Tax season is right around the corner and by now you have likely begun to receive tax documents we will need to file your 2019 tax returns. Last year we introduced a new electronic tax organizer called TaxCaddy, which we will be using again this year. If you set up an account last year, you can log back in to the account at www.taxcaddy.com anytime. You will soon be receiving a "Document Request List" that will outline the documents you provided last year and which we'll be looking for again this year. You'll also receive a questionnaire through TaxCaddy, please take a few minutes to complete this to be sure we don't miss anything on your returns.
If you did not set up a TaxCaddy account last year, we encourage you to do so this year. We will be sending out reminder invitations to anyone who didn't finish setting up their accounts last year. If you don't receive one or need assistance setting up your account, please contact us! The invitation and system emails come from "email@example.com" so be sure you whitelist this email address or they might wind up in your SPAM folder.
We put together a helpful list of TaxCaddy tips last year, which you can find here. Take a few minutes to refresh yourself on some of these tips.
If you have requested a paper copy of your tax organizer in the past, you should be receiving this year's version in the mail soon. If you don't receive a copy or would prefer a paper copy this year, please let us know and we can either send it by secure e-mail or by regular mail.
Before you submit your 2019 tax documents, we want to remind you of the following tax procedures and deadlines:
- We must receive all available information from you by Friday, March 6, 2020.
- If your information is received later than that, your return may have to be put on extension and completed after April 15. This will involve additional time and fees.
- Filing an extension is not an extension of time to pay taxes due. If you expect to file for an extension, you still need to provide us all of your information so that we can properly calculate an extension payment.
- We recognize some tax information will not be available to you until after our deadline. Please send us the information you do have and let us know what you are still waiting on.
- Please confirm all estimated tax amounts paid towards your 2019 taxes and include copies of cancelled checks. If you paid your estimates online, provide a confirmation receipt of the payments. If you aren't sure what you have paid, you can set up an online account with the IRS and most states to double check your payments.
- We recommend processing any refunds and payments electronically to avoid the possibility of a check getting lost in the mail. If we do not have your bank information on file already or your banking information has changed from last year, please provide a copy of a voided check so that we can process payments and refunds electronically.
We understand you might not feel comfortable or have the capability to send us your tax documents electronically. We will still accept your paper documents so feel free to send them by mail or drop them off to the office if that is easier for you. Keep in mind that as always, we will keep any paper copies you provide us so if you would like a copy please do NOT give us the originals.
Chris Benson, CPA/PFS
The views expressed represent the opinions of L.K. Benson & Company and are subject to change. These views are not intended as a forecast, a guarantee of future results, investment recommendation, or an offer to buy or sell any securities. The information provided is of a general nature and should not be construed as investment advice or to provide any investment, tax, financial or legal advice or service to any person.
Please see Additional Disclosures more information.