Tax season in Philadelphia is a stressful time for many. Changing federal and state regulations can be dizzying. Whether you are filing as an individual or running an S-Corp, proper preparation is key.
Documents you cannot forget
Before you come to the office, make sure you have all your paperwork. Missing a single form can delay your refund by weeks.
- W-2 or 1099: The basis of your income.
- Business expenses: If you are a contractor, collect receipts for fuel, materials, and tools.
- Real estate documents: Mortgage interest can lower your tax.
S-Corporation and Partnership – what to watch out for?
Running a business as a corporation requires greater discipline. It is crucial to separate personal finances from business ones. Schedule a business consultation to check if your accounting is maintained in accordance with IRS requirements.
Electronic filing means a faster refund
Paper returns are a thing of the past. By filing your tax return electronically (e-file), the money reaches your account much faster.
