According to the federal government, about 60% of people in the US use a paid preparer to complete their tax returns. If you are one of these individuals, you need to complete your tax return as soon as possible, especially if you want to experience a positive outcome.
Search the Internet
The first thing you need to do then is to schedule tax preparation services in Brooklyn. Ask people you know who they recommend, or perform a search on the internet. Make sure the service you choose features employees who are authorized to prepare returns. Also, you need to inquire about the fees. Fees are based on the complexity of a return.
Gather Your Tax Information
After scheduling an appointment for tax preparation services, you need to gather your tax information. Some of the forms you will or may need include your W-2, if you have a job, a Form SSA-1099, if you receive social security benefits, or one of various 1099s. If you had gambling winnings, then you need a Form W-2G as well.
Claiming Deductions
In addition to the above-mentioned paperwork, you also need to gather your receipts. What you need will depend on the type of deduction you plan to claim. For example, you can elect to itemize your deductions if doing so leads to a greater write-off. In order to make this determination though, you have to itemize your personal deductions and compare them with the standard deduction.
You can get help with this part of the process by retaining assistance from a professional at a company like Brooklyn Tax Preparation Services.
What to Do with Your Refund
When scheduling tax preparation services, think about what you will do with your refund as well – that is, if you expect to receive one. You can directly contribute some of the money to an IRA or savings account, or have the IRS send you a check. You can also have the refund direct-deposited into your checking account. Some people apply their refund toward estimated taxes on their next tax return.