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Tips to Organize this Tax Season

It’s a new year and that means it is tax season!  Ready?  If yes, great.  See you next time. If your tax documents are not organized, here are some tips that can help.

Photo by Mohammad Danish from Pexels
  • Designate an easy to access place for all your 2019 tax documents.  Do not mix tax years, but do make sure the spot you keep the tax documents is easily reachable from where you will be working on them and still big enough to allow room for all documents needed. (FYI on the kitchen counter or in the front foyer are NOT good places to organize tax documents).
  • Check your last return for what information you need to gather in your new organization spot for taxes.  If you itemized deductions, then you will need those receipts/statements.  If you are a contractor, make sure you have a spot for your 1099s.
  • Start your worksheet and lists for 2019.  Sometimes your accountant will send a tax worksheet to you, so your tax information is organized for them.  If your CPA does not do this, there are still things you can list:
    • Total income 2019 from all sources: form W-2, all 1099 forms, Schedule K-1s, Trust or estate income and Foreign Earned Income.
    • Expenses 2019:
      • Mortgage interest form 1098
      • Childcare
      • Charitable Contributions
      • Real Estate Taxes paid
      • Gambling Expenses
      • Retirement Contributions
      • Investment Transactions
      • Business expenses
      • Moving Expenses
      • Foreign Taxes Paid
  • Tax Information from payees such as childcare provider or 1099s

If you do not have an accountant or tax preparer, visit personaltaxprep.com to be matched to a licensed