Getting Ready to file your 2018 Tax Returns
The Internal Revenue Service has changed the way a self-prepared return is validated prior to efiling the returns. There are two ways to verify your return. The first is to verify your prior year's Adjusted Gross Income or AGI for short. The second way is to use your self-selected PIN from when you filed your 2017 returns.
Now most software will fill in the AGI automatically for returning customers, however it is always a good idea to have a copy of last years return on hand when filing your current year's returns.
Items need by your preparer
There are so many items coming in the mail that may or may not be needed to properly prepare your tax returns. Here are a few of the most common items needed:
Copy of your most recent tax return (unless already in their hands)
W-2s from all jobs, for both taxpayer and spouse
Form 1098 Mortgage Interest statement showing interest and property taxes paid
Forms 1099-INT and 1099-DIV for interest and dividends paid on investments.
Form 1095-A, B or C proving your health care coverage
Any misc income reported on Form 1099-MISC and all associated expenses
Brokerage statements for assets sold
Closing statement on a re-fi or sale of property
Tons more, give us a call if you are unsure if you will need it
Concerned about your Bracket
With recent legislation one of the things we hear all the time is, "What bracket am I in?"
The real misnomer about that is that you should be more worried about what you effective tax rate is. That is what you are really paying in Income Taxes.
However, for those who would like to have an idea of which bracket they are in feel free to peruse the info laid out on the attached link.