Money
THE PRESS
JANUARY 25, 2019
matter$
Get a head start on tax season
S
ometime this month, tax statements will begin making their way into mailboxes
around the country. These documents serve as reminders that, like it or not, tax season is quickly approaching. January is a great time to start preparing for tax season. While the deadline to file returns may be several
months away, getting a head start allows us the chance to organize tax documents and avoid a last-minute race against a deadline come April. The following are a handful of ways to start preparing for your returns now. ♦♦ Find last year’s return. Ricky Miller of Douglas and Hornberger Accounting Services in Brentwood warns that tax laws can change from year to year, but one thing that never changes is the need to have last year’s return handy.
“Even though the new tax laws are here, you should still gather your information as in the past,” Miller advised. “Just because you may not get a (federal) deduction, you will still most likely get the deduction for California.” You will need information from last year’s return in order to file this year, so find last year’s return and print it out if you plan to hire a professional to work on your return. ♦♦ Gather dependents’ information. While you might know your own Social
Security number by heart, if you have dependents, you’re going to need their information as well. New parents or adults who started serving as their elderly parents’ primary caretakers over the last year will need their kids’ and their folks’ Social Security numbers. If you do not have these numbers upon filing, your return will likely be delayed and you might even be denied substantial tax credits. see Tax page 3B