Whether you have your taxes done by a professional or you do them yourself, it’s important to be organized and have all your important documents ready.
When working with a tax preparer, be sure to ask about what information you will need, then organize it based on the professional’s advice.
Here are some key documents to consider:
Have information about your income sources, such as:
- W-2’s from employers.
- 1099 forms that show any investment or interest income.
- Social Security benefits.
- Any income from last year’s tax refunds.
- Any additional income sources.
- Rental income.
Deduction and credit information can help reduce your tax burden, so be sure to have:
- Child or adult care costs.
- Records of cash and non-cash charitable contributions.
- Education costs.
- Medical and dental expenses.
- Qualified business expenses.
- Moving or job expenses.
These Income adjustments can also reduce the amount of tax you owe:
- Mortgage interest and property tax payments.
- IRA contributions.
- Interest on student loans.
- Moving expenses.
- Medical Savings Account contributions.
Personal information identifies you and where any tax return should go, so be sure to have:
- Social Security numbers for you, your spouse and any family members.
- Bank account and routing numbers if you would like a direct deposit of any refund.
Having your tax information ready and organized will speed up the process and help you get any deductions and credits you qualify for.
