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Tax season has arrived! Today is the first day that the IRS will begin to accept and process your 2023 federal income tax returns through April 15. The sooner you start the process, the sooner you will see your refund! Preparing income tax returns for both state and federal filings can be a complex process. To help you get started, here’s a top ten list of items you’ll need to gather:
1. Personal Information: Collect your Social Security number, date of birth, and the same information for your spouse and dependents.
2. W-2 Forms: Gather all the W-2 forms received from your employers, which report your income and tax withholdings for the year.
3. 1099 Forms: Obtain any 1099 forms you received, such as 1099-INT for interest income, 1099-DIV for dividends, or 1099-MISC for miscellaneous income.
4. Income Statements: Gather other income-related documents, such as statements for rental income, self-employment income, or alimony received.
5. Expense Records: Collect receipts and documentation for deductible expenses, including medical expenses, mortgage interest, property taxes, and charitable contributions. You can keep good records throughout the year with one of these nifty planners
6. Education Expenses: Gather records related to education expenses, such as Form 1098-T for tuition payments or student loan interest statements (Form 1098-E).
7. State-Specific Forms: Research and gather any state-specific tax forms or schedules required for your state tax return.
8. Health Insurance: Collect Form 1095-A, 1095-B, or 1095-C, which provide information about your health insurance coverage for the year.
9. Prior Year’s Tax Return: Keep a copy of your prior year’s federal and state tax returns, as they can provide helpful information and serve as a reference.
10. Bank Account Information: Have your bank account details ready, including routing and account numbers, if you want to receive a direct deposit refund.
Remember, this list is a general guideline, and your specific tax situation may require additional documents and even advice from a tax professional in your state. It’s always a good idea to consult with a tax professional, read up on preparing your income taxes here or utilize tax software to ensure you meet all the necessary requirements and maximize your deductions. Make sure you are accurate and thorough.