Posted by: Garcia & Cuadra, PA | January 29, 2015

Tax Prep Tips

Tax Prep TipsHaving basic knowledge of taxation and accounting procedures can help the residents of Tampa through the arduous process of filing. Knowing what you need and choosing the right tools for your needs will help you get the most out of your return and also the most out of the services you use. Here are some tips on how to choose the right documents and tools for your tax preparation.

Gather your documents

Before starting, be sure you have gathered all the right paperwork regardless of the service you will choose. Determine who is going to be covered in your tax return and ensure you have all the essential information (social security numbers, birth dates) of all these people.

Forms that include information about your income will be necessary as well. Some of the documents you will need to gather include:

  • W-2 forms
  • Investment income forms and stock option information
  • Business or farming income
  • Social security benefits
  • IRA/pension forms
  • Income from sales of property

Once you have all your essential documents gathered, you must choose how to proceed with your tax preparation. There are advantages and disadvantages of hiring a professional or filing with a program.

DIY Tax Preparation Software

The wide array of software that you can use on your own is a popular and easy option around the Tampa Bay. They are relatively inexpensive and they will help determine deductions. Some even provide customer assistance through hotlines and chat.

These programs are usually best for taxpayers who have generic returns with no complications. Having basic working knowledge of the topic and all necessary documents is still important when using software like these.

Tax Service Professional

Enrolled Agents are tax preparation professionals who are certified by the National Association of Enrolled Agents to be completely versed in preparation and any other of your representation needs in Tampa. Experts often come with a fee but trusting a service professional, you are given the peace of mind that your paperwork will be completed correctly.

Professionals are better for taxpayers who have a small business or multiple complications or questions with the filing process.

If you decide to hire a professional in Tampa, the enrolled agents of Garcia and Cuadra P.A. are experts in federal and state tax preparation and consultation. Call their office to set up an appointment at (813) 415-2431.

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