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What Information Do You Need to File Your State and Federal Taxes

February 20, 2017

It’s that time of year! No, not THAT time of year, where chestnuts are roasting on an open fire and city sidewalks are dressed in holiday style. But it is the time of year to get a head start on filing your taxes. While the deadline to file your state and federal taxes for 2016 is still two months away, with the busy schedule you lead, it doesn’t hurt to think ahead and get organized.

Luckily, filing your state and federal taxes has never been easier, especially thanks to the team at Tax and Business Consultants. For the past 50 years, our knowledgeable staff has provided the highest quality financial services to its new and longstanding clients, and we’d be honored to help you with your taxes in the upcoming months. While Tax and Business Consultants make filing your taxes as easy as possible, that doesn’t mean it doesn’t take some organization on your end. Now is the time to start gathering the proper information to correctly file both your federal and state taxes.
Here are a few quick tips of what you should be gathering before you make a visit to Tax and Business Consultants!

Understand Your Income Tax Bracket

The Federal income tax has seven brackets: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. The amount of tax you owe depends on your income level and filing status. You can choose to file your taxes for 2016 as a single person, married person filing jointly, married person filing separately, or as head of a household.

Know the Difference Between Standard Deductions and Itemized Deductions

There are two main types of tax deductions: the standard deduction and itemized deductions. You can claim one type of deduction on your tax return, but not both. The standard deduction is subtracted from your Adjusted Gross Income (AGI), thereby reducing your taxable income.

Gather All Crucial Paperwork

Now is the time to start compiling W2 forms, insurance information, outstanding loan information, and any other paperwork your tax consultant can use to properly file your taxes and give you the refund you are entitled to. Our rule of thumb—when in doubt, bring it! We’ll tell you if it’s necessary for you to have that document to file or not.

Contact your experts at Tax and Business Consultants today to file your State and Federal taxes—we are here to help you make the process quick and painless. Give us a call at 402-426-4144 to schedule an appointment with us, or visit our offices in the heart of Blair, Nebraska.

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