Make 2020 Tax Filing a Breeze: 4 Organizational Tips

Maybe you’ve been filing your tax information away neatly in color-coded file folders all year. Or maybe you scanned and saved your receipts and other documents on your computer where you can find them in a second.

If that’s you, all you need now is your Form W-2 and a few other forms that arrive in January to file your return.

Most of us, however, aren’t quite that organized.

If you’re like most, you likely started last year with good intentions. But then life happened and all of your organization aspirations went out the window. If you spend a little time organizing our tax information now, however, will help us in preparing your tax return go a lot smoother.

Use these tips to easily organize your tax information:

1. Designate an easy-to-access place for tax documents

If the place you want to keep documents isn’t easy to get to, it won’t get used consistently.

Even if you intend to scan documents and upload them to our secure portal you need a place to store them temporarily. 

Consider choosing something you can reach with one hand, like a shelf or folder, even while holding a stack of mail.

If you don’t let that Form W-2 or Form 1099 hit the kitchen counter, it won’t get lost.

2. Group tax documents by category

Depending on the complexity of your tax return, you may want to use file folders, paper clips, boxes, or other methods to categorize documents.

If you have one or more businesses, you’ll need to keep each business’ information separate as well.

3. Find last year’s return

Last year’s return is a great starting point for this year’s filing.

By looking at your return from last year, you can quickly see what information you probably need now.

In addition, you may need to use some information from last years, such as depreciation or inventory information, to complete your new return.

4. Start worksheets and lists for 2020

If you plan to itemize your tax deductions, a good rule of thumb is to start a checklist of questions to gather pertinent information.

For example, you may need to get tax information from your child care provider, or you may need to figure out the number of square feet in your home office.

You should also keep a record showing how you estimated amounts or allocated them between different categories.

Aside from being necessary if the Internal Revenue Service (IRS) ever questions your return, that information may be useful in future tax years.

Have questions? Please do not hesitate to reach out to us at info@afitonline.com or by calling us at 816-220-2001.

For more useful tax resources visit us online at https://www.afitonline.com/

You need a butt-kicking tax pro

 

Alliance Financial & Income Tax is a Proud Participant in the Dave Ramsey Endorsed Local Provider program for Income Tax Services. 

Learn more about our income tax preparation services by visiting is online at https://www.afitonline.com/p/income-tax-preparation

We are here to help, please do not hesitate to reach out if you have any questions or if we may be of any assistance.  816-220-2001

 

Need someone to prepare your tax return?

There are various types of tax return preparers, including certified public accountants, enrolled agents, attorneys, and many others who don't have a professional credential. You expect your preparer to be skilled in tax preparation and to accurately file your income tax return. You trust him or her with your most personal information. They know about your marriage, your income, your children, and your social security numbers – the details of your financial life.

Most tax return preparers provide outstanding and professional tax service. However, each year, some taxpayers are hurt financially because they choose the wrong tax return preparer. Be sure to check our tips for choosing a tax preparer and how to avoid unethical "ghost" return preparers.

What kind of tax preparer do I need?

Anyone can be a paid tax return preparer as long as they have an IRS Preparer Tax Identification Number (PTIN). However, tax return preparers have differing levels of skills, education, and expertise.

Learn about tax preparer credentials and qualifications. Watch Choose a Tax Preparer Wisely. Get information on the Volunteer Income Tax Assistance (VITA) program.

How can I check a tax preparer's credentials?

Our Directory of Federal Tax Return Preparers with Credentials and Select Qualifications can help you find preparers in your area who currently hold professional credentials recognized by the IRS, or who hold an Annual Filing Season Program Record of Completion. You can also check the professional organization's many tax preparers belong to.

What if I have a complaint about a tax preparer?

Tax return preparer fraud is among the list of common tax scams.

The IRS provides tips on avoiding unscrupulous tax preparers and is committed to investigating paid tax return preparers who act improperly.

Make a complaint if you have been financially impacted by a tax return preparer's misconduct or improper tax preparation practices.

Contact Alliance Financial & Income Tax located in Blue Springs Missouri for assistance with all your income tax needs.  816-220-2001

Pricing

Beginning with the 2019 tax year, 1040.com will use a simple flat fee structure:

• The preparation price is $25 for all returns.
• The price includes state return preparation, for as many states as are needed. There is no longer a separate charge per state return.
• Extensions will be free.

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When It Comes To Taxes, Don't Leave Money on The Table!

Alliance Financial & Income Tax is a Proud Participant in the Dave Ramsey Endorsed Local Provider program for Income Tax Services.

We will take the stress out of preparing your tax returns.

Schedule your tax preparation appointment today either by calling 816-220-2001 or online at https://www.afitonline.com/appointments