| The main thing you will need for your income tax | | | | your receipts for tax deductible expenses. A tax |
| return is proof of the income you made and the taxes | | | | deductible business expense is any expense that is |
| you paid in the previous year. That includes income | | | | used solely or primarily for the business you are |
| made through employers, interest from accounts, | | | | involved in. The tax deductible expense must be |
| dividends from investments, income made through | | | | documented in order to claim it, so any receipts you |
| self-employment, income made as a subcontractor, | | | | have, usage logs for computers and vehicles, etc. |
| and any other income. Student loans and other types | | | | should be gathered so that you can take the highest |
| of loans may also be considered income for the | | | | deduction possible. If you have any doubts about what |
| purposes of income tax, as can winnings from a | | | | is tax deductible for your business, you should contact |
| lottery, casino, or other contest. If you are unsure what | | | | a certified public accountant to assist you in your |
| can be considered as income for tax purposes, you | | | | income tax preparation. |
| should contact a certified public accountant. | | | | Once you have gathered all of the necessary tax |
| The other thing that is important is social security | | | | documents, you must determine which tax forms you |
| numbers for everyone you will claim on your income | | | | need to file. If you are an individual with few tax |
| tax return. That includes social security numbers for | | | | deductible items, you can file a simple tax return. |
| your spouse and any children you will claim. Without | | | | However, if you are self-employed you must also file a |
| social security numbers, proof of residence, and birth | | | | tax form called Schedule C. If you have a lot of tax |
| dates, you cannot claim deductions on your income | | | | deductible items, you will want to file a more complex |
| tax return for these individuals. | | | | tax return to itemize your tax deductions. If you are |
| The next thing that you should gather is what you will | | | | unsure what tax forms you need to file, you should |
| need for deductions. If you have a mortgage, your | | | | contact a certified public accountant to assist you in |
| interest paid to the mortgage company may be tax | | | | your income tax return preparation. |
| deductible. If you use a vehicle for business purposes, | | | | Tax day can be a stressful time, but it doesn't have to |
| you can claim a tax deduction for mileage. If you have | | | | be. Gather all of your required tax documents as early |
| children in daycare so that you can work, you can | | | | as possible, and don't put off the inevitable. Contact a |
| claim a tax deduction for that expense. You can also | | | | certified public accountant as soon as you can if you |
| claim tax deductions for excessive medical expenses | | | | are unsure what tax forms you need to file, or what |
| and charitable contributions. | | | | tax deductions you can take. And, most importantly, |
| If you are self-employed, you will need to also gather | | | | don't panic on tax day! |