Easy Way To Complete Your 2020 Taxes

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CHARLOTTE – As a taxpayer, you are looking for easy ways to complete your taxes while maximizing your refund from both the IRS and your state.  Here is the easiest way to be prepared to have your taxes completed for this tax season.

So, let’s get to it!

One of the first things to do is to make sure you have gathered all of your tax documents. Sometimes employers, contractors, banks, universities, and investment groups will seem to take their sweet time to mail out those documents to you. Be patient, and take a deep breath. Most of those documents can be found on their website to be downloaded. Please keep in mind there might be a lot of late arrivals or no arrivals at all of the documents, so try to keep calm and call the businesses you know you haven’t received those documents from yet and politely ask for a copy to be emailed or faxed to you.

Once you have your documents, then call your favorite tax preparer and get on their schedule as early as you can. If their office is as busy as mine during this season, then there will be a two-week waiting list. The sooner you call, the better your chances of getting your taxes prepared. The later you wait, the longer the waiting period.

Now that your appointment date has arrived, be sure to have a game plan. Most contractors and business owners will have a Profit & Loss Sheet outlining their income and expenses. For the personal filers, they usually only bring the documents you received without a game plan. Clients of Mays Concepts, LLC, will have a Tax Prep Checklist and/or a Profit & Loss excel spreadsheet that we provide on our website which they bring in fully filled in so they have a game plan coming to their appointments. It is always good to be prepared.

Now, your tax status, (Single, Married Filing Jointly, Married Filing Separate, Head of Household, or Qualifying Widow) will determine how the standard deduction or itemization will play a role in your taxes. All homeowners will itemize their taxes, but not all itemization will be enough to be greater than the standard deduction.  So, the standard deduction will work better for their tax decision. All non-homeowners will automatically take the standard deduction to maximize their tax decision.

This tax season there will be an additional question that all tax preparers will ask: “Did you receive the stimulus checks in April? How much? And in December or January? And how much?” Now, to calm your concerns, stimulus payments are not taxed! The question is asked to ensure you have received the assistance, but if you have not received the assistance, then the stimulus payments will be part of your refund.

Whew, your taxes are completed, E-filed, and your papers that are required by your tax preparer are signed! Great Job! But wait! It’s not over. Now you should have a deep discussion with your tax preparer to formulate a plan for the next tax season because people who fail to plan, plan to fail. This should always be the last question before leaving the tax preparer’s office: “What should I/we do to minimize our tax liability and maximize our refunds?”

Happy Tax Season and Good Luck!

Remember, You Can Count On me!

Tax tips from the desk of Mays Concepts, LLC: Kevin R. Mays, MBA (704) 641-5379

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