Tax Preparation Checklist For The New Year 2016
The financial year-end necessitates readying tax-linked documents as individuals and companies are required to pay tax on their earnings as per the law. If you are not sure about the required papers needed during the process, then reference to the following points may be useful.The option of consulting a tax advisor can also be availed for easing the burden of tax filing.
In addition to the mandatory tax forms, the below-listed documents are essential.
Personal details such as identification numbers have to be furnished. Complete home addresses with proofs also constitutes as other tax filing requirements. If a person has dependents, then their information, including name, address and identification numbers also have to be submitted to the tax authorities.
Job-related documents pertaining to the year 2015 have to be included when completing the necessary tax paperwork for the current year.
Documents mentioning income details of the year 2015 are also requisites when filing taxes. Certificates related to interest income, sales of real estate properties, salary details, bank statements and other revenue earnings have to be added to the pile of papers meant for submission to the tax department.
Tax return documents of the year 2015 also need to be filed.
Bank account numbers also have to be shared to receive the tax return amounts. People can avail the direct deposit option and the stipulated sum will be transferred into the disclosed bank account numberas a result.
Papers relating to property tax and educational loan interest for the year 2015 must also be enclosed in the tax filing folder to convince the tax division personnel that thementioned payments were made.
Interest earned via savings accounts or personal investments are also taxable. Documents listing these income-related details for the year 2015 also need to be delivered along with the other tax papers.
Charitable donations are tax deductible and the receipts pertaining to the year 2015 are required by the tax mento proof that the funds were indeed given for the noble cause.
Expenses incurred on education can bring down the figures on which taxes are imposed. Therefore, documents sharing the information regarding educational expenses during the year 2015 are also required during the tax filing process.
Mortgage payments, real estate taxes and property tax are other tax deductible sources. For the year 2015, papers relating to these expenses must be kept ready. The benefits of higher deductible interest can be enjoyed by you as a result.
Health care expenses, alimony expenditure, business costs, Individual Retirement Account (IRA) contributions, foreign taxes paid, home-buying overheads and vehicle sales tax statements are also the grounds on which tax deductions can be availed. Care must be taken to ensure that the papers are relevant to the year 2015 only.
Blog written by Liz Soria #helpquickbooks
Express Tax and Bookkeeping Services phone 954-788-2870 https://www.etbsfl.com/
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