{"id":1207,"date":"2020-01-15T14:15:34","date_gmt":"2020-01-15T14:15:34","guid":{"rendered":"https:\/\/www.smecpa.com\/?p=1207"},"modified":"2020-02-17T15:28:20","modified_gmt":"2020-02-17T15:28:20","slug":"preparing-for-this-tax-season","status":"publish","type":"post","link":"https:\/\/www.smecpa.com\/preparing-for-this-tax-season\/","title":{"rendered":"Preparing for this Tax Season"},"content":{"rendered":"\n<p>The New Year is guaranteed to bring one thing\u2026 tax season. For most accounting firms, tax season means coffee is always brewing and work hours are extended to make sure you meet the deadline. We know the process can seem daunting but it doesn\u2019t have to be. For that reason we\u2019ve put together a quick guide to help you prepare for this tax season.<\/p>\n\n\n\n<h2>Get Your Paperwork Ready <\/h2>\n\n\n\n<p>Before January arrives, firms are busy creating and mailing out client specific tax organizers. This is a personalized packet for you to go through and update any information if needed. This is especially important if this is your first time with a new accountant. Overall, the organizer should remind you what items to send in. Some examples include, but are not limited to: <\/p>\n\n\n\n<ul><li>W-2 or 1099 income <\/li><li>Rental income or expenses <\/li><li>Deductible receipts <\/li><li>Amounts paid for property tax, mortgage interest, etc. <\/li><li>Amounts paid for property tax, mortgage interest, etc. <\/li><li>Child care payment records <\/li><li>Brokerage statements<\/li><\/ul>\n\n\n\n<p>In most cases, the more information you provide, the less questions that will need to be asked later. <\/p>\n\n\n\n<p>We know that around this time, you might be anxiously waiting for tax forms to come in as the deadlines begin to approach. See below for a quick guide on the estimated time you can expect to receive these common forms.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"\"><tbody><tr><td>\n  <strong>Form<\/strong>\n  <\/td><td>\n  <strong>When\n  to Expect<\/strong>\n  <\/td><\/tr><tr><td>\n  W-2, 1099, 1099-MISC\n  <\/td><td>\n  January \u2013 Early February \n  <\/td><\/tr><tr><td>\n  1099-R (Pensions or Retirement Plan Info) \n  <\/td><td>\n  January \u2013 Early February \n  <\/td><\/tr><tr><td>\n  1094\/1095 (Health Coverage) \n  <\/td><td>\n  January \u2013 Early February \n  <\/td><\/tr><tr><td>\n  1098-T (Tuition Statement) \n  <\/td><td>\n  January \u2013 Early February \n  <\/td><\/tr><tr><td>\n  Consolidated 1099\u2019s from brokers\n  <\/td><td>\n  Around February 15<sup>th<\/sup>\n  <\/td><\/tr><tr><td>\n  K-1 (Partnership, Trust, or S Corp Income) \n  <\/td><td>   Around March 15<sup>th<\/sup> unless your accountant is extending    <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>If you have not received your forms by these deadlines, you might want to call and inquire about the status. <\/p>\n\n\n\n<h2>Avoiding an Extension<\/h2>\n\n\n\n<p>There are few cases\nwhere an extension is inevitable, especially if forms need to be corrected or\nif one of your K-1\u2019s gets extended. If this happens or you feel you might need\nto extend, call your accountant and inform them. A lot of times extensions are\nmisunderstood. It is often mistaken that you don\u2019t owe anything until the\nextension date, but that isn\u2019t true. You must pay an estimate by April 15<sup>th<\/sup>\nalong with your extension. Your accountant will be able to guide you in\nfiguring out how much you owe and the steps to take to avoid any penalties\nand\/or interest. <\/p>\n\n\n\n<p>Most accounting\nfirms operate the same way during tax season. They refer to it as FIFO, which\nis accounting jargon for First In First Out. In\nother words, clients who bring their information in first typically get their\ntax return done the quickest. Being prompt is highly appreciated and\nrecommended. <\/p>\n\n\n\n<p>Once you\u2019ve done your part, you can breathe and let your accounting firm handle it from there. See, that wasn\u2019t so bad was it? April 15<sup>th<\/sup> will be here before you know it so get your paperwork organized and turned in promptly. <\/p>\n\n\n\n<p><strong>By Darian Betosky<\/strong><\/p>\n\n\n\n<p> Darian is a recent graduate from Augusta University and works as a staff accountant at Serotta Maddocks Evans, CPAs. She has completed the requirements and will begin studying for her CPA exam in the near future. She finds building client relationships and learning new things to be the most rewarding part of the job. In her free time she enjoys spending time with family, being outdoors, and cooking. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The New Year is guaranteed to bring one thing\u2026 tax season. For most accounting firms, tax season means coffee is always brewing and work hours are extended to make sure you meet the deadline. We know the process can seem daunting but it doesn\u2019t have to be. For that reason we\u2019ve put together a quick&hellip;<\/p>\n","protected":false},"author":7,"featured_media":1212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Preparing for this Tax Season - SME CPA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smecpa.com\/preparing-for-this-tax-season\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Preparing for this Tax Season - SME CPA\" \/>\n<meta property=\"og:description\" content=\"The New Year is guaranteed to bring one thing\u2026 tax season. For most accounting firms, tax season means coffee is always brewing and work hours are extended to make sure you meet the deadline. We know the process can seem daunting but it doesn\u2019t have to be. 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