Make Tax Filing Easier

Tax time is hard enough so help yourself by getting started early. Here are several tips to help make tax filing easier when time comes.

Organize Tax Related Documents
Employers and institutions are required to have all necessary tax documents postmarked by the last day of January. When time comes, make sure you store all the documents in a large envelope in a place where it won’t get lost.

Specific records you should keep include:

  • Form W-2 and 1099 Forms – W-2 forms are distributed by employers while 1099 forms may be sent from anyone who you have contracted with during the most recent year and earned at least $500.
  • Bank statements – Banks usually send a 1099-INT form that lists how much interest you earned during the last tax year.
  • Brokerage and mutual fund statements
  • Form K-1 (for partnerships) – Most people do not need to worry about K-1 Forms, only if you were involved in a business with partners.
  • Sales slips
  • Invoices
  • Credit card receipts
  • Health/Medical Bills/Statements – Any contribution towards a HSA account can reduce your taxes as well as large one time medical expenses.
  • Canceled checks or other proof of payment
  • Home purchase and sales agreements, closing statements, and insurance records

Correct Social Security Numbers
This should be easy but sometimes we all forget. :) Make sure you have your spouse’s SSN along with any kid’s SSN who you plan on as dependents.

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