T Day.....are you ready?

It's hard to believe it's tax time again. Each year, we know it's coming, but it always catches us off guard.  Receipts to gather, paperwork to do, money to send and/or collect.  It's always a busy time of year.  Much busier if you are not prepared.  Here are a few tips to help you prepare. 

1.  Gather your documents.  (For example:  W2, 1099 DIV, 1099 INT, 1099 MSC, and 1098 (mortgage interest). 

2.  Gather your receipts.  Keep in mind though that for the 2020 tax year the standard deduction for a single person is $12,400 and $24,800 for a married couples filing jointly.

3.  List all of your personal information. SSN for you and all dependents, dates for property that may have been sold, etc. 

4.  Decide if you need an extension and be prepared to pay your estimated tax by April 15th if you do. 

5.  Find last year's copy of your tax return. 

6.  Choose how you will prepare.  Will you do it yourself or will you hire someone else?  

Don't let April 15th defeat you.  

Begin now by getting the upper hand, and beat tax day at it's own game.  Hope your refund is great and / or your amount owed is small!  :)

Written by: Delilah Atkins