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Collecting
Needed Information
If
we view tax preparation as a “burden”, like everything
else, it will actually become one.
Let us this year, examine your thoughts -
- Do
not stress yourself, if availability of time is the source,
please consider the benefits of filing an extension.
(See extension considerations).
- Tax
Organizers are mailed to you as a good starting point. The
organizer serves a few major objectives:
- As
a reminder when reviewing the organizer for what was reported
in 2003, examine each item and either provides 2004 changes
or write on the page “delete” if the item
is no longer applicable.
- The
last page of the organizer is designated for notes. Record
tax items that you are not sure of, on the notes page.
(Also see partial
“checklist”).
- Information
you are expecting to receive, from third parties sometimes
can be obtained via a website; obtain and record necessary
information…Simply indicate on the organizer where
the information was obtained.
- Credit
card statements and bank statements are resourceful documents
refreshing your memory regarding 2004 transactions –
take a few minutes to review them.
- 2004
tax preparation may also be used to plan for 2005. Evaluate
your record keeping and filing systems. We get much busier
with every year, what has worked in prior years, may need
to be improved because of new products, software and computer
availability which did not exist in prior years.
- E-mail
us an outline of any stumbling blocks you may have
we will be happy to share with you multiple alternatives
to select what fits you best.
- Two
types of deductions do not always generate tax benefits
do them at the end.
- Medical
and dental expenses
- Employee
business expenses
Another
option, is to wait on the above two items until we process
your tax information then, we can email you the status of
these two deductions and analyze if it may improve your tax
liability.
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