Tax Preparation Services
Thomaston, Terryville, Plymouth, Bristol, Harwinton

214 Prospect St
Thomaston, CT 06787
Telephone: 860-484-1952
Fax: 860-484-4944

Joe Schneider

• Early this month check the amount of 2018 tax you have prepaid through withholding and quarterly estimates. If you’ve underpaid, consider increasing your withholding before year-end. Withholding is considered to have been paid evenly throughout the year. This could prevent your being charged underpayment penalties for 2018.
• December 31 is the deadline for taking a 2018 required minimum distribution from your traditional IRA if you’re 70½ or older. Miss this requirement and a 50% penalty could apply.
• Collect W-2s, 1099s, and other information on income and deductions needed to prepare your 2018 tax return. Make your appointment for tax return preparation early to give you time to find any missing information and still meet the filing deadline.
• Check for errors when you receive your 2018 W-2s, 1099s, and other tax information forms. If there are errors, contact the sender immediately and request a corrected copy.
• Check the different filing options you can use on your 2018 tax return. Often a married couple can cut taxes by filing separately if one has lower income but higher medical expenses or other deductions. You have to work out the numbers each way to be sure.
• If you did not contribute the 2018 maximum to your IRA by December 31, 2018, and you make any IRA contributions prior to April 15, 2019, be sure to designate to your bank or other trustee that these 2019 contributions are for 2018 (up to the maximum allowed). You can then deduct these amounts on your 2018 tax return for a quicker tax benefit.
• Make your 2018 retirement plan contributions as early this year as possible in order to maximize your tax-deferred earnings.
• Don’t overlook any of the tax credits available to reduce your 2018 tax bill.
The information on this site is general in nature and should not be acted upon in your particular situation without further details and/or professional advice. For assistance, contact our office.

Tax Preparation Services Thomaston, Terryville, Plymouth, Bristol, Harwinton

214 Prospect St Thomaston, CT 06787 Telephone: 860-484-1952 Fax: 860-484-4944

Joe Schneider

Tax Preparation Services
Thomaston, Terryville, Plymouth, Bristol, Harwinton

214 Prospect St
Thomaston, CT 06787
Telephone: 860-484-1952
Fax: 860-484-4944