If you’re a first-time tax filer, you’ll want to take advantage of opportunities to save money while avoiding rookie mistakes. Since filing your federal income tax return can easily be one of the most overwhelming tasks you have to carry out, it’s best to enlist the help of the best tax preparers in 33027.
If your income meets or surpasses certain levels during the year, you’ll be required to file a tax return. You can check your “year to date” income by looking at your pay stub. If you have other employers or if you make money on anything you sell, your rental property, interest, or investments, add these up to your total income.
Be sure to keep and organize receipts of medical bills, work-related expenses, and charitable donations. If you have statements from student loans, grants, fellowships, or investments, keep them handy.
In January or February, you’ll receive forms about how much income you’ve earned from your employer and other sources of income. If you’re employed full-time, your Form W-2 details your earnings and the taxes withheld. If you’re on a contract or work freelance, your Form 1099-NEC shows you what you earned.
Additionally, Forms 1099-DIV or 1099-INT details the dividends or interest you earned on investments. If you’ve paid student loan interest, you’ll receive a Form 1098-E. If you’re a college student or if you have a dependent who’s in college, expect to receive a Form 1098-T, which details the amount you paid in tuition and the amount you received from grants.
If you want to avoid tax-related identity theft or get the refund you’re owed sooner, file your tax return earlier than later.
At Tax CPA 1, we’re committed to providing high-quality service for what you want, need, and deserve. If you want to save money on your taxes, contact us today.
Established in 2001 as a boutique firm in Pembroke Pines, we specialize in Tax Preparation for small-to-medium size businesses, Managing Books, Consulting on Accounting Technology, Implementing Accounting Software, and we also provide Part-Time Controller Services.