When the time of filing tax returns is near; you don’t need to worry and get stressed. It is better that you follow some simple steps and make your life easy.
Step 1: Make a list of all of your personal details
To make your tax filing easy keep all your detail with you. The most important aspects of your personal details include:
- Social Security Number; not only your but of all your dependents
- Address of vacation and rental property; dates you moved, amount of payment you made
- Your sale records if you any item was sold
- Record of Expense
Step no.2: Keep a record of all the charity you carried out throughout the year
If you want to claim any write-off related to charity, you need to keep the specific records of the charity with you. If the amount of your contribution was more than $250 you need to get written acknowledgment from the charity that states that you gave the amount as a gift and did not receive anything in return.
Step No.3: Understand the Tax law changes
Don’t get scared, you don’t need to be a tax expert. The idea is that if you have a knowhow of all the tax related rules so that you won’t be caught off guard. Find general information about the individual mandate and about exemptions from the mandate on the IRS website.
Step 4: Collect all the receipts
Keep the receipts of all the itemized deductions and standard deductions. For itemizing, get receipts together now used throughout the year to retain receipts for various deductible expenses.
Professionals at Tax Help MD are there to help you in the filing process. All you have to do is contact our professionals or visit our website.