Preparing to file taxes

Preparing to file taxes

Hourglass The new year is still young but it’s never too soon to start preparing to file taxes.

Businessman Overwhelmed with PaperworkFind a checklist that might help you stay organized. This one from Turbo Tax covers a wide variety of situation. Here are a few helpful hints that might make the process easier.

  1. Get a copy of last years tax return.  This will help you make sure you have the correct social security numbers for your spouse and your dependents.
  2. Find your bank account number and routing numbers if you plan to direct deposit your refund or pay your taxes due via withdrawal.
  3. Make yourself a check list if you are expecting W-2’s or 1099’s for income earned from several sources.  You don’t want to file then realize that you left one out.
  4. Figure out what income adjustments you may be able to make (student loan interest, Self-employed health insurance payments, IRA contributions etc) and gather the backup documentation.
  5. Start gathering bank and credit card statements to document any expenses you plan to write off. Obviously, receipts should be gathered as well but sometimes going through the statements can help to remind you of what receipts you should be gathering
  6. If you purchased or refinance your home in 2014, make sure you have your closing statement for any possible deductible items.  If you can’t locate it, now it’s the time to contact your lender or escrow officer.
  7. Use page 2 and 3 of the check list above to gather records of any other tax deductible expenses like paid taxes, medical expenses, child care expenses, education costs, etc.

Tax day may be over 60 days away but figuring out your tax situation early is a good idea.Alarm Clock

Will you have a large refund coming to you? You can start researching the best way to invest the funds.

Are you going to owe taxes? Where will the money come from? Should you look into accessing the equity in your home?

Plan ahead and
hopefully avoid the stress of tax day.


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