With year end approaching and tax season on the horizon, your tax and accounting professionals at HW & Associates, LLC have a few simple but very important tips and reminders to help you prepare for a smooth and easy tax filing season:
1. Update Any Changes in Contact Information
We will be posting tax organizers to portals this month. Please make sure we have your current mailing address, email address and phone numbers
2. Gather and Submit Your Tax Materials When Available
For individual tax clients, items include Forms W2, 1099, 1098, K1, IRA Year End statements, Compilations of income for self-employed individuals and Cost Basis on security sales. Also include items to be considered for deductions such as: receipts for itemized deductions, list of estimated taxes paid (including dates), student loan interest, Tuition Form 1098-T, long-term care expenses, proof of health insurance coverage and any debt forgiveness documents. All tax and financial documents may be safely and securely submitted via your HW & Associates, LLC secure client portal, or you may drop them off at our office or mail them to us. If you have any questions about your portal or need assistance with the login process, please call or email us and we will be very happy to assist you!
3. Update Any Changes in Status
Did you have any major changes in your personal situation in 2017? Make sure your tax professional is aware of any changes that could significantly impact your tax situation. Examples include: marriage, divorce, birth or adoption of a child, retirement, care or support for adult dependent, real estate purchase or sale, job loss or new job for you or your spouse, significant medical expenses, and inheritance.
4. Be Sure to Make Your Timely 4th Quarter Estimated Tax Payment
Q4 estimated tax payments are due by December 31, 2017. On-time payment of your quarterly estimated tax will reduce your April 17th tax liability and may also help avoid penalties due to underpayment of your total 2017 tax obligation.
5. Protect Yourself from Identity Theft
Thieves often use email or “phishing” schemes to steal your personal information. “Phishing” is the creation and use of email and websites designed to mimic legitimate business emails and websites. The most common form is the act of sending an email to a user falsely claiming to be an established legitimate enterprise such as the IRS in an attempt to scam the user into providing private information that will be used to steal your identity. The IRS does not initiate contacts with taxpayers via emails. Also, the IRS does not request detailed personal information through email or ask taxpayers for the PIN numbers, passwords, or similar secret access information for their credit card, bank, or other financial accounts. NEVER send this type of information to anyone via email, or provide it to strangers over the phone.