Posted on Jan 12, 2019

Evans Tax & Accounting

The new year is upon us! Now is the time to start thinking about your tax preparation plan. Make a New Year Resolution to be better organized for your taxes.

As the tax filing season approaches, there are steps you can take now to speed up the filing process. The faster your return is filed, the faster you get your refund. Even if you end up owing money to the IRS, knowing the amount due sooner gives you more time to come up with the funds needed to pay your tax bill.

*Look for your tax forms. Forms W-2, 1099, and 1098 will start hitting your mailbox. Look for them and get them organized. Create a checklist of the forms to make sure you aren't missing any.

*Don't wait for Form 1095s. Once again, proof of health insurance coverage forms are delayed. The deadline for companies to distribute most Form 1095s to employees is pushed back to March 4. The IRS is OK with filing your return prior to receiving the proof of insurance form as long as you can provide other forms of proof. Remember, 2018 is the last year of penalties if you do not have adequate insurance coverage.

*Finalize name changes. If you were recently married or had a name change, file your taxes using the correct name as SSA has it recorded.

*Collect your statements and sort them. Using last year's tax return, gather and sort your necessary tax records.

*Clean up your auto log. Make sure it has the necessary miles documented for deducted miles.