive multiple forms such as W2s or 1099s etc. a checklist will be really helpful in helping you to stay organized.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The checklist can be as simple as a list using pen and paper or as technical as using an Excel Spreadsheet.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>My personal favorite is the Microsoft Money Software.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The software has a feature that allows you to organize all of your accounts so that you know which accounts to expect a form for. Additionally, many companies now offer you to option to receive your tax forms online.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Check with your bank or brokerage to see if this is an option for you.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/span><\/li>\n<\/ul>\n<ul style=\"margin-top: 0in;\" type=\"disc\">\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 10pt; text-align: justify; mso-list: l0 level1 lfo2;\"><span style=\"font-size: small;\"><span style=\"font-family: Calibri;\"><strong style=\"mso-bidi-font-weight: normal;\"><span style=\"text-decoration: underline;\">Use IRS Free File Program: <\/span><\/strong><span style=\"mso-spacerun: yes;\">\u00a0<\/span>The IRS Free File Program is available for taxpayers whose adjusted gross income is $56,000 or less in 2008.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>For more information visit the IRS Free File Home Page, <\/span><\/span><a href=\"http:\/\/www.irs.gov\/efile\/article\/0,,id=118986,00.html\"><span style=\"font-size: small; font-family: Calibri;\">http:\/\/www.irs.gov\/efile\/article\/0,,id=118986,00.html<\/span><\/a><span style=\"font-size: small; font-family: Calibri;\">.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 10pt 0.5in; line-height: normal; text-align: justify;\"><span style=\"font-size: small; font-family: Calibri;\">If you are not eligible for Free File, decide if you will file your taxes electronically, use a professional tax preparer, or use the paper form.<span style=\"mso-spacerun: yes;\">\u00a0\u00a0 <\/span>Bankrate.com has a great site on current tax topics to help you prepare for this tax season.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Visit the site at <\/span><a href=\"http:\/\/www.bankrate.com\/brm\/news\/news_taxes_home.asp\"><span style=\"color: windowtext; text-decoration: none; text-underline: none;\"><span style=\"font-size: small; font-family: Calibri;\">http:\/\/www.bankrate.com\/brm\/news\/news_taxes_home.asp<\/span><\/span><\/a><span style=\"font-size: small; font-family: Calibri;\">.<\/span><\/p>\n<ul style=\"margin-top: 0in;\" type=\"disc\">\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 10pt; text-align: justify; mso-list: l1 level1 lfo1;\"><span style=\"font-size: small;\"><span style=\"font-family: Calibri;\"><strong style=\"mso-bidi-font-weight: normal;\"><span style=\"text-decoration: underline;\">Use Direct Deposit: <\/span><\/strong><span style=\"mso-spacerun: yes;\">\u00a0\u00a0<\/span>If you are expecting a refund this year, direct deposit is the way to go.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>In many instances you will receive your refund faster than if it had elected to receive a check in the mail.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>To indicate that you want to receive direct deposit, simply fill in the direct deposit section on your tax form with your banking information.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 10pt; text-align: justify; mso-list: l1 level1 lfo1;\"><span style=\"font-size: small;\"><span style=\"font-family: Calibri;\"><strong style=\"mso-bidi-font-weight: normal;\"><span style=\"text-decoration: underline;\">Research deductions and Credits: <\/span><\/strong><span style=\"mso-spacerun: yes;\">\u00a0\u00a0<\/span>By researching these ahead of time, you are putting yourself ahead of the game. You will have a better idea of which ones you qualify for.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>For more information on this topic, visit the Bankrate.com website, <\/span><\/span><a href=\"http:\/\/www.bankrate.com\/brm\/news\/news_taxes_home.asp\"><span style=\"font-size: small; font-family: Calibri;\">http:\/\/www.bankrate.com\/brm\/news\/news_taxes_home.asp<\/span><\/a><span style=\"font-size: small; font-family: Calibri;\">.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 10pt; text-align: justify;\"><span style=\"font-size: small; font-family: Calibri;\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 10pt 0.5in; text-align: justify;\"><span style=\"font-size: small; font-family: Calibri;\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax season is upon us.\u00a0 My personal belief is that preparation is key to making it through tax season.\u00a0 Many people become overwhelmed by all of the forms and deadlines.\u00a0 Well, to help you get organized for this tax season, &hellip; <a href=\"https:\/\/www.fcallc.biz\/blog\/?p=34\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[11],"class_list":["post-34","post","type-post","status-publish","format-standard","hentry","category-taxes","tag-tax-preparation"],"_links":{"self":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/34","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34"}],"version-history":[{"count":7,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/34\/revisions"}],"predecessor-version":[{"id":46,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/34\/revisions\/46"}],"wp:attachment":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}