It’s that time of the year that you are looking back and now wondering… Will I get a refund this year?
This question all depends on the information you enter on your tax return. This will determine whether you withheld too much, too little, or just enough to cover the taxes you owe. If too much was withheld, you will receive a refund.
FIGURING IT OUT
What all do you need to complete your taxes? Social security numbers and/or tax ID numbers for everyone that you will claim; along with their date of births. All W-2 Statements. Your bank or financial statement, last years state refund amount, and any type of miscellaneous income including all 1099’s.
If you are self-employed you will need more numbers and paperwork. You need all of your business records including estimate tax payment receipts, business expense records, mileage and home office expenses.
Three other items that may be needed would be any unreimbursed medical expenses, Form 1095 Health Insurance Coverage forms and your Social Security benefits. Lastly, any type of charitable donations and your property tax receipts.
KEEPING IT TOGETHER
The easiest way to be prepared, start a 2019 file and all receipts and paperwork you receive in the mail; put it in the file. Start a 2020 file now to file all your expenses including business receipts so you do not have to go through all your paperwork at the end of 2020 to prepare for next year.
HAVE IT, NOW WHAT!
You have many options for preparing your taxes. There are many online programs; businesses and Certified Public Accountants that you can use. If your return is involved, we suggest using a business over online. This is your money and you want to make sure that you a receiving all your deductions for the most refund possible. Fields and Nevarez would love to meet with you to see if we would be a good fit to fulfill your needs for your return.
Give Ron a call 443-605-3167 or email rknevarez@gmail.com
Best of luck in 2020, may the year be healthy and prosperous for you.