It’s that time of year again! Tax Day is approaching on April 18th and you need to file your taxes before time runs out. Now is the time to get all your ducks in a row to complete your tax preparation or opt for professional help with filing.
The very first thing you need to gather is all your tax-related documents. Which ones you need will depend on your financial situation and employment. For instance, business owners and those who are self-employed will need to gather additional information.
The team at Gonzalez and Arrambide, Inc., wants you to know which documents are necessary for tax preparation.
Proof of Income (W-2, 1099-NEC, etc.)
Most people who are traditionally employed will receive a W-2 form from each job they have. However, self-employed people and business proprietors will need to have their 1040 on hand. If you’re an independent contractor, you should have a 1099-NEC form available.
It’s important to note that there are a variety of 1099 forms that cover the various ways you are obtaining income; from rental income to payouts from a retirement fund, there is likely a 1099 form for that.
If you’re getting your tax preparation done by a Weslaco accountant, bring every form you’ve received. You can also bring any receipts or other records if you’re unsure whether it needs to be reported.
Deductions
Do you have kids or other dependents? You’ll need to claim them on your taxes, just be sure you have all their information available to you, including: full legal names, dates of birth, and social security numbers. If you share custody of your children, you’ll need to discuss which parent will claim them.
If you own a business or spend a lot on expenses for your job, you’ll be able to claim a number of deductions on your taxes.
Charitable donations, major purchases, and some life events — like paying for college — can also be deducted.
Our experienced tax accountant can help you find additional deductions you may not have even thought of!
Other Tax Documents You May Need
Every individual’s situation is unique, so you may need additional documents to properly complete your taxes.
Businesses can see their taxes change depending on how their year went. If you expanded, the IRS wants to know. Even gambling wins need to be reported! There’s nothing wrong with gathering more documents than you think you need. Critical financial information can come from a variety of sources.
If you want to make sure you remember everything you need, hire a Weslaco accountant to keep your finances on track. As a bonus, it makes Tax Day way easier!
Identification
If you’re doing your tax preparation, all you need is your full name and social security number. If you’re getting help with filing taxes, then you will need to provide some information to the preparer.
Your Weslaco accountant at Gonzalez and Arrambide, Inc., may have more requirements, but these are the basics:
- your social security number or Taxpayer Identification Number
- a government-issued photo ID; a passport, state ID, or driver’s license will work
- 2020 and 2021 tax returns if you have them
- your Identity Protection PIN if you were issued one
- ID, social security number, and birth date for your spouse if you are filing jointly
- social security numbers and birth dates for your dependents (children)
Dread Doing Taxes? Let Gonzalez & Arrambide Help!
If you don’t want to deal with the headache of Tax Day, let Gonzalez & Arrambide, Inc., take care of filing your taxes. Our CPAs can help you prepare, file your taxes, and make sure you succeed this tax season.
As a bonus? We can help you year-round with our bookkeeping services! Our CPAs work with individuals and businesses to get ahead of their finances. We help with everything from investments to audits and everything in between. Taking advantage of our bookkeeping services also means you’ll have a leg up next tax season.
Don’t wait, see what we can do for you!
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As we move further into the year, important tax deadlines are starting to come up, so it’s crucial that you and/or your business are prepared. If these deadlines are missed, it can result in a number of public or private financial problems, which no one wants to have to deal with.
To avoid any of these issues, your best option for tax preparation is to utilize the help of a licensed tax professional, such as a CPA. Financial experts like tax accountants can help ensure there are no hiccups when an important tax deadline approaches. They can analyze your current finances, help you gather the proper documents, and make sure you stay in the IRS’ good graces.
The tax professionals at Gonzalez & Arrambide are able to help with all of these things and more! When it comes to tax preparation, we have the answers and resources you need.
Read on to learn more about upcoming deadlines or go ahead and reach out to the tax accountants at Gonzalez & Arrambide in the Rio Grande Valley.
Upcoming Tax Deadlines for 2023
Though the first few months of the year have passed, there are still plenty of upcoming tax deadlines to still be aware of and plan for. The following is a basic breakdown of the most important 2023 tax deadline dates:
- April 18th, 2023 – Deadline to File 2022 Tax Returns and Make First Quarter 2023 Estimated Payment
Individuals and businesses must file their 2022 tax returns by this date, unless an extension is granted. This is also individuals’ last opportunity to make contributions to their IRA and/or HSA. Furthermore, individuals who file quarterly will need to make their first estimated payment, which covers January through March of 2023. Tools like our 1040 tax calculator can help!
- June 15th, 2023 – Deadline to Make Second Quarter 2023 Estimated Payment
As mentioned above, individuals who file quarterly will need to make their second payment. This round covers the months of April through May.
- September 15th, 2023 – Deadline to Make Third Quarter 2023 Estimated Payment
Individuals who file quarterly will need to make their third payment. This payment covers the range of June through August.
- October 16th, 2023 – Deadline to File 2022 Tax Returns (With Extension)
For individuals and businesses who needed to file an extension for whatever reason, this is the final deadline to file your 2022 tax returns. We understand that it can get stressful at the end of the year, so plan accordingly if you have to file an extension!
Be Prepared This Year With Help from Gonzalez & Arrambide
As you can see, there are still quite a few tax deadlines to come, which makes it all the more important to get prepared now. Gonzalez & Arrambide can help you ensure that you or your business are ready to file taxes every step of the way this year.
We have tax resources on our website and licensed tax accountants are just a click away!
As IRS deadlines continue to come due throughout the year, it’s crucial that you file your or your business’ taxes correctly and at the right time. Gonzalez & Arrambide has CPAs and other tax accounting professionals who can help make sure you’re prepared this year!
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Even though deadlines are still a few months away, the tax season has already begun for many individuals as well as businesses. It can be a stressful time of the year, but filing your taxes is a fact of life that we all need to take care of.
When it comes to individual or business tax preparation, it’s critical to file correctly and punctually.
One of the keys to accomplishing this is to make sure that you have all the necessary documents for yourself, your dependents, or your business when it’s time to file your taxes. With so many different financial records and forms, however, how can you be sure which ones you’ll need?
Gonzalez & Arrambide’s professional team of vCFOs, CPAs, and other financial professionals are here to ensure you know exactly what forms you’ll need to file.
Because everyone’s situation is different, they may require various forms of support. However, here are the most common forms and information you’ll need for a typical person or business.
Which Documents Are Needed to File Your Taxes?
Everyone knows that filing your taxes incorrectly can lead to more problems down the line, which sometimes results in a financial nightmare! One of the best ways to avoid this is to make sure that you have the right documents prepared for when you file.
However, with so many different financial and other important records, it can be hard to know what exactly the IRS needs from you.
We’re here to go over a few of the most common documents you’ll need — but keep in mind that every person, family, or business is different. There may be documents unique to your situation.
Personal Identification Information
While it may seem obvious, there are a few key pieces of information you need for yourself and everyone else who will be on your returns, such as:
- Date of birth, social security/tax ID number, filer’s (including spouse if applicable) driver’s license information
Income and Investment Documentation
This type of documentation has a little bit more to it than your personal information and is often unique to each person or business’ circumstances. Key documents include:
- W2 tax statements, bank statements, stock or other investment documentation, and any type of 1099 Form
Of course, there are several types of 1099 forms, so you need to know which is right for your situation.
Dependents’ Information
For families with children or other dependents, you’ll need to provide the correct dependent information such as social security numbers and dates of birth for all qualifying individuals. You can also report certain expenses like:
- Child/dependent care – necessary to report if you claim the Child or Dependent Care Credit
- Education – full-time students may qualify for some tax breaks
Deductions Information
Finally, one of the most important things to remember when you file your taxes is to claim the appropriate deductions as they lower the potential tax payment you’ll have to make. Examples of commonly cited deductions include (but are not limited to):
- Medical bills, donations to charity, educational expenses, mortgage interest, and retirement contributions
Incorrectly filing taxes can cause more issues for you with the IRS. Of course, Gonzalez & Arrambide can help make sure you file correctly, and, if you are already facing an audit, we can assist with that as well.
Gonzalez & Arrambide’s Weslaco Accounting Team Can Answer Any Tax Question!
Though it’s important to have the correct documents available, that’s just one piece of the larger process. Rest assured that the Weslaco accountants, vCFOs, and CPAs at Gonzalez & Arrambide know what the residents of the Rio Grande Valley need to file their tax returns easily and effectively!
Don’t let tax preparation questions bog you down this year – reach out to the Weslaco vCFOs and business accountants at Gonzalez & Arrambide to ask any tax-related questions you may have!
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Most individuals don’t think about their taxes until April. Even businesses fall into this trap with their own situations, which can lead to a rush in late March or early April to gather documentation and submit your taxes.
All of this gets pushed to a certified public accountant who won’t have time to find all the tax breaks you could benefit from.
If you only visit your accountant once a year, you’ll be missing out on tax breaks and giving yourself more stress. Seeing them more often can save you money and help you plan for the future.
Prevent Future Surprises With Consistent Check-ins
If you only see your accountant when you need your personal or business taxes done, you may miss out on valuable tax breaks. You may also be blindsided by how much you need to pay.
To prevent future surprises, the best thing to do is to check in with your certified public accountant regularly.
The absolute minimum is twice a year. If you contact them every six months, they’ll have a heads up on your situation and can more accurately estimate how much you’ll owe in taxes. This makes it much simpler to plan for the expense and have funds in place.
If your business is experiencing a lot of growth or major changes, like a new location, you’ll want to contact your accountant every month or so. Once a quarter is a good compromise if you’re not sure how much things may change over the year.
Plan for Tax Time and the Future
Your accountant can help make sure all your documents are in order for tax season. Giving them more time can help ensure you get more breaks and that any problems are spotted early.
You can also take any advice they have for the financial future of your business. If you handle all your accounting tasks and daily operations, these check-ins can help guide you to the best practices for your business.
Save Time and Stress
Gathering up all your tax documents right during April can stress you out. You need to spend time finding your documentation on the double. However, if you prepare early, you can avoid the hecticness and stress that come with late planning.
If something doesn’t add up, your accountant can also help you avoid the stress of a tax audit. Having that extra time to prepare will give you more breathing room.
See Your Accountant in January
Getting on top of your new year accounting can help you in the long run. You’ll be able to get a better idea of the taxes you owe and will still have plenty of time to prepare.
Your accountant will also have an easier time going through your records for the last year. You can also ask for advice on how to plan for the upcoming year to keep your business thriving.
Let Gonzalez & Arrambide Help Your Business Grow
Make your January accounting tasks a priority and get your ducks in a row instead of sweating to meet deadlines. Gonzalez & Arrambide, Inc., can help you with tax preparation along with your financial needs during the rest of the year.
Don’t wait until April to find an accountant — contact us today!
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When it comes to tax season, all the responsibilities a business owner must take care of can be overwhelming, especially when it comes to the fine details. You aren’t alone if it feels like there are a lot of things to keep in mind when you need to file a 1099 form.
There are plenty of individuals out there who may have to file a 1099 form with their taxes but aren’t quite sure how to do it correctly or if they need to at all.
In addition to offering financial advice in all areas, Gonzalez & Arrambide has the answers to all of your 1099 questions. This team of Weslaco CPAs and vCFOs is here to give you the best advice for the next tax season!
What Is a 1099 Form and Who Would Need One?
Before you’re able to see how to file one, it’s important that we break down exactly what a 1099 form is.
1099 forms are a way to report taxable income outside of normal wages, salaries, and tips to the IRS. While someone who receives payment through more traditional means would report through a W2 form, 1099 forms help identify and track other forms of income.
Some examples of cases where a 1099 form would be used include:
- $600 or more in rental income, prizes, through third-party entities or services that a non-employee performs
- $5000 or more in a direct sale for the resale of another item
- $400 or more for any independent contract work
While there are more specific examples, these are the general cases where individuals and small businesses would need to use a 1099. Thankfully, a certified public accountant or vCFO can help with this and many other forms!
How a Weslaco CPA or vCFO Can Help
As well as actually filing the report for you, there are many reasons to employ a CPA or vCFO to assist with your 1099 forms.
For one, you have tons of work to do if you’re an independent contractor, manage a small service-based business, or sell on a third-party website. Let a professional financial advisor take the stress off your back in addition to expert financial analysis of your records!
Virtual chief financial officers and certified public accountants can also help out in the long run and benefit your business long after tax season’s over.
Gonzalez & Arrambide in the Rio Grande Valley Know How To Help
We hope that you now feel a lot more comfortable with the concept of 1099s, but remember that there are always people to turn to for optimal advice. Gonzalez & Arrambide has the top certified public accountants and vCFOs in the Rio Grande Valley because we go above and beyond for our clients.
Like many other financial tasks, filing a 1099 form can be confusing if you don’t know exactly what to do. Contact the Weslaco CPAs and vCFOs at Gonzalez & Arrambide in the Rio Grande Valley for assistance from the experts!
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