Tax Preparation

  • January 07, 2015

Tax season is upon us but don’t let it overwhelm you. Once you have a clear understanding of all the information and forms you need to gather to complete the process, you’ll be done in a snap!
 
W2 Forms. Normally mailed to your place of residence, W2 forms provide proof of your wage information from your employer for each job you held during the previous year. If you held multiple jobs at multiple companies, make sure you get a W2 form from each.
 
1099 Forms. Did you participate in the buying and/or selling of stocks and bonds? 1099 forms document your activity needed to complete your taxes.
 
Bank Statements. Gather statements that show your bank activity for the year.
 
1098-E Forms. If you’re still paying off student loans and debt, be sure to include these forms to show how much of the principal balance as well as interest you paid off.
 
IRA Contributions. Did you contribute to an IRA account? Be sure to provide proof of money in or out of accounts.
 
Change in Status. Whether you were married, had a child, or some other major life event occurred, be sure to note this as many of these events bring about tax breaks.
 
Donations. If you donated money to a charity, include the receipt in your pile of collected documents. Add this information while going through the tax process to receive your deduction.
 
Energy-Efficient Renovations. Remodeling your home to include solar panels, high-efficiency appliances, or similar “going green” expenses can also be deducted from your taxes. So find those receipts!
 
File Early. Don’t wait until the last minute to file. Filing early means not only is the process crossed off your to-do list earlier in the year but any tax refunds owed to you will be received quicker.
 
File Electronically. Use this free method to file taxes quicker and track its status. 
 
Talk to a professional tax preparer to make sure you file correctly or if you have any questions about your taxes.

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