It's the month of April and We're counting down to the final days of Tax Time. Have you filed your Taxes yet? Do you know that you have a few days left, to file your Taxes? Here are some quick ideas, to help you organize and get your documents ready for Tax Filing:
Here is a list of the common Tax Records, that we all need to have, for an effective Tax Filing:
1. Informational Tax Forms( W-2, 1099, 1098, 1095-A, Plus Others) that disclose Wages, Interest Income, Dividends and Capital Gain/Loss Activity.
2. Other Forms, that disclose Possible Income ( Jury Duty, Unemployment, IRA Distributions and Similar Items).
3. Business K-1 Forms
4. Bank and Investment Statements
5. Mortgage Interest Statements.
6. Business Expenses.
7. Property Tax Statements.
8. Mileage Logs for Business, Moving, Medical and Charitable Giving.
9. Medical, Dental and Vision Expenses.
10. Tuition Paid Statements.
11. Records of Any Asset Purchases and Sales.
12. Health Insurance Records( Including Medicare and Medicaid).
13. Charitable Receipts and Documentation.
14. Social Security Records.
15. Credit Card Statements.
16. Records of Any Out of State Purchases, that may require Sales Tax.
17. Records of Any Estimated Tax Payments.
18. Contribution Records
19. Educational Expenses( Including Student Loan Interest Expenses).
20. Casualty and Theft Loss Documentation.
21. Moving Expenses.
22. Home Sales Records.
If you are not sure whether any of your Documents are important for Tax Purposes, Retain the Documentation. It is better to save unnecessary documentation , than regret that you did not present the document to support your Tax Deductions.
If you need assistance in organizing your Documents and getting them ready for Tax Purposes, as well as setting up your record keeping system, so that you don't miss any Tax Deductions, Feel Free to call us on 202.422.4586 to help you out.
You will be glad you did.