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A Step-by-step Approach to Tax Preparation in Glenview

12-14-2017 06:19 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Exact Accounting Services

USA, December 12, 2017 The tax season is going on and it will mark about 70% filers getting refunds. As per the records of the Internal Revenue Service (IRS) last year the amount of refund was about $2,860 and it is estimated that this year also a similar amount will be refunded. It often seems that filing tax is a Herculean task but here are few tips to make the detailed process of tax preparation in Glenview easier and effective.

Organization:

There is a stress involved in filing the tax returns and in order keep it at bay it would be a great idea to create a separate folder for the tax return for the current year. Let’s list out the documents required for filing the return.

• A W-2 from needs to be secured from the employer by January end and it must comprise the withheld tax amount and the taxable earnings. In case you are an independent contractor then the company for which you are working as a consultant must send you a 1099-MISC Form representing the year’s gross earnings.

• A self employed must create a separate file containing the details of all receipts and expenses related to business.

• The earnings from interest are recorded on 1099-INT Form. In case investment in mutual funds or stocks then a 1099-DIV Form is required individually for each account.

• A home owner must get a Form 1098 from the mortgage lender bearing all the details of the real estate tax and total interest paid during the financial year.
• The other documents like the proof of charitable donations, receipts for medical bills and a copy of the tax return filed on the previous year must be maintained in a separate folder.

Now, let’s have the available options marking tax preparation in Glenview,

• There are the commercial partners to IRS and they offer software that enables free filing of tax returns and it can be easily availed at the website of IRS.gov enabling two filings.

• In case the tax payer has an income above $64,000 and they are filing the return of their own then they can avail the electronic version of paper forms from IRS.

• There is also the tax assistance services offered by the Volunteer Income Tax Assistance (VITA for the one’s having less English knowledge or some disability and the Tax Counseling for the Elderly services assisting the ones who are 60 years and above

Some of the important aspects of filing your tax include,

• Getting an experienced consultant to prepare the tax returns.
• Increasing the deductions to lessen the amount of tax.
• Understanding the tax provisions for the Affordable Care Act.

About the company:

Exact Accounting Solutions is a small sized accounting firm specialized in business accounting offering services related to tax, bookkeeping/account keeping, business consulting and wealth advisory services in Chicago. We carry the motto to be your efficient and friendly partner to take your business ahead. We offer accounting service to small business at an affordable price. Our partnership with you will give you the edge over technology services and will help you in driving the market. So, if it is accounting services you are looking for then be ready to partner with us and attain success in your business proceedings.

To know more about us, you may contact:

Contact:
Postal Address:
2700 Patriot Blvd, Suite 250, Glenview, Illinois 60026
Call at: 608-237-6060/847-597-0060
eas@exact-accounting.net

If you want to more about the company visit at http://www.exact-accounting.net/
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Exact Accounting Solutions is a small sized accounting firm specialized in business accounting offering services related to tax, bookkeeping/account keeping, business consulting and wealth advisory services in Chicago.

Postal Address:
2700 Patriot Blvd, Suite 250, Glenview, Illinois 60026
Call at: 608-237-6060/847-597-0060

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