So You Have Your W-2 and Wondering, “Now What?”

Collecting Your Tax Documents to Prepare for Tax Filing

Filing tax returns can be a daunting task, leaving many confused and overwhelmed. However, the worst thing you can do is “do nothing”. Therefore, we have put together the following list of things to keep in mind as you prepare to take charge of another tax season.

Stay Organized

As you receive your W-2 or other tax documents, keep them organized so that you do not misplace any important information. Make sure you take advantage of the resources available to you as there are various tools that can be utilized to assist you. Holsinger is compatible with TaxCaddy, which is a free software that allows you to upload your tax documents as you receive them. TaxCaddy will securely store your tax documents for either you or your accountant to easily retrieve the documents for the preparation of your tax return.

Make Sure You Have Everything

Look at what you received last year to compare and see if you are missing anything. Make note of any changes during the tax year and tell your tax preparer; your accountant will not know if you had a child or sold your house if you do not tell them. Major events often have tax consequences or lend themselves to additional deductions so be sure to make your accountant aware of any major changes.

Do NOT Procrastinate

Stay ahead of your tax return filing and make a plan. Life is busy so if you do not schedule time to do your taxes, you will find yourself rushing to get things together before the deadline. Rushing can result in forgetting something important or even lead to filing late and paying unnecessary penalties and interest. Whether you are filing your tax returns yourself or hiring someone to do them for you, it takes time to gather the information to ensure your tax returns are filed timely and accurately. 

Seek Help

If you have a complicated tax situation or just do not want to file your tax returns on your own, you can always hire an accountant. The tax law is constantly changing so an accountant can be a helpful resource. Whether you want to sit down for a tax consultation to sort through complicated cryptocurrency transactions or need help preparing and filing multi-state tax returns, Holsinger is here and ready to assist you. You can reach Holsinger at 724-934-4880 if you have any questions.

Filing tax returns can be overwhelming so remember you are not alone. Do not forget to use the many resources available to you so you can go into another tax season prepared. Whether you are filing your tax return yourself or having someone prepare them on your behalf, you have a role to play in the successful filing of your tax returns.  Our team is ready to help, contact us.

This article was written and contributed by Ben Robel, a Tax Senior under the direction of Jessica Moslander, CPA, a tax manager on our Holsinger P.C. team.  This information is not meant as tax advice but merely an informative piece.  We are happy to work with on your specific situation and tax position.  For inquiries or more information, call us at 724-934-4880 or email info@holsinger.cpa to start a conversation.