As the new tax year approaches, it’s time to start sorting all tax documents.
Here are some tips to make sure your tax preparation is efficient and smooth this year.
Keep all tax documents in one place. This seems obvious, but we all find ourselves looking for charitable donation receipts or 1099’s after we have received it.
Sort all documents. To make things easier, sorting the documents by type usually helps us understand what we are missing if anything.
- Income
- Wages (W-2)
- Alimony
- Business Income (1099’s, K-1’s)
- Interest Income (1000-INT)
- Dividends (1099-DIV)
- Investments (1099-B)
- Social Security
- Winnings (W-2G, 1099-G)
- Other Income
- Income Adjustments
- Tuition & Fees deductions
- Alimony Paid
- Student Loan Interest
- IRA Contributions
- HSA/MSA Contributions
- Educator Expenses
- Other Education Expenses
- Deductions (Itemized)
- Charitable Contributions
- Taxes paid
- Interest Expense
- Medical/Dental Expenses
- Casualty/Theft Losses
- Investor/Other Expenses
- Credit Information
- Adoption Expenses
- Education Expenses
- Child & Dependent Care Expenses
- Other Credit-Related Expenses
- Rental/Business
- Rental Income/Expense (By Unit)
- Business Income/Expenses
- Other Business/Hobby Income/Expenses
If there are tax items that your receive that are not on this list, include it with the documents and we will review it.
- Common miscellaneous required items:
- Estimated Federal/State Taxes Paid
- Business Mileage
- Charitable Mileage
- medical Mileage
- Moving Mileage
- Non-Cash Charitable Contributions
- Certain Business Expenses
There may be items required not on this list. This list serves as a form of organizing towards preparing for the new tax season.
