Tax is foreseeable. If you earn an income, you must pay taxes. To help individuals with this process, we would like to offer the following Top 10 Tax Preparation Tips for Individuals:
- Get organized. Having 1099 and W-2 forms are pre-requisites to doing your taxes. Keep records of the deductions so that you do not overpay and also can easily answer questions when asked.
- Do Not Be Late. The federal tax return should be filed before the last day by midnight. You can request an extension and pay taxes before due date, thus avoiding interest and penalties.
- Protect your ID. Your ID includes unique information about you and thieves would be happy to steal your information. If you receive any email from IRS requesting financial information, do not respond as this is not legitimate.
- Investigate Even Regarding Legal, Same-Sex Marriages. This is because same-sex couples do not qualify if they do not reside in the state where they were legally married. The IRS has new rules that are not applicable to civil unions or domestic partnerships. The state income tax laws may vary. Same sex couples should seek help from a local CPA.
- Keep Accurate Records. It is common to receive 1099 forms for taxpayers during tax season. If there are investments, delay filing it electronically, but do ensure that you pay it before the deadline. Take your time in preparing the return and make changes if required at the last minute.
- Check Tax Breaks. You may get deductions and exemptions for the previous year, but keep away from assuming that you can claim the same for the current year. New rules in phasing out exemptions have kicked in at certain income levels. There are also changes regarding imposing new limits on deductions.
- Take Time to Review. The most common mistakes of taxpayers are giving the incorrect Social Security number and making incorrect math calculations that significantly slow down the refund process. . These errors can be easily avoided if you simply take time to slow down and carefully review your return before filing.
- Choose Direct Deposit for Your Refund. The fastest way to receive a refund is to have it directly deposited into your bank account. You can specify this during the filing process.
- File Electronically. The easiest way to file taxes is via e-filing. You can avoid standing in long lines at the post office, save on postage, and get the return faster.
- Don’t Be Shy- Ask Questions. Your CPA can help you determine the tax laws suitable to your situation.
Why Choose Geraldine A. Clahar, CPA Firm
Geraldine A. Clahar, CPA, has over 30 years’ experience as a professional accountant. Her background includes work in both public accounting, (with three years at KPMG’s New York office), and private accounting in the healthcare industry. She holds a BBA in accounting from CUNY Baruch College and an MBA in Taxation from St. Johns University. Her firm, G.A. Clahar, CPA serves small- to-medium-sized businesses as well as individuals, servicing all of their accounting, bookkeeping, tax, and financial planning needs.
Our Overall Services Include:
- Assistance with bank loan applications
- Business consulting, budgeting and forecasting
- Financial statement compilations, review, and analysis
- Notary public
- Tax filings
- Assistance with obtaining federal and state Minority and Small Business Certification
About Our Firm
Our experience in both public and private accounting provides us with a set of skills usually found only in large accounting firms. But our small size means that we offer a high level of attention and personalized service to each client.
In the field of taxation, rules are updated or become obsolete very quickly. We are constantly refreshing our knowledge base to stay on the cutting edge in the accounting and tax fields.
For professional, attentive service, no matter the size or scope of your organization, whether it is for-profit, not-for-profit or for individuals, contact us today for an appointment.