5 Items You'll Need For Your Tax Return

Posted by: Brookside Admin

Half of the battle when filing your taxes is gathering the necessary information and paperwork. Whether you're working with a professional or trying to go it alone, it's extremely helpful to get organized well before you plan to work on your return. At BankRate, Kay Bell put together a list of the items you'll need to gather in order to be prepared for your tax return. Bringing all of these items to us initially will help us quickly and efficiently complete your taxes and get you your maximum return. 

  • Social Security Numbers

You probably know your own social security number, but do you also know your spouse's? How about your dependents'? You'll also need the tax ID number for any child care you use while you're at work. Filing without this information should be avoided at all costs. 

  • Income Data

Your employer should have your W-2 form delivered to you by the end of January at the latest. This should show how much you earned, how much was taxable and how much was withheld from your salary. Remember that you need a W-2 from all of the employers you've earned wages from in the past year. Independant contractors have a different form, called a 1099-MISC. If you're self employed, you'll have much more work to do. You'll need receipts and documentation of all business related expenses you're planning to claim. 

  • Investments

Think hard about any additional income you've earned outside of your job. Interest earned off your savings account or retirement account is usually taxable so you'll need to have those figures handy. For investments like stocks, mutual funds and other accounts, you'll receive a 1099 form detailing the taxable earnings there. 

  • Mortgage Information

The interest you pay on your mortgage is tax deductible and can be found on Form 1098, which you should receive from your lender. This is true of any residence you have a mortgage on, so check into any vacation homes or other property. Annual real estate taxes paid as part of your mortgage are also deductible. 

  • Donations

Giving money to a good cause has the added benefit of getting you more money back on your taxes. Not only are cash donations deductible when you get a note or receipt, but so too are clothing, furniture or other goods donations. If you're volunteering, you're able to deduct the mileage traveled at a standard rate. 

Staying organized throughout the year makes the tax deadline seem much less daunting. It also saves you from having to scramble for documents after the new year. 

At Brown Kinion & Company, we help you understand exactly what type of information is needed in order for us to get you the refund you're entitled to. Contact us today to schedule an appointment or with any tax questions you may have.