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Tips & Resources for Your 2016 Tax Filing

On February 15, Raymond James began sending 1099s to clients with investment assets in taxable (non-retirement) accounts. However, depending on delays due to specific holdings and other complexities, some 1099s may not be sent until mid-March.

Unfortunately, amendments to 1099 forms can happen. That’s why each year we urge you to wait until April to finalize your tax filing, or file for an extension. This doesn’t mean that you can’t get started with your tax preparer, but only that the actual filing should be put off to avoid the potential hassle and extra expense of filing an amended return due to an amended 1099. The filing deadline for 2016 taxes is April 18, 2017.

Everyone at TGS Financial is accustomed to assisting and collaborating with tax professionals (and other financial professionals) to meet the needs of our clients.

You can access Raymond James 2016 Tax Year Resources here, including the timeline for tax document delivery.

Be Organized

Much of the real work of filing taxes is in the gathering of forms and information. A checklist like this one may help you organize around this task, or you might like this simpler checklist from Turbotax.

Stay Safe

The work of cyber criminals never stops evolving, and each of us needs to be ever vigilant when it comes to identity theft. Be sure that you know the signs of identity theft, and stay abreast of the latest scams and fraud tactics. The Dirty Dozen Tax Scams list from the IRS is a good place to start.

At tax time and year-round, you should take steps to protect your identity and secure your computer.

Get Online

You can choose to receive your tax documents online through Investor Access. If you’re already using Investor Access, just log in and go to the Account Services screen to choose paperless delivery of your tax reports and other documents. You can click here to enroll in Investor Access.

With online delivery, your tax documents are securely stored in one place where they’re easy to find, save and – if needed – print. You’ll also receive an email you each time a new document is available, so you don’t have to worry about missing important updates.

Ask Away

Everyone at TGS Financial is accustomed to assisting and collaborating with tax professionals (and other financial professionals) to meet the needs of our clients. Please do not hesitate to reach out to TGS Financial should you or your tax preparer have questions this tax season.

By Joan Hill, Communications Coordinator

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by TGS Financial Advisors), or any non-investment related content, made reference to directly or indirectly in this article will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this article serves as the receipt of, or as a substitute for, personalized investment advice from TGS Financial Advisors. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. TGS Financial Advisors is neither a law firm nor a certified public accounting firm and no portion of this article’s content should be construed as legal or accounting advice. A copy of the TGS Financial Advisors’ current written disclosure statement discussing our advisory services and fees is available upon request.

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