2022 Tax Season Has Arrived!
Happy New Year! I hope you have managed to stay safe and well! We focus on resolving tax issues in Prince William County and throughout the lower Northern Virginia area.
With the coming of January 3, 2022, your: 1040s, 1065s, 1120Ss, 1120s, 990s, 1041s, and 1040NRs are officially on the clock (and hopefully added to your busy calendar)! This year is shaping up to be one of the most challenging tax seasons in recent history (seems like we say that a lot, in the last few years). You can expect that the IRS will increase its presence from the last couple of years, in which they admittedly have opted for restraint during the pandemic, and thus took a more reserved approach to pursuing the average taxpayer for past obligations. You can also expect more complexity in your tax return preparation this season with items like the additional letters: 6419 (2021 Advance CTC) and 6475 (Third Economic Income Payment) being used to factor into your tax reconciliation. It is highly recommended that you keep these letters and add them to the other documents you normally use for preparing your taxes.
In addition, to the aforementioned letters, here is a short list of the recommended documents you should keep any eye out for and have handy when preparing your taxes:
- All Forms W-2 (wages), 1099-INT (interest), 1099-DIV (dividends), 1099-B (proceeds from broker or barter transactions), 1099-R (pensions and IRA distributions), Schedules K-1 from partnerships, S corporations, estates and trusts, and other income reporting statements, including all copies provided from the payer.
- Copies of your last year's tax returns.
- Copy of the closing statement if you bought or sold real estate. Including the 1099-S
- Mileage figures for any automobile expenses claimed, including total mileage, commuting mileage, and “activity” mileage (whether medical, charitable or business).
- Income and deductions categorized on a separate sheet for business or rental activities.
- List of itemized deductions categorized on a separate sheet for medical, taxes, interest, charitable, and miscellaneous deductions
- Copy of all acknowledgement letters received from charitable organizations for contributions made in 2019.
Having the above information to hand, and utilizing the lists and categories for your tax information will go a long way in facilitating that your tax season and preparation of all necessary forms will be as painless as possible
Just remember we’re here to help you with all of your tax preparation, resolution/representation needs. Now and in the future. Don’t put off addressing your tax situation. Feel free to contact us with any questions you may have in approaching your specific tax scenario.