Being a tax pro is like being a lawyer; everyone always asks for advice. Now, I don’t know about lawyers but I love to talk about taxes, and not just in a professor-lecturing-you type of way either. I am genuinely excited about sharing my knowledge with anyone who asks. Why? Because I feel like a superhero whenever I can help taxpayers avoid mistakes and unnecessary penalties.
One of the most common mistakes is failing to include all taxable income. Now, you may have just raised an eyebrow and are probably thinking to yourself: How can someone fail to include all their taxable income?
Well, believe it or not, it’s quite common. Think about it. If you had multiple jobs last year, and the post office failed to deliver all of your W2s, would you know exactly how much you made and what taxes were withheld? What if you are self-employed, and you haven’t been keeping your books in order (tsk tsk!), how would you know you included all taxable income if a 1099 went missing or never made it to your address?
See? Things can get pretty hairy very quickly. Luckily, the IRS now has a system that allows taxpayers to retrieve filedWage and Income Transcripts (W2s, 1099s, 1098 etc) online. That means that anything filed with the IRS will be available to you with the click of a button.
If you’re getting your documents ready to prepare your taxes CLICK HERE to visit the IRS website and get your Wage and Income Transcripts.
Of course, this is general information meant to point you in the right direction and it shouldn’t be construed as advice specific to your situation. You should always consult a professional to ensure you apply the tax code in a manner appropriate to your situation. A an Enrolled Agent (IRS Designation) I can represent individuals and businesses in all 50 states and I’d be happy to work with you directly. Simply schedule an appointment or give me a call at 424-334-1733.