Whether you’re searching for a FATCA tax filing service in Jersey City, or just want to file income tax on your investment property, you’ll need to gather some documentation. Professional tax filers and accountants won’t be able to file on your behalf if they don’t have all of the necessary information. Here are some of the required documents you’ll need to have on hand.
Personal Data
Social security number
Address, and how long you’ve lived there
Birthday, including year
Employment Data
W-2 forms for the current year
Unemployment compensation, if any
Miscellaneous income, such as rent
Pensions and annuities
Foreign accounts and income
Prizes and awards
Lottery winnings
Financial Assets
Income statements from all investments, including annuities, dividends, rental properties
Retirement plans
Liabilities
Home Loans
Student loans, including interest paid
Expenses
Child care expenses
Medical expenses, including prescription drugs
Job-hunting expenses
Gifts to charity
Alimony paid
Everyone is different, and will have different forms and expenses/income to claim. It’s important to gather all of these documents as you collect them, instead of trying to rush around at the last minute scouring through your filing cabinets.
Much of what you will have to pay in income tax will depend on several factors:
How much you made
How many expenses you have
Whether you’re single or married
Whether or not you have children, and coinciding child care expenses
Filing taxes can be a dizzying task, and while many people attempt to do it on their own with tax filing software, it’s always better to seek the help of a professional. They understand exactly what you need to have on hand, how much you can claim, and can reduce your chances of being audited. Taxes are not usually something that should be handled as a DIY project. When you trust a professional tax filing service, you can have peace of mind knowing it was done right.
