Get the free Comparison of Tax Year 2012 and 2013 Form 990 Schedule H

ComparisonofTaxYear2012and2013IRSForm990ScheduleHInstructions ComparisonofTaxYear2012and2013Form990ScheduleHInstructions Differencesbetween2012and2013InstructionsareHighlightedinBoldorInStrikethrough

How to fill out comparison of tax year

How to fill out a comparison of tax year:

1. Gather all relevant financial documents: Start by gathering all the necessary documents related to your income, expenses, and deductions for both tax years you wish to compare. This may include your W-2s, 1099s, receipts, bank statements, and any other relevant paperwork.
2. Identify key components: Begin by comparing the key components of your tax return for each year. This includes your income sources, deductions, exemptions, and tax credits. Make sure to note any changes or discrepancies between the two years.
3. Determine the purpose of the comparison: Understand why you need to compare the tax years. This could be for financial planning, evaluating the impact of certain changes, or identifying any potential errors or discrepancies.
4. Analyze the differences: Carefully analyze the differences between the two tax years. This includes identifying variations in your income, deductions, tax liability, and overall financial situation. Pay attention to any major changes or inconsistencies.
5. Seek professional help if necessary: If you find the comparison overwhelming or if you have complex financial situations, it may be advisable to seek the assistance of a tax professional. They can provide guidance, ensure accuracy, and address any specific concerns you may have.
6. Document your findings: As you go through the comparison process, make sure to document your findings and any important notes. This will help you keep track of the information and refer back to it when needed.

Who needs a comparison of tax year:

1. Individuals going through major life changes: People who have undergone significant life changes, such as marriage, divorce, buying or selling property, or starting a business may benefit from comparing tax years. This can help them understand the financial impact of these changes and make necessary adjustments.
2. Business owners and self-employed individuals: Business owners and self-employed individuals often have different expenses, deductions, and income sources from year to year. Comparing tax years can help them analyze the profitability of their business and make informed decisions.
3. Individuals looking for financial planning opportunities: Comparing tax years can provide valuable insights for individuals looking to optimize their financial situation. By identifying trends, areas for improvement, or tax-saving opportunities, they can develop strategic plans to better manage their finances.
4. Taxpayers with complex financial situations: Individuals with complex financial situations, such as investments, rental properties, or multiple income sources, may need to compare tax years to ensure accuracy and identify any discrepancies. This can help them stay compliant with tax laws and regulations.
5. Anyone looking to understand their financial progress: Comparing tax years can provide a comprehensive view of an individual's financial progress over time. It allows them to see how their income, expenses, and overall financial situation has changed and helps them make informed decisions for the future.

For pdfFiller’s FAQs

What is comparison of tax year?

Comparison of tax year is a process of comparing the financial information from two different tax years.

Who is required to file comparison of tax year?

Individuals and businesses who need to show the changes in their financial information from one tax year to another are required to file comparison of tax year.

How to fill out comparison of tax year?

To fill out comparison of tax year, individuals and businesses need to gather financial information from both tax years and compare them side by side.

What is the purpose of comparison of tax year?

The purpose of comparison of tax year is to analyze the financial changes over time and to track the performance and growth of individuals and businesses.

What information must be reported on comparison of tax year?

On comparison of tax year, individuals and businesses must report income, expenses, assets, liabilities, and any other financial information that has changed between the two tax years.

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