Ready For Taxes? 5 Common Tax Items You Need

Ready For Taxes? 5 Common Tax Items You Need

Ready For Taxes? 5 Common Tax Items You Need

by Steve Gamel

 

We’re barely through the first month of 2019, so let’s talk about taxes, shall we? You’re probably saying to yourself that it’s way too soon to talk about that and, in many ways, you’re right – tax day isn’t until April 15, and even then, you can always file an extension. But waiting until the last minute only makes things worse. So why not start now?

Here’s a simple, yet important list of five common tax items everyone should be rounding up right now:

All documents that prove what you made in 2018:
This includes everything from W-2 forms to unemployment income, investment income, rental property income, social security benefits, and even 1099s depending on if you’re an employee working for someone or if you own a business or received money for contract work.

Personal information:
If you’re doing a single filing, this is as simple as knowing your social security number. But if you’re married and have children, you will need the same information for each person in your family. If you’re relying on a CPA to handle your tax return, make sure they have birthdates, etc., and have previous years’ tax returns available.

A detailed list of all your deductions:
This is a perfect example of something that will take some time, especially if you are relying on crumpled up receipts between the seats of your car. Be mindful of anything that can help out your case, including childcare and educational expenses, property tax and mortgage interest, retirement accounts, etc.

A list of all your credits:
Credits are another great way to lower your tax burden, but you need documentation to prove you deserve them. Examples of common credits include child credit, premium tax credits, and lifetime learning credits.

Direct deposit information:
Assuming you are one of the lucky ones to get money back on your taxes, make sure you have your bank account information handy. This includes routing and account numbers.

We’d be silly if we didn’t add in here that Murray Media Group is not tax advisors. This is merely a basic list of information you should consider pulling together now rather than waiting until the last minute. There are plenty of qualified CPAs in and around Denton County who can help answer specific tax questions as they relate to your situation.


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