Your 2016 tax returns are just as important as last year’s, but as changes were made in the federal government, there will also be changes that will affect the tax area. For this reason, in this article, I will offer you some recommendations, suggestions and also inform you about some important dates.
It is suggested that every taxpayer must prepare to file their tax returns on the correct form. We must remember that these documents will be included in our declaration, and will be received by mail during January. There are several documents that we could receive, but everything depends on the complexity of the situation of each person. Usually the most common documents are the following:
- Form W2, if your job was as an employee
- Form 1099-Misc, for self-employed or owner-operators
- Form 1099-G. Payments received from the government
- Form 1099-Interest. The amount you received for interest, either from the bank or financial institution of your home.
- Form 1098 – Mortgage interest or your home interest
- Form SSA-1099. What you received from Social Security
- Form 1095-A. What you paid for health insurance
- Form 1098-T. The amount you paid to the university, either for you or your dependant.
For those taxpayers who will claim payments for child care, the information from the person who gave this service should be collected; Name, address, phone number and social security number.
Regarding self-employed or owner operators, they are required to submit a list of all their operating expenses and any investment that they have made during the year. For more information about expenses you can call Jagg Tax Solution, Inc.
In order to make your tax return more accurate and avoid errors or omitting information, it is advisable to present your last tax return to your accountant.
Important Dates for Owner Operators and Corporations that you should not forget:
- Form W2 and Form W3, Date of dispatch: January 31, 2017
- Form 1099-Misc. Date of dispatch to the IRS: January 31, 2017
- Form 1099-Misc. Deadline for submitting to the contractor: February 28, 2017
- Tax Declaration for Corporations and Partnership (LLC), March 15, 2017
- Individual Tax Returns, April 17, 2017.
The IRS could impose high penalties on any individual or corporation that does not meet these dates.