Best Tips for Preparing Taxes

Tax season tips and who to call  - Mikella CPA - Austin, Texas

Tax time is a stressful time for most people, but it doesn’t have to be.

Here are some times to help your tax preparation go smoothly and greatly reduce the chances for mistakes as you file.

  • Make sure you have access to your previous year’s tax return. You can use this as a reference moving forward.
  • Gather all the necessary records including any W-2s, 1099s, tax statements, etc.
  • If you are self-employed, keep in mind that you will have to pay a self-employment and income tax, but you can make deductions for items and services bought throughout the year. You can also deduct of your self-employment tax when you are figuring out your adjusted gross income for the year.
  • Have social security information for all members of your family.
  • For children, it is likely you qualify for additional tax benefits. You claim your child as a dependent, but if you need more information and additional common tax benefits for parents, contact us.
  • Collect receipts or pictures taken of any charitable donations made.
  • Collect mortgage receipts. Your mortgage company should send you a 1099 detailing interest you have paid.
  • Have you invested in energy efficient goods? There is a credit of 10% of the cost of qualified energy efficient home improvements.
  • Add up co-pays or costs for medical insurance you paid for throughout the year.