DANIEL TYLER GOODEN

LAPLACE – Now that the excitement of the New Year is over, it’s time to finish tying up last year’s loose ends. More and more financial statements have been arriving in mailboxes, heralding the coming of tax season. The deadline for tax season, April 15, lands on a Sunday, so those of you who prefer to procrastinate you get an extra day. File your taxes before April 16. For those of you who like to finish up early and get all that business out of the way, it’s time to start collecting your records. Some of the many income records you many need to find and set aside include your W-2 forms, interest and dividend statements, sale of property records, retirement benefits, gambling and lotto winnings, rents and royalties, scholarships and jury duty pay. For deductions or credits find your records on home mortgage interest, retirement plan contributions, business mileage, real estate and personal property taxes, medical expenses, union and professional dues, alimony paid, moving expenses and casualty and theft loss. For a complete list of deductions and credits contact a local tax accountant. If you have changed addresses in 2000 don’t forget to forward your new location to any employers in the past year. Also, try to file your taxes as early as possible, says H & R Block. Changes in the postal service in the last few years have resulted in less frequent mail pick-ups and regionally canceled mail in certain areas. As a result, an envelope mailed on one day may not be postmarked until the next day. If you mail a tax document, the postmark generally determines whether the document is timely or late. If the document is not postmarked on time, it is not considered filed until it is actually received by the IRS. As a taxpayer, you should assume the responsibility to be sure that the envelope is postmarked with a date that the IRS will consider timely. H&R Block suggests that if you use the post office, send materials certified, registered or USPS Express Mail and obtain a post marked receipt from the post office. That way, you have proof that you mailed the documents in a timely manner. If you mail your return using Airborne Express, DHL Worldwide Express, Federal Express or United Parcel Service, you will be considered to have proof of mailing if you use one of their approved services. Here are some other common tax questions: Q: Can I claim a credit for child care expenses I pay while I’m looking for work?
A: You can claim child care credit for expenses, such as payment made to baby sitters or child care centers for the care of your child, that are work-related, those that allow you and your spouse if you are married to work or to actively look for work. To claim a credit for child care expenses incurred during you job search, however, you must have some earned income during the year. Q: I filed my 1999 tax return on timebut forgot to include income from a part-time job. What now?
A: You need to amend your 1999 return by filing Form 1040X. You may owe a little more tax, or you may get a small refund, depending on how much earned and how much tax was withheld.
An amended return can be filed for a variety of reasons. For example, if you remember a deductible expense after your return has been filed, you can amend a return to correct the error and receive a net refund. Generally, you have three years from the due date of your return to file an amendments. If you filed a state return, you may have to amend it, too. Q: I was married in November. What will my filing status be on my 2000 tax return? Will I be considered married or will I be considered single because I was single most of the year?
A: You’ll be considered a married taxpayer for 2000, because your marital status for tax purposes is determined as of the final day of the tax year. This means you may file either a joint return or separate returns.
It is best to compute your tax both ways for comparison then select the filing status resulting in the lower combined tax liability. You and your spouse should each review your W-4 forms filed with your employers to adjust your tax withholding to reflect your new situation. Q: I was recently called for jury duty. I continued to receive my pay from my employer while I served, but my company required me to turn over to it the jury duty fee I earned. What are the tax consequences of all this?
A: You must include income from both your wages and the jury duty pay. However, you can deduct the amount you turned over to your employer. What’s more, you can deduct this amount even if you do not itemize deductions. Q: My first child was born a few months ago. Should I obtain a Social Security number for him now? A: Yes, because you must include the Social Security number of each child whom you claim as a dependent on your return. Call your Social Security office and request a copy of Form SS-5 for any child who needs a social security number. The completed application should be filed as soon as possible to avoid a last-minute rush at tax time.