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Things to Add When You’re Managing Your Tax Checklist
Did you know that you can get a 5% unpaid tax per month due to failure of filing your taxes on time? You also have to pay a mandatory $135 or the sum of taxes you’re indebted to pay the government(whichever is the lower amount) if you file 60 days past due.

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IRS reports state that more than 5% of Americans have failed to file taxes in the year 2018 alone and have amassed about $130 Billion Dollars in back taxes, interests and penalties.

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Not having the proper tax checklist can make filing taxes a stressful endeavour, but with careful preparation it can be done with ease. Here below are some tax checklist tips for you to consider.

Clarify Your Personal Info

The IRS will need you to provide your personal information, date of birth, and social insurance. You are also required to log detailed information regarding any individuals that are covered under your tax returns. Individuals such as your partner, your children, and other dependants.

Never Forget Your Income Info

You need to write down all of your sources of income in order for you to manage your taxes. These include any businesses, income from investments, and employment. Listed below are a list of income forms needed when filing your taxes.

W-2 forms for the employment income information of you and your spouse.
Income from alimony.
Forms SSA-1099 for your social security benefits.
You will need Forms 8606 and 1099-R, these are for pension distributions and IRA.
1099 forms for any income received from investments.

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Make sure to have the proper IRS form for specific income sources. Other sources of income such as jury duty, winnings from gambling, scholarships, and medical savings account, also need to be reported. For income documentation, you can make pay stubs through the use of online pay stub generators.

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Don’t Omit Income Deductions from Your Checklist

Income deductions can greatly help in reducing your amount of taxable income. This can reduce the amount of money you owe.
Keep an Eye for Tax Credits

Tax credits are immediately deducted from the tax that you owe. These will need documents in order for you to claim them, however. Here’s a list of common tax credits

Retirement savings contributions.
Child tax credit if you have children under 17 years of age.
Education credits for example tuition fees and the likes

Paying attention to your credits will help you secure a tax withholding reimbursement. Credits are either refundable or non-refundable. If your refundable credit exceeds the amount of your taxes, you get a refund of the difference.

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