Filing your taxes takes focus and great attention to detail. And while this may sound complex, it can be really easy if you follow a simple tip. Keep reading to learn more.
How to Make Tax Filing a Lot Easier
Filing your tax return becomes a breeze when you keep records of all your tax documents.
Efficient recordkeeping helps you identify sources of income, keep track of your expenses and support the information of your tax return. All in all, keeping comprehensive records makes tax filing an easier, simpler, and more precise task.
The Documents You Should Make Sure to Keep
Below is a list of the documents you should make sure to keep.
- Tax-related documents. This includes wage and earning statements, dividend statements, bank interests, and some government payments, such as unemployment compensation, or virtual currency transactions. You should also keep any receipts, canceled checks, and other documents that help support income, a deduction, or a credit reported on your tax return
- Letters from the IRS and prior year tax returns. Make sure to keep copies of prior year tax returns, as well as any letter from the IRS. This includes adjustment notices and Economic Impact Payment Notices, among others.
- Property records. Pay attention to keep all records relating to any property your dispose of or sell.
- Businesses income and expenses. Taxpayers who own a business must come up with a recordkeeping method that reflects accurately their gross income and expenses. If you have employees, don’t forget that you must keep all employment tax records for at least four years.
- Health insurance. Keep records of all the documents related to health insurance for you or your family. You will need that information if you want to claim the premium tax credit.
Contact the Experts at JT Tax Services
Do you need help preparing your taxes? Do you want to learn more about refunds and credits? At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.
We are located in Oxnard, California. Contact us today by email (email@example.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.