The IRS has extended the 2020 tax filing season until July 15th due to the effects of the coronavirus. With some extra time, you don’t have to scramble trying to get everything in order to file your taxes. Whether you choose to file on your own through a tax prep software or you choose the tax services San Mateo CA preparers offer, there are the things you can do to get ready to file.
Choose Your Way to File
Some people have complicated tax returns, so the idea of doing their own tax prep and filing can be overwhelming. In this case, you should research a tax specialist before settling on any one company. However, many CPAs and tax specialists already have a full calendar by the time you get ready to look for good help, so start your search long before the filing deadline. If you usually get a refund, the earlier you schedule your appointment, the sooner you will get it.
Gather Up Your Tax Documents
Your employer and any other organization that is required to issue a tax document have to have the paperwork sent to you by the end of January. You may have paperwork from your bank, your college or university, a brokerage firm, or anyone else you do business with. Some of the more common forms are W-2s, 1099s, a 1098, and W-2G.
Gather Your Receipts
For any deductions you will be claiming, you need to have supporting receipts or documents. Depending on what you have to claim, the standard deduction may be the best write-off, but you won’t know unless you total all your itemized deductions and compare. Medical costs not covered by insurance, property taxes, and investment-related expenses often bring the most deduction help.
Having all of your information gathered before you head to the tax preparer makes for an easier appointment. You will also have a better chance of filing the most accurate return.