Tax Day is in April and it’s important to give yourself ample time to prepare in order maximize your tax refund. But, where do you start? What do you need? We have you covered with this helpful list.
Begin by downloading the Tax Form Checklist here. Additionally, you’ll want to have a designated filing system for all tax documents. It’s a good idea to have separate folders for the following information:
- Bank statements
- Medical records + receipts
- W-2 information
- Employment income or unemployment forms
- Personal property taxes
- Real estate taxes
- Any home business expenses
- Social Security benefits
- Income from sales of property
- Rental property income/expense
- IRA / pension distribution
- Alimony received
- Scholarship, lottery, Medical Savings Account or any other miscellaneous sources of income
- Moving expenses
- Charitable donations
- Child care costs
- Alimony paid
- Student loan interest
- Medical and dental expenses
- Self-employment health insurance payments
- Education expenses
DIY vs. Professional
When it comes to taxes, it’s best to get it right the first time and avoid a problem. If you or someone you know is a whiz at this – great! There are many ways to file your taxes online.
If you think you’ll need assistance, consider a company like H&R Block that specializes in tax preparation. Just be sure to make an appointment early.
Are you interested in receiving a check or having a refund directly deposited into your bank account? If you choose direct deposit, be sure to provide your bank account number and routing number when you file your taxes.
For questions or a complete list of information, visit the IRS website directly.