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As we are celebrating the Advent & Holiday season and looking forward to Christmas, we should also start to get ready for the Tax Season.  Now, don’t go “Bah, Humbug!”  Organize the information and you’ll find it’s easier to get things around.  Use “MONEY IN” and “MONEY OUT” to help you get organized and then review the “NEEDED DOCUMENTS”.  Take these and any other documents you get (though they may not listed here), with you when you get your taxes prepared.  Your Tax Preparation Person will be happy you were organized.

 

MONEY IN

Like it sounds – money you get in throughout the year.  Here are a few for examples:  W-2’s, 1099’s, Interest Statements from Bank Accounts, Dividends, Retirement Income, Social Security, Disability Income, Gambling Winnings, Unemployment Income, State & FIA Payments and so on…

 

MONEY OUT

Again, like it sounds – money you spend that goes towards taxes throughout the year.  Here are a few for example: Heating Gas Paid for Year (for Home Heating Credit), Rent Paid for Year (for Property Tax Credit – know all addresses, landlord names & phone #’s, amount you paid and dates), Property Taxes Paid (for Property Tax Credit), Health Insurance Payments for the year (the amount that you actually paid), Student Loan Interest, College Tuition Paid, Medicare Payments for Parts C & D and so on…

 

NEEDED DOCUMENTS for your 2014 Tax Return – Be sure to bring the following:

Picture ID (DL, State ID Card, Passport)

Social Security Card for you and your dependents

2013 Tax Return (Last Year’s)

December Gas Bill

Summer & Winter Tax Bill (Homeowners)

All W-2’s

All 1099’s

If you are filing with your spouse, make sure you both are there at the appointment to sign the electronic filing authorization.