Tax Reminder – Ready, Set, File by May 17th

TAX PREP  BLOG: Tax Reminder – Ready, Set, File by May 17th

Key information and reminders during this busy TAX SEASON from WPC!  For anyone who files their return or works with other tax professionals, below is a checklist of what you need to get started.

For those of you who have already engaged with WPC and Franz CPA’s for this year, you are all set and there is no need to read further!

Reminders

  1. Get organized now, make sure you have all your tax forms in hand!
  2. File before the deadline.
  3. Avoid last minute emergencies!
  4. Contact us or your tax professional with any questions or concerns – NOW!

KEY DATE is TAX DAY – MONDAY, MAY 17th, 2021

Your filing must be completed and e-filed OR printed, signed, postmarked and mailed by May 17, 2021.

ESSENTIAL FORMS for Income Reporting

  • Personal Income Statements (W-2 Forms)
  • Unemployment Income or State/Local Refunds (Form 1099-G)
  • Investment or Interest Income Information (1099-INT, 1099-DIV and Schedule K-1)
  • Home or Property Sale (Form 1099-R)
  • Pension, IRA or Annuity Information (1099-R)
  • Social Security Income (SSA-1099)
  • Trust and Estate Beneficiary Earnings (Form 1041 or K-1)
  • LTC and/or HSA Reimbursements (1099-LTC)

STANDARD DEDUCTION OR ITEMIZED DEDUCTION

The standard deduction is $12,400 for single filers and $24,800 for joint filers.

Here are some common deductions to tally to determine what is the best strategy for your situation.

  • Education Expenses – Tuition Statements; Educational Expense Receipts (Form 1098-T)
  • Student loan interest (Form 1098-E)
  • Homeowner Expenses – Mortgage Interest Statements (Form 1098)
  • Charitable Donations – Detailed List of Donations and Receipts for Contributions
  • Self-Employment Expenses
  • Child and Dependent Care Expenses – Need Social Security Number of Provider
  • Health Care Expenses – Medical and Dental Costs
  • Job-Related Educational Expenses
  • IRA Contributions (Form 5498)
  • Health Savings Account Contributions (Form 5498-SA)

Take action today so you can avoid last minute confusion, errors, penalties and late fees!  If you have any concerns, please reach out to a WPC advisor at 513-733-1750.

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