We All Know What Follows The Holiday Season ...Tax Season
The tax code is over 16,000 pages long and there are numerous items to consider when preparing your taxes.
No one likes to think about their taxes before it is time.
However, with a little early preparation, tax time can be here and gone before you know it. With a little organization and planning before tax time, you can avoid many of the stresses and strains accompanying a rush to get your return filed on time.
- 1. Start by creating a 2011 tax folder for the important tax documents that normally arrive during the month of January. Some of these items are W2’s, 1099’s, and 1098’s. Other forms arrive with your monthly bill or statement so be sure not to accidently throw them away. For example, most banks are now inserting the year end 1098 mortgage interest statement in the same envelope as your January mortgage bill.
- 2. This year with all the foreclosures, repossessions, and cancellation of debt those individuals will need to let their preparer know because you should get a tax form from your lender for these.
- 3. Calculate any donations made to qualifying charities or churches. These can be cash or non-cash, such as clothing donation made to Goodwill.
- 4. Gather and add receipts for medical, work, education, and moving expenses. Don’t forget taxes paid to the state such as auto registration and property tax.
- 5. If you have a rental property or business you will need to summarize a list of income and expenses for each property or business.
- 6. Once you have everything it’s time to make an appointment with your tax preparer.
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