2020 Tax Season

2020 Tax Season is here!!     What do you think of when you hear the word or think of your tax return? Do you […]

6 February • Josh Maguinness • ,,,
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2020 Tax Season is here!!

 
 
What do you think of when you hear the word or think of your tax return? Do you think of taking a vacation with your tax refund? Do you suddenly remember your New Year’s Resolution from 2019 about being more organized and realize you failed? Do you want to go hide in a corner until the fear and worry go away? Of course not! You have a team building a strong foundation and support for you making it easier and easier.

I personally get pumped up! I get excited about meeting new people, hearing about entrepreneurs, their businesses, the successes and failures, and while I have empathy for those in tax trouble, I find getting the issues resolved and them on a path forward especially rewarding.

So while I am personally consuming enough coffee and sugar for a small army of men over the next few months I wanted to encourage you to get a jump start on your taxes this year with a few reminders:

  1. Gather all of your tax documents. Most official tax documents still get sent out in the mail, so if anything seems important or say “official tax document” put it all together and send it to us or to your own accountant.
  2. Sending in your tax documents: You can find the link to your client portal on our website at roottax.com. A secure portal is the best way to send anything with your social security number or any other sensitive piece of information. Please don’t email your accountant documents with your social security number.
  3. If you own a business remember some key pieces of information like your auto mileage (the odometer reading annually helps), home office expenses and your health insurance cost. 
  4. An extension does not increase your chances of audit or cause the IRS to look at you, so if you need more time to file your tax return just let us know or give your accountant a heads up. Please note though that an extension is an extension to file your return. It is not an extension to pay your taxes and any taxes not paid by April 15th will incur penalties and interest.
  5. What are your plans for this year? Are you looking for a new job? Wanting to buy a house? Start a business? We would love to encourage you and reduce the anxieties of those decisions especially the tax related anxieties.

We look forward to serving you this season.