Welcome to 2020! I hope your year will be happy and prosperous!

Not to ruin your New Years’ buzz, but April 15th – tax day – is just around the corner.

Now is a good time to start gathering the various forms, documents, receipts, etc. that you will need to file your taxes. Set aside a special folder or Pendaflex file where you can collect and keep them all together.

Here’s a checklist of some of the key items you’ll need.

  • W-2 forms from your employer(s). These should be in your hands by Jan. 31.
  • 1099 forms for other types of income, e.g., self-employment
  • 1099B forms showing stock sales gains and losses
  • 1099S form and closing escrow statements for sale of real estate
  • 1098 form, home mortgage interest
  • 1095 form, health insurance statement
  • Form 5498-SA showing HSA contributions
  • Form 5498 showing IRA contributions
  • Records of taxes paid – real estate, personal property, estimated state and federal tax payments
  • Records of tax-deductible miles traveled for business purposes. It’s a good idea to take a picture of your odometer reading in January and again in December.
  • Documents related to business income and expenses, if applicable
  • Documents related to rental income and expenses, if applicable
  • Office in home information, if applicable
  • If you itemize deductions:
    • Medical expense records – medical insurance paid, doctor/dentist payments, hospital payments, receipts for prescription medicines and drugs, tax-deductible miles traveled for medical purposes
    • Records of charitable contributions

If you work on this list a little at a time, you’ll avoid the last-minute rush and make the whole process a little less painful.

Happy gathering!