There are some dates you look forward to on the calendar, but there are also some that you dread. While you might not be looking forward to Tax Day, trying to forget about it is just about the worst thing that you can do.
The 2019 tax season is right around the corner, but since you file for the previous year you’ll actually be filing your 2018 taxes. Accordingly, there are things that you can do now to start preparing, and our Sacramento area team can help no matter where you’re located! So, what should you be doing in 2018 to get ready for the 2019 tax season?
Track Your Donations
If you donate to charity, whether financially or by donating goods or items, you’re likely eligible to itemize these donations and deduct them from your taxes. You’ll need to keep the appropriate receipts, though, so be sure to keep track of them now for an easier process at tax time.
Record Business Expenses
Whether you own your own business or just need to spend money for your job, you can opt to itemize your deductions and claim these expenses. From major business-related travel expenses to the cost of necessary work boots, you can claim many different things. Keep your receipts and records if you plan to itemize, and be sure to consult with one of our experts to get the most out of your deductions.
Prepare for a New Form
If you’re accustomed to filing using Form 1040A or 1040EZ, you can expect a new, half-sheet sized form this year. The new postcard 1040, as it’s being called, is intended to shorten the tax filing process, but most taxpayers can anticipate using additional forms to supplement this basic information. If you’re not sure how to proceed with the new worksheet, our team can help ensure that everything is in order.
Take a Look Back
If you know that you’ve failed to file in the past, or that you owe taxes from previous filings that you haven’t addressed yet, then you can expect to encounter issues while filing for the 2019 tax season. The sooner you address these problems the better you can expect your results to be, so don’t hesitate to get expert tax debt relief to ensure smoother sailing in the months and years ahead.
Whatever your situation is rolling into the 2019 tax season, the Paramount Tax Relief team is here to help you handle things efficiently, correctly, and as beneficially as possible. For more information, or to schedule a conversation with our helpful experts, be sure to contact us by calling (916) 533-9940 today!