“Important Tax Document”

Standard

You are going to start seeing that on the outside of envelopes as January comes to an end. Most tax documents are due to be postmarked no later than January 31, 2016. Start to organize these tax documents; find a folder or a drawer that you use to keep them until you have everything you need to have your returns prepared.

Keep in mind that those of you who have investments and get Form 1099 INT or DIV, the brokerage houses usually get an extension to file their 1099s, so January 31st might not be the day that they are sent out. Another concern in the recent past is the frequency with which investment 1099s are corrected after they have been mailed. Don’t rush to have your return prepared if you get these kind of 1099s. Ask your broker if they expect to send out corrected 1099s and wait until you are certain there will not be any corrections to file or you will have to pay your preparer to amend a return that they have already completed and filed.

Happy Tax Season 2016!  Please contact us if you need tax preparation services.  We love new clients and referrals!

O’Connor & CO CPAs

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