Preparing your taxes will be one of the most stressful courses of action you will take this year. Tax preparation becomes much easier when you have a list of exactly what you need. This guide will show you what you need to look at when it comes to preparing your taxes for this year.
Do You Have the Right Forms?
The IRS website offers a full list of forms that you’ll need for your current situation. Try not to request certain forms, such as Form 1099, if they haven’t arrived yet to avoid the risk of receiving two forms, and therefore the IRS believing you have double the income.
- Social security number.
- Full name and address.
- Any alimony arrangements, including the ex-spouse’s full name and social security number.
Evidence of Deductions
Before you make any deductions, make certain that you have evidence to support these deductions first. You should never make any deduction you can’t prove on paper. If you are unlucky enough to be audited, you will need this information to prove that your deduction was valid and fair.
Finally, you will need to show evidence of any payments you have made this year, along with anything you’ve received. This includes pay checks and any receipts for payments made for student loans and other such expenses. Remember that many of these receipts will also enable you to make deductions, so they’re worth keeping.
Tax preparation is simply about accuracy. Before you send away your tax return, make sure you check it with a tax professional to ensure you haven’t made any mistakes.
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