Due to the Texas winter storms of February 2021, the Internal Revenue Service (IRS) has extended the 2020 income tax filing and payment deadline to June 21st, 2021. This means that if you haven’t yet contacted any tax service experts in Flower Mound TX, now is the time to do so.
But before you reach out to an expert, you also need to have key information at hand. This ensures that filing your tax return doesn’t become a stressful experience. Fortunately, if you know what to do, the process goes through as smoothly as possible.
To make your tax return filing free of any worries, here is a quick checklist of everything you need.
Determine Whether You Need to File a Tax Return at All
Before you take the steps to file your taxes, it is important to determine whether you even need to do so.
It’s because certain individuals are eligible for tax deductions. If your applicable tax deductions outline that your income is not taxable, you don’t need to file for returns. Factors such as your overall income, marital status and age contribute to this distinction.
With that being said, there are other aspects that can impact your requirement to file for taxes. For instance, if you had $400 of net earnings as a self-employed individual, you need to file a return regardless of your overall income in order to keep track of your self-employment tax payments.
Making your way through these intricacies may seem stressful. But qualified tax services experts in Flower Mound TX can help you find all the required answers with ease.
What Information Do You Need to File Your Taxes?
In case you do need to file for a tax return, you will require details including but not limited to income, expenditure, and personally identifiable information.
This information includes:
Social Security Numbers (SSNs). This includes the SSNs for yourself, your spouse, and dependents.
Income Details. This covers all of your income that you have garnered through different sources.
Deduction Details. This takes your expenses into account and finds tax deductions, such as those pertaining to education, health, donations, and property taxes.
Relevant Forms. This refers to pertinent forms such as W-2 that are required by the IRS to process your information.
Going through these details with tax services experts in Flower Mound TX lets you file your taxes accurately. Furthermore, they also allow you to benefit from tax credits that can lower the taxes you need to pay.
Contact Qualified Tax Experts Today
At Master Plan Tax Services, our specialized experience and extensive knowledge of tax practices ensures that you find experts with the skill set you are looking for.
With the help of our qualified team members, you can file your taxes in a stress free manner without compromising on the accuracy of your information.
Due to our commitment to accessibility, we also ensure to make our solutions available at an affordable price point. This ensures that you don’t have to pay a fortune to enjoy high quality tax consultancy services.
To see how our solutions can help you with your tax return, don’t hesitate to contact us today. We will be glad to understand your concerns and help you file your taxes in a timely manner.