It’s officially tax season, UMe-verse, and as your best financial friends (BFFs), we want to help make this tax season a smooth one. Before we get into it, we’d like to note that while we ARE friendly financial experts, we aren’t tax experts — but we can definitely help guide you to getting your tax season things in order. Here are some helpful tax prep tips we’ve gathered for U…
Get your forms organized
Filing your taxes can get a little nutty. It can seem like there’s a form for anything and everything. But being organized can help greatly! A helpful organization tip is to keep all tax related documents in a folder. That includes receipt, invoices, and investment account forms. As you get these forms throughout the year, stash them in one place — like a folder or binder — so they are easy to access once it’s time for filing.
To make sure you’re on top of it all, we found this handy dandy Tax Preparation Checklist that can help you stay organized. Click here to access it.
Be aware of tax deadlines
Here are some helpful tax dates you should stay on top of:
- Partnership return deadline
- S-corporation return deadline
- Individual income tax return deadline. You can file an extension, if needed
- Last Day to make an 2020 IRA Contribution
- C-corporation income tax return deadline
- Extended individual tax returns due
Stay in the know of tax related scams
As your BFF, your financial security matters to us. Unfortunately, tax scams are out there, and we want you to know what to look for to prevent any funny business from happening.
If you encounter a questionable call, email, or letter in the mail, the IRS website is the best resource for known fraud scams. A good rule of thumb is to never provide any personal or financial information to anyone who calls you and asks for it. Never return a phone call from someone claiming to be with the IRS. Instead, individuals should call the IRS directly at 800-829-1040, and businesses should call 800-829-4933. The US Department of Justice says the IRS never discusses personal tax issues through unsolicited emails or texts, or over social media. The IRS initiates most contact with people through regular U.S. Postal Service mail. We recommend reviewing this helpful information on the IRS website about how they contact taxpayers, because the more you know, the better prepared you are to keep your information safe.
As always, if you’d like a second opinion on a suspicious interaction, give us a call, Team UMe is always happy to help.
We hope this article helps you get your tax life in order. If you need some additional tax assistance, we recommend talking to a tax expert. Have a great tax season, UMe-verse!