DOVACOR CONSULTING INC Tax

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For tax preparation, you will need:

• Personal identification (ID or passport).
• Social Security number (or ITIN).
• W-2 forms (wage employment).
• 1099 forms (contractors or additional income).
• Bank account statements (for interest or dividend income).
• Deduction receipts (medical expenses, education, donations).
• Real estate ownership documents (for mortgage or tax deductions).

The deadline to file your 2024 federal tax return is April 15, 2025. If you need more time, you can request an extension until October 15, 2025, but estimated payments must be made by April 15.

Therefore, any amount owed must be paid by April 15 to avoid interest and penalties.

If you don't have all your documents on time, you can:

1. Request an extension to file your return (Form 4868).
2. Submit estimated payments by the deadline to avoid late payment penalties.
3. Contact us for guidance on how to proceed.

To maximize your refund:

• Claim all available tax deductions and credits (such as the Child Tax Credit or the Education Credit).
• Be sure to include all your eligible income and expenses.
• Work with an experienced tax preparer to identify additional savings opportunities.

Yes, you can deduct expenses related to using your home as an office if you meet the IRS requirements:

• The office must be used exclusively for business purposes.
• You can deduct a portion of utilities, rent, internet, and other costs based on the percentage of the space used for business purposes.

Yes, your mortgage interest is deductible if:

• The mortgage is related to your primary residence or a second property.
• The loan does not exceed the limits allowed by the IRS (generally $750,000).

• Gather all supporting documentation (receipts, invoices, bank records).
• We can assist you by reviewing your returns and preparing a response for the IRS.
• Stay calm; an audit doesn't necessarily mean there's a serious problem.

• The IRS recommends keeping your tax records for at least three years. However, if you have capital losses or write-offs, it's best to keep them for up to seven years.

Business owners can claim deductions such as:

• Operating expenses.
• Equipment depreciation.
• Employee health insurance.
• Retirement plan contributions.

Have more questions? Contact us at info@dovacor.com for personalized answers and support with your taxes.