While many have concerns about filing 2018 returns in the dawn of the federal shutdown which ended temporarily on Jan. 25, the government has assured taxpayers that the IRS will process returns in the event the shutdown continues after the Feb. 15, the date government goes back to the table to hash out border negotiations.
Regardless to what goes on in the government, as residents we are required to file taxes. That said, it’s important to stay current with tax laws and any income tax changes — most of which can be found on the Internal Revenue Service website: www.irs.gov
Here are three things to get in check for tax season ’19
When it comes to choosing a tax preparer be sure the person has verifiable credentials. Many consumers are unaware that you can only legally file a tax return for someone else in exchange for compensation, if you have a PTIN – Preparer Tax ID Number. A PTIN is numeric identification for tax preparers which may also be used for credentialing. To verify this credential, go to the IRS website, click in Renew Your PTIN, which allows people to not only sign up for the program, but look up tax preparer credentials.
Understand Tax Law Changes and Deductions
Tax laws change each year and its important as a taxpayer and consumer to understand how changes will affect your tax return and liability. The IRS website typically announces changes with credit, deductions, etc., each year. Taxpayers can also call IRS with questions at 1-800-829-1040.
Make A Tax Checklist
The best thing to do prior to filing taxes, is make a list and check it twice because no one wants to be audited. Create a checklist of everything you may need to file on your taxes, this includes, W-2’s, school documents, self-employment forms, childcare expenses, donations receipts, healthcare expenses, interest documentation from banks accounts, retirement account documentation 401k/IRA, student loan interest, etc.