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 pay check 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 January 15th.
Gather and organize. Use a recordkeeping 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-2s, 1099s, 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.