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!
