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Thursday, October 2, 2014

2014 Tax Return Prep - What You Can Do NOW To Prepare!

Many of my clients ask me around this time what they can be doing to prepare for next year's tax season to make sure they are on track and can avoid last minute problems or delays. 
Below are some events that can affect your tax return for this year, so make sure to notify your tax preparer if any apply to you. In some cases, knowing ahead of time and getting the right documentation or information needed, can reduce your tax owed, or at the very least allow you to avoid any unexpected surprises before it's too late! 
In 2014 did you...
  • Get married, divorced or become a widow?
  • Change jobs?
  • Has your spouse started working? Stopped working?
  • Did you have an increase or decrease in your income?
  • Did you have a significant gain from the sale of stocks and bonds?
  • Did you buy or sell property?
  • Did you start a business? Acquire a business? Sell a business?
  • Did you buy or sell a home? 
  • Did you retire?
  • Did you begin withdrawing from a retirement account or pension?
  • Did you turn 70.5?
  • Did you refinance your home? Take out a second mortgage?
  • Did you inherit anything? 
  • Did you have a child? (If so, congrats!)
  • Did you purchase anything significant for your business?
  • Are you planning on buying and/or selling a vehicle for your business?
  • Did you document your charitable contributions properly?
  • Do you need to adjust your estimated tax payments?
  • Did you purchase health insurance through the healthcare exchange this year? Do you qualify for an insurance subsidy? 
  • Did you have income from investments or gains from their sale? 
  • Are you aware of any new tax laws for this year?
If you answered yes to any of these questions or aren't quite sure, it's best to be in touch with your tax preparer as soon as possible so you can begin to address any potential issues before April 2015. It makes it a lot easier on you AND your accountant if you are aware of any issues or differences from last year so you can handle any issues and tax advantage of any tax benefits this year! 
*The checklist above was modified from a version that appeared in my quarterly newsletter whcih I send to all clients. Tax Tips & News, Fall 2014 Volume XXXIII, Number 2.*

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