Taxes Are Due Soon. Are You Ready?

Whether you are filing your personal tax return or one for your self-employed business, the tax deadline is April 17, 2018. Hopefully, you’ve already filed by now, but if not, it’s time to get started. Failing to get your taxes in on time could result in fines or other tax penalties.

For those filing their personal tax returns, Ferguson, Timar & Company has put together this helpful checklist of information and documents needed to file your taxes correctly.

  • Form W-2 – This document highlights all of your employment earnings and taxes withheld the previous year. You should have received this form by the end of January 2018.
  • Form 1099-INT – This form shows the interest earned in any banking accounts.
  • Form 1099-MISC – If you do any freelance or contract work on the side, you should have received your 1099 forms from your clients/employers by January 2018.
  • Form 1098 (Mortgage Interest Statement) – This form tracks any and all mortgage interest paid on a home loan.
  • Receipts for Deductible Purchases/Payments – If you do any work at home, keep all your business-related expenses tracked, along with healthcare payments, mileage and education expenses.

If you would like to get your federal and state tax return direct-deposited into your bank account, have your bank’s routing number handy. In addition, make sure you have the social security number and birthdates for you, your spouse and any other dependents that you may claim.

Let Us Help
The important thing to know is that time is of the essence when it comes to filing your taxes. If you want to try and file for a tax extension, we can help. Contact Ferguson, Timar & Company today for the best in professional tax preparation.