The income tax filing season is often associated with worry and anxiousness. If you’d rather avoid the hassle of filing your taxes this year and hand over the task to us at Cathy E. Parker, E.A. Bookkeeping & Tax Service, there are several pieces of information we will need from you before we can get the process started.
- Income Information- When it comes to the income tax filing process, the primary information we will need from you relates to your income from the previous year. We will need you to provide us with any tax statements provided to you from your employer, as well as investment income forms, business or farming income documents, and information relating to any alimony you might have received.
- Adjustments to Your Income- Certain contributions or expenses can either increase your tax refund or reduce your income tax liability. We will need to know if you made any IRA contributions, paid student loan interest, contributed money to a Medical Savings Account, paid alimony, or made any self-employed health insurance payments.
- Itemized Deductions and Credits- During the income tax filing process, deductions and credits can relieve some of the tax burden you have to deal with. For example, your education costs are often tax deductible, as long as you provide us with your form 1098-T, as well as a list of other expenses you incurred related to your education throughout the year. We can help you determine what tax credits you are eligible to receive and introduce you to deductions you might be able to claim on your taxes.