New Year, New Taxes! Tax Tips for 2020

January 10, 2020

Tax time can be stressful, but your 2020 filings don’t have to be. With a few easy tips, doing your taxes can be painless and leave you with some extra cash. Here are five things Encino tax consultants recommend you do for 2020.

1. Get Assistance

Taxes are complicated any year, but with the newest legal changes, they can be downright confusing. If you’ve undergone a big life event or own multiple assets, you could benefit from seeking Los Angeles tax preparation services. Professionals can make sure you pay everything you owe and even find deductions you didn’t know you qualified for.

2. Go Electronic

Filing electronically means a quicker return and fewer mistakes. Who doesn’t want greater accuracy and faster cash? If you’re working with tax advisors, they’ll likely opt for e-filing since you get a confirmation of receipt.

3. Meet the Deadline

The deadline to file is April 15, 2020. Banks, investment companies and employers are required to send out tax information by the end of January, so you should have all your paperwork no later than early February. Make sure you have everything and don’t wait until the last minute to call and ask for copies if you need them.

4. Itemize Deductions

Itemizing lets you take advantage of specific deductions according to your unique situation. You may be able to benefit if any of the following apply to you:

• The area you live in is high-tax
• You’re self-employed
• You own a home

While taking the standardized deduction may be easier, you can miss out on returns. If you’re not up to itemizing yourself, a professional can help.

5. Organize Records

Having all your paperwork organized makes life easier for tax consultants and gets you out of their office faster. Before your appointment, make sure you have all your records:

• Receipts
• 1099s
• W-2s
• Mortgage interest statements

This tax season, take the stress out of filing by getting prepared early and scheduling a consultation with Encino tax advisors. Make 2020 the year that you get more out of your filing.