Scribd Logo
Upload

Welcome to Scribd!

  • 161 views

    Introduction To PP&D Accounting and Consulting: - Tax Time Tips

    Uploaded by

    News 12 New Jersey
    This document provides tips for last minute tax preparation and filing. It discusses major sources of income, 10 tips for last minute filing including filing extensions, choosing a tax preparer, reporting all income, and supporting deductions. It emphasizes filing and paying on time, verifying exemptions and income, and having the proper forms filed. The conclusion recommends planning ahead, choosing a preparer wisely, and critiquing your current filing to improve next year.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Introduction To PP&D Accounting and Consulting: - Tax Time Tips

    Uploaded by

    News 12 New Jersey
    161 views5 pages
    This document provides tips for last minute tax preparation and filing. It discusses major sources of income, 10 tips for last minute filing including filing extensions, choosing a tax preparer, reporting all income, and supporting deductions. It emphasizes filing and paying on time, verifying exemptions and income, and having the proper forms filed. The conclusion recommends planning ahead, choosing a preparer wisely, and critiquing your current filing to improve next year.

    Original Description:

    Information from PP&D Accounting Services in Woodbridge.

    Original Title

    Tax Time Tips

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document provides tips for last minute tax preparation and filing. It discusses major sources of income, 10 tips for last minute filing including filing extensions, choosing a tax preparer, reporting all income, and supporting deductions. It emphasizes filing and paying on time, verifying exemptions and income, and having the proper forms filed. The conclusion recommends planning ahead, choosing a preparer wisely, and critiquing your current filing to improve next year.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    161 views5 pages

    Introduction To PP&D Accounting and Consulting: - Tax Time Tips

    Uploaded by

    News 12 New Jersey
    This document provides tips for last minute tax preparation and filing. It discusses major sources of income, 10 tips for last minute filing including filing extensions, choosing a tax preparer, reporting all income, and supporting deductions. It emphasizes filing and paying on time, verifying exemptions and income, and having the proper forms filed. The conclusion recommends planning ahead, choosing a preparer wisely, and critiquing your current filing to improve next year.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 5

    Insight.

    Decisions.

    Results.

    Introduction to PP&D Accounting and Consulting


    - Tax Time Tips

    Forfurtherinformationpleasecontact: PP&D Accounting Services, Inc. Joseph R. Petrucelli, CPA/CFF/CGMA, FCPA, CVA, MAFF, PSA, CFE New York City, NY / Woodbridge, NJ ppd24.7@ppdaccounting.com TEL 732.636.4400
    www.ppdaccounting.com

    Tax Time!
    - Major Sources of Income
    Business net income less loss Net capital gain less loss All other income Dividends

    Major Source of Income


    Interest
    Salaries and w ages Interest Dividends Business net incom e less loss Net capital gain less loss All other incom e Total:

    Percent of Total Income 77% 4% 3% 8% 4% 5% 100%

    Salaries and wages

    Based on 90 years of constant dollar Individual Tax Return information from IRS.gov

    Tax Time!
    - 10 Last Minute Tax Preparation Tips
    1) Ifyoudonothaveallyourtaxdocumentsfileanextensionandbe suretopaythetaxesdue. 2) Ifyouowestillfile,thepenaltiesareworseifyoufailtofile.Youcan makepaymentarrangementstoavoidsignificantpenaltiesand interestlater. 3) Selecttherighttaxpreparer.Refundguarantees,seasonal operations,andothersuspicioussetupsmaybeindicatorstostay away. 4) Bewareofidentitytheft. Ifavictim,fileForm14039tonotifytheIRS. 5) Makesureyouchoosethecorrectfilingstatus. 6) Makesureyouareclaimingtheproperpersonalanddependency exemptions. Theextensionoftimeisonlyfor filing,notpaying.

    Fileandpayontime.

    Yougetwhatyoupayfor.

    NotifytheIRSif avictimofidentitytheft. Understandyourfiling. Verifyexemptions.

    Tax Time!
    - 10 Last Minute Tax Preparation Tips (continued)
    7) Questionabledeductionsmustbesupported/derivedfromrelevant documentation.Yousignyourfilingunderthedeclarationofperjury, notthepreparer.YouwillpayiftheIRSauditsyou. 8) Avoidmatherrorsbyreconcilingyourdetailnumberstothe summarynumbers.SimplemistakesmayprompttheIRStocontact youtorequestacorrection. 9) 1099s:besureyoupickupalltheincomeonyourfiling.All1099's arereportedtotheIRSandwillbeonrecord.Ifyouarenotsureyou canrequestatranscriptformtheIRStoseewhat1099stheyhaveon file,aswellasW2s,K1aandotherinformationalfilings. Donotforget:illegalincomeistaxable. 10) MakesureyourpreparerisregisteredwiththeIRS,hasavalidPIN, andthatalltheproperformsareincludedwiththefilingofthe return(ScheduleAforitemizing,ScheduleBforinterestand dividends,andsoon). Supportyourdeductions.

    Checkyourmath.

    Reportallincome.

    Checkyourpreparer.

    Tax Time!
    - Critical Tips to Stay On Top of Your Game
    In Summary:

    1. Plan ahead 2. Choose a preparer wisely 3. Critique your current filing to improve your position next year

    You might also like