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TAX TIPS

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Security PIN Numbers


If you voluntarily participated in the My Tax Account IP PIN for the State of Wisconsin, please make sure you have that information included in your tax documents.

  

If you yearly receive a PIN from the IRS please have that PIN included in your documents.

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Paying taxes to the government is, indeed, one of the most important and most vital citizen responsibility for anybody and everybody.  As one financial year comes to an end, everybody begins their tax return preparation. Going to a Professional Tax Preparer for your tax return preparation helps you to stay away from most problems associated with preparing tax returns.

With the tax season coming up, are you prepared? 

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Things to Bring to Prepare Your Tax Return

Client Worksheet Form
Identification Information - Social Security Card and Drivers License or Photo ID

Federal Allocated Security PIN NUMBER

State Voluntary PIN NUMBER

Copy of your Most Recent Tax Return
Wage Statements

Additional Income Statements

Real Estate Documents
Education Credits

Health Insurance Form 1095A - Market Place

Self Employment: All Income/Outgo For The Year


Come to Your Appointment Prepared.

I have forms available to help with Self Employment organization.  Please contact me.


If you own a business and you do not have the time to sort through your records, consider using a tax professional. When submitting your paperwork to the tax preparer, inform the tax preparer if you are missing any documents, such as a 1099-MISC or a W-2.  Your tax preparer will advise you on what your next step will be.  By NOT reporting any missing documents by the deadline, the IRS (and your State Tax Department) may impose additional taxes and penalties to your return.

Also, anticipate what tax documents you will receive - collect and organize these when you receive them.

These documents are recorded by the IRS & need to be filed:
  • 1099-NEC  Independent Contract
  • 1099-MISC  Miscellaneous Income
  • 1099-INT  Interest on a Bank Account
  • 1099-R  Distributions from an IRA or 401K
  • 1099-R  Retirement Income
  • SSA-1099 if you receive Social Security Income
  • 1099-G if you received Unemployment
  • 1098-E if you have Student Loan Interest
  • 1098-T if you have Qualified Tuition and Related Expenses
  • Form 5695  Energy Credits
  • Form 2441  Child & Dependent Care Expenses
  • Form 8889  HSA Contributions & Distributions
  • W-2G  Gambling Wins and Losses

Suggestions for new clients

Start an IRA.  It's never too late to start saving money for your future.  If you're smart enough to start in your 20's, be consistent, and you'll have a significant nest egg by the time you're in your 60's.  You may qualify for Early Savers Credit on your taxes.

Start a Health Savings Account (HSA) or a Flexible Spending Account or Medical Savings Account (FSA), if offered by your employer.

Contribute to your 401(k).  If you haven't contributed the maximum possible amount to your 401(k), try to contribute more now.  You may qualify for a tax deduction - "Early Savers Credit" on the first $2,000 you contribute to your retirement fund.

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Use your legal name (as found on your Social Security card).  If you need to change your name, go through the Social Security Administration first, before filing your income taxes.

While it's always best to plan ahead at the start of a new year, it's not too late to save time and money and enjoy a stress-free tax filing experience by doing some end of year planning now.

 

Towle Professional Tax Service

Kathy Kennedy-Towle

RTRP, NATP

IRS E-File Provider

Locally owned and operated

 

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