Tax time rolls around every year and unlike a bad habit, filing income taxes isn’t something that can go away.
There are many options to file. Some like to mail in returns, some will e-file and others will just hand it off to somebody else to file with the Internal Revenue Service. Regardless of how someone decides to fill out those 1040s and Schedule Cs, Alexander City-based accountant Dianne Naler said filers should make sure they have a few things handy first.
kAm“u:=6CD 92G6 E@ 92G6 (aD 2?5 `_hhD D9@H:?8 @E96C :?4@>6D =:<6 :?E6C6DE[” }2=6C D2:5] “%96J H:== 2=D@ ?665 E96:C >@CE8286 :?E6C6DE 7@C>D] u:=6CD 92G6 8@E E@ 92G6 2 DE2E6\:DDF65 A9@E@ xs]”k^Am
kAm$@>6 A6@A=6 7:=:?8 E2I6D H2?E E@ 86E 2 9625 DE2CE @? E9:?8D 9@A:?8 E@ 86E 2 C67F?5 324< BF:4<=J 3FE }2=6C 42FE:@?65 23@FE 36:?8 :? 2 CFD9]k^Am
kAm“*@F 42?’E FD6 E96 =2DE 4964< DEF3[” }2=6C D2:5] “p =@E @7 E:>6D E96J >2J >:DD 565F4E:@?D 3J AFEE:?8 E96 =:DE65 8C@DD :?4@>6] %96J ?665 E@ H2:E 2?5 FD6 (aD]”k^Am
kAmt>A=@J6CD 92G6 F?E:= y2?] b` E@ 8:G6 6>A=@J66D (aD]k^Am
kAmp =@E @7 A6@A=6 9@A6 E96J 92G6 565F4E:@?D E@ 49:A 2H2J 2E E96 E2I23=6 :?4@>6] }2=6C D2:5 E96C6 2C6 565F4E:@?D E@ 36 7@F?5 3FE E@ 36 42C67F=]k^Am
kAm“(:E9 56A6?56?ED[ 7:=6CD ?665 E@ 36 DFC6 2?5 92G6 $@4:2= $64FC:EJ ?F>36CD 2?5 92G6 E96 ?2>6 2D $@4:2= $64FC:EJ 92D E96>[” }2=6C D2:5] “w2G:?8 2?@E96C ?2>6 42? >6DD E9:?8D FA] “x7 2 7:=6C :D 2 5:G@C465 A2C6?E[ E96J ?665 E@ >2<6 DFC6 E96 @E96C A2C6?E :D?’E 4=2:>:?8] x7 3@E9 A2C6?ED 4=2:>[ :E 42? 364@>6 2 >6DD]”k^Am
kAm}2=6C D2:5 E9@D6 6=:8:3=6 E@ 4=2:> 65F42E:@? 4C65:ED 7@C DEF56?E =@2?D @C EF:E:@? :? D@>6 42D6D ?665 E@ 92G6 E96 7@C> `_hg%]k^Am
kAm“%9@D6 ?F>36CD H:== 92G6 E@ 28C66 H:E9 H92E E96J 92G6 @C J@F H:== 86E 2 ?@E6 7C@> E96 x#$[” }2=6C D2:5]k^Am
kAm%96 DE2?52C5 565F4E:@? 7@C :?5:G:5F2=D :D S`a[a__[ S`g[bd_ 7@C 9625D @7 9@FD69@=5 2?5 Sac[c__ 7@C >2CC:65 4@FA=6D] xE :D A@DD:3=6 E@ 86E =2C86C 565F4E:@?D 3J :E6>:K:?8[ 3FE :E :D 5:77:4F=E]k^Am
kAm“xE :D G6CJ 92C5 7@C A6@A=6 E@ 86E 6?@F89 565F4E:@?D E@ :E6>:K6[” }2=6C D2:5] “%@ 5@ D@ J@F H@F=5 92G6 E@ 92G6 2 =2C86 2>@F?E @7 >@CE8286 :?E6C6DE :? >@DE 42D6D]”k^Am
kAm}2=6C D2:5 @?=J f]dT @7 DA6?5:?8 @? >65:42= 42? 36 4@F?E65 :? 565F4E:@?D >62?:?8 S`_[___ :? BF2=:7:65 >65:42= DA6?5:?8 :? E96 A2DE J62C @?=J 6BF2E6D E@ 2 Sfd_ 565F4E:@?]k^Am
kAm}2=6C D2:5 2 76H E9:?8D 92G6 492?865 H96C6 E2IA2J6CD 42? 2>6?5 AC6G:@FD 7:=:?8D E@ 86E 2 C67F?5] $96 D2:5 r@?8C6DD AFE D@>6 6I6>AE:@?D 2?5 565F4E:@?D 324< :? A=246 E92E 6IA:C65 :? a_`g] |@CE8286 :?DFC2?46 766D[ 4C65:ED 7@C 9@>6 C6?@G2E:@?D :?G@=G:?8 6?6C8J D2G:?8D[ D@>6 >65:42= 2?5 D@>6 EF:E:@? 7@C 65F42E:@? >:89E 36 6=:8:3=6 3FE ?@E 2=H2JD 5@==2C 7@C 5@==2C]k^Am
kAm“x7 E96J 925 E96>[ E96J ?665 E@ =6E D@>63@5J 2>6?5 E96> D@ E96J 42? 86E C6EFC?D[” }2=6C D2:5]k^Am
kAm%96 5625=:?6 7@C 7:=:?8 H:E9 E96 x#$ 2?5 7@C DE2E6 :?4@>6 E2I6D H:E9 E96 p=232>2 s6A2CE>6?E @7 #6G6?F6 :D pAC:= `d] u:=6CD 42? 86E 2? 6IE6?D:@? E@ 7:=6 H:E9 2 5625=:?6 @7 ~4E] `d 3FE 7:=6CD >FDE A2J E96 E2I 3J pAC:= `d]k^Am
kAm%96 3:886DE 724E@C :? 7:=:?8 :D 82E96C:?8 E96 :?7@C>2E:@? 2?5 =@@<:?8 2E :E 62C=J] }2=6C D2:5 E@ 86E 2? 2AA@:?E>6?E 62C=J :7 J@F 2C6 8@:?8 E@ 86E D@>6@?6 6=D6 E@ 96=A J@F 7:=6]k^Am
kAm“x7 J@F H2?E J@FCD 7:=65 H:E9@FE 2? 6IE6?D:@?[ J@F 36EE6C 86E E9:?8D :? 62C=J[” }2=6C D2:5] “|2?J 244@F?E2?ED H:== 92G6 2 4FE@77 2?5 :E H:== 36 7:CDE :? 7:CDE @FE 27E6C E92E]”k^Am
kAm%96 p=232>2 s6A2CE>6?E @7 #6G6?F6 Wps~#X 92D 2 76H E:AD 2?5 DF886DE:@?D E@ 96=A J@F 7:=6 J@FC C6EFC? D276=J 2?5 86E J@FC C67F?5 2D BF:4<=J 2D A@DD:3=6] u:=:?8 62C=J 42? 96=A E96 56A2CE>6?E 86E C67F?5D 2AAC@G65 62C=:6C[ A=FD :E 6?23=6D E2IA2J6CD E@ 86E 29625 @7 xs E9:6G6D]k^Am
kAmkDEC@?8m$276EJ 7:CDEk^DEC@?8mk^Am
kAmps~# A=2JD 2? :>A@CE2?E C@=6 :? AC6G6?E:?8 DE2E6 C6G6?F6 2?5 E2IA2J6C >@?6J 7C@> 6?5:?8 FA :? E96 HC@?8 92?5D] uC2F5 56E64E:@? C6G:6HD[ 244FC24J 4964<D 2?5 >2E49:?8 282:?DE 6>A=@J6C (aD 5@6D C6BF:C6 2 =:EE=6 6IEC2 E:>6[ 3FE :E 96=AD 6?DFC6 E2IA2J6CD 86E E96:C >@?6J C2E96C E92? 7C2F5DE6CD]k^Am
kAmkDEC@?8m%2<6 2 D6=7:6 E@ 86E J@FC C67F?5 D@@?6Ck^DEC@?8mk^Am
kAm(2?E E@ DA665 FA J@FC C67F?5 2?5 AC@E64E J@FC :56?E:EJn %96? 5@H?=@25 E96 xst|xp 6xs >@3:=6 2AA 2?5 7@==@H E96 8F:565 AC@46DD :? E96 2AA E@ 6?C@==] *@FC A9@E@ 2?5 5C:G6C’D =:46?D6 52E2 H:== 36 2FE96?E:42E65 3J E96 p=232>2 {2H t?7@C46>6?E p86?4J E@ G6C:7J J@FC :56?E:EJ] (:E9 E96 6xs G6C:7:65[ J@F 42? 8@ E@ |J p=232>2 %2I6D WHHH]>J2=232>2E2I6D]2=232>2]8@GX 2?5 4=:4< @? “#68:DE6C |J xst|xp 6xs” F?56C “"F:4< =:?<D 7@C :?5:G:5F2=D” E@ C68:DE6C J@FC 6xs 2?5 6?C@== :? E96 “~AE\x?” AC@8C2>] %9:D AC@8C2> H:== ?@E:7J J@F H96? 2 C6EFC? :D 7:=65 H:E9 E96 56A2CE>6?E FD:?8 J@FC :?7@C>2E:@? 3J D6?5:?8 2 ?@E:7:42E:@? E9C@F89 J@FC 6xs 2AA] %96 2AA H:== 2==@H J@F E@ D64FC6=J G6C:7J E92E J@F 5:5 7:=6 E96 C6EFC? @C 564=:?6 E96 EC2?D24E:@? 3642FD6 J@F 5:5 ?@E 7:=6 E96 C6EFC?] q@?FD – J@FC 6xs\G6C:7:65 C6EFC? H:== 36 AC@46DD65 >@C6 BF:4<=J] %96 6xs 2AA :D 7C66 2?5 2G2:=23=6 :? 3@E9 E96 pAA $E@C6 2?5 v@@8=6 !=2J]k^Am
kAmkDEC@?8m{6E’D <66A :? E@F49k^DEC@?8mk^Am
kAmp7E6C C6EFC?D 2C6 7:=65[ E96 56A2CE>6?E >2J D6?5 =6EE6CD 2D<:?8 7@C >@C6 :?7@C>2E:@?] x7 2 E2IA2J6C C646:G6D 2 =6EE6C 7C@> E96 56A2CE>6?E[ E96J D9@F=5 C6DA@?5 BF:4<=J D@ E96 56A2CE>6?E 42? C6G:6H E96:C :?7@C>2E:@? 2?5 86E E96:C C67F?5 E@ E96> 2D D@@? 2D A@DD:3=6] #6>6>36C E96 56A2CE>6?E H:== ?6G6C 4@?E24E E2IA2J6CD :?:E:2==J 3J A9@?6[ E6IE @C 6>2:=[ @?=J 3J =6EE6CD D6?E E9C@F89 E96 >2:=]k^Am
kAmq6H2C6 @7 D42>D] s@ ?@E 8:G6 2?J@?6 J@FC A6CD@?2= :?7@C>2E:@? H:E9@FE 4@?7:C>:?8 E96J 2C6 E96 AC@A6C 2FE9@C:E:6D]k^Am
kAmkDEC@?8muC2F5 56E64E:@?k^DEC@?8mk^Am
kAm%@ 56E64E 2?5 4@>32E E2I :56?E:EJ E967E[ ps~# FD6D 2 G2C:6EJ @7 >6E9@5D E@ G2=:52E6 :56?E:E:6D 2?5 E2I C6EFC?D] %@ 96=A AC@E64E A6CD@?2==J :56?E:7:23=6 :?7@C>2E:@? 2?5 <66A 5@==2CD 7C@> 8@:?8 E@ 4C:>:?2=D[ E96 56A2CE>6?E >2J D6?5ik^Am
kAmp? x56?E:EJ r@?7:C>2E:@? =6EE6C E92E 2D<D E96 E2IA2J6C E@ E2<6 2 D9@CE @?=:?6 BF:K @C AC@G:56 4@A:6D @7 5@4F>6?ED E@ G6C:7J E96:C :56?E:EJ Wk2 9C67lQ9EEAi^^C6G6?F6]2=232>2]8@G^:5BF:K^Qm9EEAi^^C6G6?F6]2=232>2]8@G^:5BF:K^k^2mXk^Am
kAmp C6EFC? G6C:7:42E:@? =6EE6C E92E 2D<D E96 E2IA2J6C E@ G6C:7J @?=:?6 H96E96C E96J @C E96:C C6AC6D6?E2E:G6 7:=65 E96 E2I C6EFC? E96 56A2CE>6?E C646:G65k^Am
kAmkDEC@?8mp44FC24J 4964<Dk^DEC@?8mk^Am
kAm%96 56A2CE>6?E DE@AD 2?5 C6G:6HD 23@FE bT E@ dT @7 :?5:G:5F2= :?4@>6 E2I C6EFC?D 6249 J62C E@ C6D@=G6 >2E96>2E:42= 6CC@CD @C C6BF6DE >:DD:?8 :?7@C>2E:@?] %@ 36 DFC6 E92E E2I C6EFC?D 4@CC64E=J C67=64E :?7@C>2E:@? 2?5 :?E6?E[ E96 56A2CE>6?E >2J D6?5ik^Am
kAm• p #6BF6DE 7@C x?7@C>2E:@? =6EE6C E92E 2D<D 7@C >:DD:?8 @C 255:E:@?2= :?7@C>2E:@? E@ DFAA@CE 52E2 C6A@CE65 @? E96 E2I C6EFC?]k^Am
kAm• p %2I r@>AFE2E:@? r92?86 =6EE6C E92E AC@G:56D 2? 6IA=2?2E:@? @7 492?86D E92E H6C6 >256 E@ E96 E2I C6EFC?k^Am
kAmkDEC@?8m#67F?5Dk^DEC@?8mk^Am
kAmkDEC@?8mw@H =@?8 H:== :E E2<6nk^DEC@?8mk^Am
kAm%96 52E6 2 C6EFC? :D 7:=65 2?5 9@H E96 C6EFC? :D 7:=65 =2C86=J 56E6C>:?6D H96? E96 C67F?5 42? 36 :DDF65] u@C 6I2>A=6[ 6=64EC@?:42==J 7:=65 C6EFC?D 2C6 C646:G65 2?5 AC@46DD65 D:8?:7:42?E=J 72DE6C E92? C6EFC?D E92E 2C6 >2:=65 E@ ps~#] p=D@[ :7 2? 6CC@C\7C66 C6EFC? :D >2:=65 :? y2?F2CJ @C u63CF2CJ[ E96 E2IA2J6C 42? 6IA64E E@ C646:G6 E96:C C67F?5 D@@?6C E92? :7 E96 C6EFC? :D 7:=65 :? |2C49 @C pAC:=] {2DE J62C[ agT @7 E96 :?4@>6 E2I C6EFC?D 7:=65 H6C6 C646:G65 36EH66? pAC:= ` 2?5 pAC:= b_] #6EFC?D 7:=65 E9:D 4=@D6 E@ E96 5625=:?6 >2J C6BF:C6 2D >2?J 2D h_ 52JD E@ AC@46DD]k^Am
kAmkDEC@?8mu:CDE\E:>6 7:=6CDk^DEC@?8mk^Am
kAmxE H:== E2<6 255:E:@?2= E:>6 7@C ?6H 7:=6CD E@ 36 G2=:52E65 2?5 6?E6C65 :?E@ E96 56A2CE>6?E’D DJDE6>] &?E:= E92E E:>6[ E96 #67F?5 $E2EFD H63D:E6 H@?’E C64@8?:K6 E96D6 E2IA2J6CD 2?5 H:== C6A@CE E96:C C6EFC?D 2D “?@E 6?E6C65 :? DJDE6>]” xE H:== E2<6 2AAC@I:>2E6=J `_ E@ `a H66<D E@ AC@46DD 2 7:CDE\E:>6 7:=6C’D C6EFC?]k^Am
kAmkDEC@?8mt\7:=6CDk^DEC@?8mk^Am
kAmv6?6C2==J[ 6\7:=6CD 42? 6IA64E E96:C C67F?5 23@FE 6:89E E@ `_ H66<D 27E6C E96 52E6 E96J C646:G6 E96:C 7:=:?8 24<?@H=6586>6?E 7C@> E96 DE2E6]k^Am
kAmkDEC@?8m!2A6C 7:=6CDk^DEC@?8mk^Am
kAm%96 C6EFC? H:== E2<6 23@FE 6:89E E@ `a H66<D E@ AC@46DD] %96 56A2CE>6?E >FDE >2?F2==J 6?E6C :?7@C>2E:@? 7C@> A2A6C C6EFC?D :?E@ E96 52E232D6]k^Am
kAmx7 E96 E2IA2J6C C646:G65 2 =6EE6C 7C@> E96 56A2CE>6?E 2D<:?8 7@C >@C6 :?7@C>2E:@? @C E@ G6C:7J :56?E:EJ[ E96 C67F?5 H:== 36 56=2J65 F?E:= E96 C6BF6DE65 :?7@C>2E:@? :D C646:G65 2?5 C6G:6H65 3J E96 56A2CE>6?E]k^Am
kAmkDEC@?8m(96C6’D J@FC C67F?5nk^DEC@?8mk^Am
kAm%96 56A2CE>6?E H:== 368:? C6=62D:?8 a_`h :?4@>6 E2I C67F?5D @? |2C49 `] %9:D H:== 2==@H E:>6 E@ AC@A6C=J G6E 2?5 AC@46DD E96 C6EFC?D @7 62C=J 7:=6CD[ 4@?7:C> E96 244FC24J @7 =68:E:>2E6 C6EFC?D[ 2?5 7:=E6C @FE 7C2F5F=6?E C6EFC?D] %96 36DE H2J E@ EC24< E96 AC@8C6DD @7 C67F?5D :D |J p=232>2 %2I6D WHHH]>J2=232>2E2I6D]2=232>2]8@GX] xE’D 2G2:=23=6 ac 9@FCD 2 52J[ D6G6? 52JD 2 H66<] %9@D6 E2IA2J6CD H9@ 5@?’E 92G6 :?E6C?6E 2446DD 42? EC24< E96:C C67F?5 AC@8C6DD 3J 42==:?8 E96 2FE@>2E65 C67F?5 DJDE6> E@==n7C66 2E `\gdd\ghc\fbh` @C E96 56A2CE>6?E’D 42== 46?E6C 2E `\g__\dbd\hc`_]k^Am
kAmkDEC@?8mu:=6 7@C 7C66k^DEC@?8mk^Am
kAm%2IA2J6CD 42? 7:=6 DE2E6 C6EFC?D 7@C 7C66 FD:?8 |J p=232>2 %2I6D] u:=:?8 C6EFC?D @? |p% C6BF:C6D E2IA2J6CD E@ D:8? FA 7@C 2 |p% FD6C?2>6 E@ 2446DD E96:C :?4@>6 E2I 244@F?E[ 7:=6 E96:C C6EFC?D 2?5 >2<6 A2J>6?ED] $:8? FA 7@C |p% 2E k2 9C67lQ9EEAi^^HHH]>J2=232>2E2I6D]2=232>2]8@GQmHHH]>J2=232>2E2I6D]2=232>2]8@Gk^2m]k^Am
