| – W2s
|| – 1099s
| – Social Security Numbers (of all dependents)
|| – Self-Employment Records
| – Charitable Contribution Statements
|| – Business Expense Receipts
| – Investment Earnings Statements
|| – Business Expense Records
| – Mortgage Interest Statement
|| – Business Income Records
| – Last Year’s Return; including the amount of any refunds
|| – Mileage Statements
| – Work-related Expense Receipts (such as uniform requirements that are not reimbursed)
|| – Home-use for Business Statements (such as utility bills)
Second, some tips for getting ready…
(1) Gather your paperwork. Look at last year’s return to jog your memory.
(2) Make an appointment with a tax professional, or purchase and install current tax return software on your computer.
- If you get help with your taxes, allow at least two days between gathering your paperwork and going to your appointment. This gives you to time to think through your items more than once. It will help you remember everything you need to bring with you.
- If you use self-prep software, don’t fill it out and send it the same day. Save your return and look at it again the next day with fresh eyes. This reduces the chance of errors or omissions.
- Don’t wait to work on your taxes. Even if you think you may owe money. It’s better to do it early, and have time to make sure you didn’t forget anything – and, if you have to, to save up to send money in.
(3) If you owe money, you can submit the paperwork, and then wait to mail the money on April 15th. Payments are not required to be sent with your return.
One more tip to consider…
If you receive a huge refund every year, it may feel like a windfall and be exciting, but it actually harms you financially. Often all a big refund means is that you overpaid the government all year. Then they give you your money back, without paying you any interest. So examine why you get a big refund and consider adjusting your payroll deductions. Always seek personal, professional advice prior to making any changes. This tidbit of advice is not a “one size fits all”.