What to Bring to the Tax Office
January 5, 2010 by The Frugal Home
Filed under Personal Finance, Taxes
Tax time is usually a stressful period, but it doesn’t have to be. Start gathering your forms, paperwork, and notes before January 1st even gets here. This is a big tip to reduce tax anxiety. Make a folder with a few basics that you take in every year, such as copies of current ID’s, social security cards for everyone on the return, and a copy of the previous year’s return. As the year progresses add a list of questions and topics you would like to discuss, so that when you leave the tax office you feel comfortable that you covered everything. Place in this folder any receipts, bills, or documentation you think would help with deductions. Such things include:
• Receipts of charitable donations (which are now mandatory to be able to deduct donations)
• Medical expenses
• Out of pocket job or moving expenses
• Sales tax spent in a year (especially on large purchases like an RV, a car, or a boat)
• Gambling losses if you had any winnings
• Education expenses for you or your dependents
Other items that might be helpful are a list of jobs you worked during the year including self employment that way when your tax forms come in you can make sure you have some kind of documentation for each one. Bank routing and account numbers are beneficial if you would like direct deposit or direct debit.
With this folder all you have to do is collect income documents as they arrive such as W-2’s, 1099-R’s (for retirement income), 1099-G’s (for unemployment), Interest statements (anything over ten dollars must be reported), and mortgage interest statements. This is in no way the be all or end all list, and there will most likely be items you bring that can not be used. Don’t get discouraged this is a way to make tax time simpler for you and your tax specialist. Bringing in these items lets the tax pro see the whole picture and will help them ask the appropriate questions to save you money.
For more information on what to bring, and a more unique check list visit
http://www.hrblock.com/taxes/tax_tips/tax_planning/tax_checklist.html
