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Posted on Feb 11, 2020

Ghion Financial: Accounting & Income Tax

What Documents do I need to prepare to file a tax return?
1099- and Income Statement.
1098 Mortgage Interest
Partnership and S corporations
1095-A if you had ObamaCare
Donations - Letter from the church or the NGO
Capital Gain - Short and long term. From the brokerage firm.

How can I pay if I owe Federal or the State?
Payment Plans - You can request for instalment for up to 72 payments
YOu can also pay with Credit card, Money order or check.

How can I minimize tax payment or get a refund?
Maximizing 401K contributions
IRA for - Self Employed
Donations - Letter from the church, mosque or NGO
If you have a college student dependent make sure the school gives you 1098-T
Daycare - Letter from the dayCare for kids. No tax credit for private school payments 1st Grade and above.
Student loan Interest.
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