Nearing the “Un-official” half way point to the finish line for personal tax returns (we call the race from corporates in the middle of March to personals, mid April the time line) a few items have risen to the top of needed reviews.
Items to Review On Your Return
Before you file your return, take a look at it. Your tax professional can only complete the items he/she has, and frequently there are missing items that need to be included.
It is each of our own responsibility to confirm our tax returns!
Via repetition, here are this year’s half way point items we are seeing-
- Property Tax incorrect year – make sure you get credit in the year you pay
- General Sales Tax missing- It’s your deduction, make darn sure you get it if you itemize
- Missing Basis- An oldie but goodie, EVERYTHING has a basis- be sure one is included on your return
- Missing a SEP (AKA Simplified Employee Pension) contribution – Souped up IRA that offsets non-W-2 income- Great Tax Saver- You can do both a SEP and 401k if you have both incomes under the appropriate scenario
Hopefully this will help…. If you have a question– Give us a shout, we are glad to help !
John A. Kvale CFA, CFP