Here Are Ways To Break Past Those Tax Preparation Blocks In The Road

Tax time is closer than you think. Have you ever thought you had everything in order and at the last minute you find out you didn't? You, my friend, are not alone. Today on the Top 5 at 7:45, I'll highlight how to break through some of those last minute tax preparation roadblocks that we have all faced at this time of year, according to LearnVest.com.

1. Your W-2 - Companies can and do make mistakes. Make sure that your earnings are correct on your W-2 before submitting the paperwork. If it is incorrect, contact the employer that is responsible for issuing the W-2 right away. Typically, the company will make the correction in quick time and get it back to you right away.
2. Out Of Business - Sometimes the company you worked for has gone out of business. If you don't receive a W-2 from that employer, the I.R.S. could bill you for the taxes that company should have paid on you. Although rare, should this happen to you, get your last pay stub and submit a Form 4852 to complete your form and then submit that to the I.R.S.
3. Where's Your 1099? - Sometime you never receive you Form 1099, which can be a problem. This form is typically issued to non-full-time employees and private contractors. Because there are no with-holdings shown on the 1099, you should be good-to-go with your own records, when filing your return.
4. Missing Receipts And Documents - If you're going to itemize your deductions, then you know you have to have proof via receipts and other documents. If, for some reason, you misplaced some of those receipts, make sure that you have some sort of proof to justify the deduction.
5. Health Insurance Confusions - Yes, mandatory health insurance can be frustrating. And as you may know, you must show that you had health insurance in 2014. If you went on the Market Exchange to receive your health insurance, then expect a Form 1095-A in the mail. Because the federal government hasn't really stated what all you need to show proof of health insurance, you might be confused. Submit as much information that you possibly can when filing to the I.R.S. Check with your tax preparer, as they may have received more information on the filing.

The Top 5 at 7:45 airs weekdays with me, Gary Freeman and sponsored by First Education Federal Credit Union.