No matter how you slice it, if you’re a C or an S corporation, March 15 is the end of your year. We’ve been over this time and again, but just like Christmas, even though we know what date it will be here on, there are always some last-minute shoppers.
What can you do?
For starters, be organized. At the same time, if you are one of the last-minute folks, it will pay you – and save you considerably – if you do a few things before you make that wild-eyed last-minute run to our office…
I find the most frustrating part of filing taxes is trying to corral all the information me and my team need. Once we’ve got it all assembled, the process is always fairly quick. What sorts of things do we need to know? Sure, this is usually stuff that’s “easy” and undoubtedly in the paperwork we’ve already been using, but every year, a few poor souls struggle to make sure all this information is here to use.
- Social security number(s)
- Tax ID Number for all corporate entities
- Any applicable W2s or 1099s for other income (1099-INT, 1099-DIV, 1099-K)
- Last year’s tax return
- Other income (self employment income not on a 1099)
- Retirement account or IRA contributions
- Student loan interest statement
- Education costs (form 1098-T)
- Home mortgage interest expense
- Charitable donations
- Checking account information for refund or payment
- Health Insurance information – including a 1095-A if you bought in the Marketplace
All this assumes that you have the current and correct financial statements and bookkeeping documentation available. As much as I hate to say it, this late in the year, if you are struggling to put the basics in the above list together, an extension might be the smartest thing you can do until we can all wrap our arms around your company’s finances.
There’s one thing that I always try to stress to clients this time of the year. If filing taxes frustrates you, take the time this Spring to set yourself and your companies up for success in the next year. Create the bookkeeping and financial systems and documentation that make it easier to file and save you money on the volume of time me and my team spend getting these things straightened out.
If you have any questions regarding your IRS issue in Redlands, CA or any other area of California do not hesitate to contact me at (909)570-1103 or by email at Carlos@HealthcareTaxAdvisor.com
Carlos Samaniego, EA
Healthcaretaxadvisor.com
Listen to my podcast on Anchor or your favorite podcast app
Carlos Samaniego, EA
Enrolled Agent
Licensed by The Department of Treasury/IRS
1255 W Colton Ave, #535
Redlands, CA 92374
Ph. (909)570-1103
Fax (909)586-9190
