- Reconcile your A/R and A/P for the year ending December 31 (if self-employed) on Insert D. Also record your updated inventory on Insert D
- Any partnership changes? Record on Insert D
- Do you have job search expenses? Place your receipts in Sleeve C
- If you pay tuition and have qualified education expenses for a dependent that you have claimed an exemption for, place the receipts in Sleeve C.
- If you are, or have a disabled dependent, be sure to complete Form 2491; place in Sleeve C.
- Do you have revenue property? Place revenue receipts in Sleeve E. Helpful Hint: If you rent a property to anyone who pays less than a fair rental price, the unit will be considered used for your “personal purposes” and you may not be able to deduct all of the expenses
- Even if you do not have to file a return, you should file one to get a refund of any federal income tax withheld
- Even if you cannot pay your taxes at this time, be sure to file anyway to avoid further penalties for failure to file. IRS will usually help to set up an installment agreement
Note: Filing deadline is April 15!
|
|
