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How to Handle the Barrage of Tax Forms

2/15/2018

4 Comments

 
How to Handle the Barrage of Tax Forms
​Your mailbox has probably started filling up with tax forms over the last several weeks and there are likely more to come. Getting these forms organized makes your tax filing easier for everyone involved. Here are some tips on how to handle all the forms you get and to prevent any potential problems.

​Collect Them All

Check your tax records from last year, and make a list of the forms you received. Add any new accounts, employers, or vendors and check the forms off as you get them. Gathering all your forms is important because the IRS gets copies of each form sent to them as well. Missing one can trigger an IRS correspondence audit, creating extra work and possibly delaying your refund.

​Check for Digital Forms

​More employers, banks, and others are making their tax forms available to you electronically, so you may not get a paper form in the mail. Be sure to check your email inbox for any missing forms before you file, and don’t forget to check your “junk” or “spam” email folders as well, just in case any tax information accidentally ends up there.

Fix Errors

​Double check to see if there are any errors on the forms you receive. If there are, contact the issuer via phone and in writing to get the problem fixed. If you can't get a corrected form, still report everything on your forms to the IRS, but add a correction explaining the error when you file your return. That way you can still file without waiting for the issuer to send you a corrected form.

​Commonly Overlooked Forms

While getting all your W-2 and 1099 forms is important, there are two crucial forms that you also need before you file:
  • 1095 – Proof of health insurance, required under the Affordable Care Act (ACA). If you don't have health insurance, you'll have to pay a fine during tax years 2017 and 2018 (this requirement goes away in 2019). There is an approved delay for sending forms 1095-B and 1095-C until March 2, 2018. This delay is not granted for 1095-As provided to those using the marketplace to purchase insurance.
  • 1098-T – Confirmation of tuition and fees paid to qualified educational institutions. If you're taking an education deduction, you'll need to have one of these forms from your accredited school.
As you watch for your forms to arrive, remember to reach out to schedule your tax-filing appointment. An early appointment will help ensure you get all your questions answered ahead of the April 17 filing deadline.
4 Comments
Mia Evans link
5/28/2022 03:43:00 am

I never took into account the fact that any error should be reported and fixed as soon as possible and given to the IRS. I think it would be best to have a professional help you with the CPA tax preparation plan that you need to ensure that there will be no mistakes in the process. It would probably be expensive to fix if you are too late to notice any errors.

Reply
Tantric Sex Oregon link
10/23/2022 03:23:59 pm

Great read thank you.

Reply
Millie Hue link
1/14/2023 01:05:22 am

It's interesting to know that there are digital forms these days which are available for everyone, electronically. I think this is great for companies needing help with their tax preparation process, especially when they are new to the industry. Getting the forms easily paired with having a professional guiding them will ensure that there will be no errors or missing files that can affect them in the future, legally speaking.

Reply
Eli Richardson link
4/27/2023 07:23:44 pm

It's helpful to know that we'd double-check our tax forms to ensure that we're not missing any errors. My parents are starting a small restaurant business next fall, so I think they'd benefit from reading your article about handling tax documentation. I appreciate your advice on reporting any mistake on your tax forms to the IRS.

Reply



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  • About
  • Services
    • Tax Strategy Network
    • Financial Planning
    • Accounting
    • Outsourced Accounting
    • Business Consulting
  • Individuals
    • Individuals
    • Real Estate Investors
    • Clergy
    • Business Owners
    • Professionals
  • Businesses
    • Small Businesses
    • Mid-Size Businesses
    • Real Estate Investors
  • Organizations
    • Churches
    • Non-Profits
  • Resources
    • Pay Your Bill
    • Tax Resources
    • E-File
    • Real Estate Resources
  • Contact
    • Contact Us
    • FAQ
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