GETTING READY TO PREPARE YOUR TAX RETURN

The IRS generally begins accepting the previous year’s individual tax returns in late January. Here are quick tips you?can?use to help speed tax processing and avoid hassles.

Gather all documents needed to prepare an accurate return, including W-2s, 1099 forms, and statements of interest paid or received. Failure to provide all of this information means a return is incomplete, which may then require additional processing and delay any refund that’s due.?For us to obtain your data you can either make an appointment to meet with us or email, fax or snail mail your data to us. We use a secure system for transmitting data so can call us if you want?to use our system.?

Be accurate. Ensure that every name on your tax return is spelled correctly, and that each Social Security number on the return matches the number on the Social Security card. If you supply a bank account number, double check it.

Possible penalties

What if you file late or can’t pay your tax bill? Separate penalties apply for failing to pay and failing to file. Both are based on a percentage of the unpaid or late taxes. You can avoid late filing by obtaining?an extension of the time to file (until October 16 this year). However, you must still pay any taxes due by the regular deadline or face possible penalties.

These penalties can be quite severe, but if the lateness occurs for a “reasonable cause,” such as illness, the IRS may excuse it. Contact us with your questions.

THE NEWMAN GROUP?PLLC

ACCOUNTANTS AND ADVISORS

WWW.NEWMANADVISORS.COM

6803 LAKE WORTH ROAD

SUITE 305

LAKE WORTH FLORIDA?33467

PHONE: 561-642-6999

FAX:????561-642-3377

EMAIL: [email protected]