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Tax Time


VIDEO TRANSCRIPTION

It’s beginning to look a lot like… Tax Season!
So here are some tips to make your 2019 return process a little easier.
First- Adjust Withholding:  The “Tax Withholding Estimator” performs a paycheck or pension income checkup. this is key if you received a smaller refund than expected or owed an unexpected tax bill last year. Did you have a key life event, in 2019? If so, and the estimator recommends a change, you can submit a new W-4 or complete a W-4P. Make estimated or additional tax payments. If you have substantial non-wage income you need to make quarterly estimated tax payments on: Self- employment or investment income, including any gains related to virtual currency, taxable social security benefits and, in some instances, pension and annuity income. the last payment for 2019 is due jan-15.
Gather and Organize: Use a record-keeping system – electronic or paper — that puts all important information in one place. this includes copies of filed returns and all supporting documents for at Least Three Years: W-2’s, 1099’s, other income documents, records documenting all virtual currency transactions and 1095-as. Lastly, make sure each employer, bank or other payer along with the IRS and social security administration have your current mailing or email address. And if you need help, along the way, call the law office of Mary King P.L. or visit Floridataxlawyers.com.

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