Effective tax planning can make the process of filing your taxes easier. Before you can start filing for your tax return this year, it’s important that you get organized and have all your documents in order. Read on to find out more about the tax forms you may need this tax season.
Tax Forms Checklist
Creating a checklist is a great way to stay organized during tax season and make sure you are filling out all the right tax forms.
1. Personal Information
When filing for your tax return, the IRS needs to know exactly who’s filing. All taxpayers will need to provide their social security number or tax ID number, as well as dates of birth for you, your spouse, and any dependents.
2. Dependent(s) Information
Parents and caregivers will have to provide their dependent’s date of birth, social security or tax ID numbers, childcare records, and income on tax forms.
3. Income and Investment Information
Sources of income need to be provided when filing your taxes, there are different tax forms for each including if you’re employed, receiving unemployment, or self-employed. Some of these tax forms include:
- Forms W-2
- Unemployment (1009-G)
- Pension and IRA Forms (1099-R)
- Gambling Income (W-2G)
4. Itemized Tax Deductions
The government offers smaller types of deductions to lower your tax burden, including home ownership, charitable donations, medical expenses, health insurance, educational expenses, and childcare expenses. Oftentimes, people miss these smaller deductions, so it’s important to do your research or get in touch with an accounting professional so you can save more money.
If you’re not sure which tax forms you need to fill out and are looking to get assistance with your taxes and finances this tax season, no need to look any further than Satty, Levine & Ciacco, CPAs, P.C.! Visit our website today to get started.