Happy New Year!!! Let's make 2020 the year that starts the rest of your life. But first things first.
BREAKING NEWS : The IRS will officially begin accepting and processing tax returns for the 2019 tax year on Monday, Jan. 27, 2020. They will be accepting Tax Returns until Wednesday, April 15th, 2020. But just because you have almost four full months to get them in, that doesn't mean you should wait to do them!
Procrastination can lead to panic, and panic can lead to making mistakes or taking short-cuts on your tax returns. When time is running out, you might be tempted to take the 'easy route' and take the standard deduction instead of itemizing your return. If you've been careful with your expenses and made sure to keep track of what you are spending on your business, itemizing is probably the way to go in order to get a maximum refund.
Itemizing and accounting for all of your business expenses and your total deductions will take a little longer, so you'll want to start sooner rather than later. To make the process go smoothly, we recommend that you gather all of your information and documentation before you sit down to begin the filing process.
Here is a list of some of the items you'll want to gather as soon as possible:
- W2's from each of your employers
- 1099s (independent contractor income, misc. income, etc.)
- In-home Office information (if applicable)
- Records of any kind of Income (unemployment, rental, retirement, gambling, etc.)
- Records of all business related expenses
- Records of Medical Expenses including insurance
- Records of Childcare and Education Expenses
So get your W2s, 1099s, and all other documentation together, and head on down to BealsBooks. Let us help you get you the maximum refund you deserve this year.