If you are a working American then you know that each year you have to file your taxes. This is our responsibility to the place that we choose to call home. We also pay our part so that the country can continue to operate. There are some people that don’t think about taxes until the time comes to start getting them filed. This means in January you start to grab your paperwork and hope you have what you need. The issue is that you will need to have access to your paperwork from the entire year in order to file a proper tax return. That is why it is paramount that you have a way to collect the necessary documents that will be needed to file throughout the year. You can have a file folder or a file on your computer that you will use to save these items. Now you need to know what types of things you need to look for and keep during the year. Mark Dicus & Company outlines what you need to collect to file your taxes.
Personal Information Needed to File Taxes
The first thing you need to do is to make sure you have access to your personal information. Although this is the one area that most know about you need to be sure you know the extent of the information. Of course you need your name, address and social security number but you also need these things for all your dependents as well. These are not things that most people have in their memory so you want to have them somewhere that you can locate them. You also want to make sure that if you did any business on your own that you have the tax identification numbers for the business so that you can use them to show your income in that manner.
Income Information when Filing Taxes
There are several forms that are needed when you file your taxes so that you can show that you had income. The income can be from a regular hourly or salary job which will come usually in a W-2. You also will need to make sure that you look for your bank statements that you use to collect for your retirement funds such as IRA. If you own a home you also need to have access to the forms that show the amount that you pay in mortgage fees, and more. You lastly might be a contractor where you are working for yourself and anyone that you offer service to will send you a 1099 to show that you were paid. These are important because this is income that you have not yet paid any taxes on.
Charitable Donations to Reduce Taxes
If you are someone that donates through the year you want to make sure that you collect those receipts and keep them in your file. They can be used on your taxes to offset the income that you had.
What Receipts Do I Need for Tax Deductions?
Some of the receipts you may need when filing your taxes include medical, childcare, unreimbursed work expenses and more. A tax professional like Mark Dicus & Company can not only tell you what receipts to keep for taxes, but we can also help with calculating all types of taxes and assist taxpayers with complex financial situations to help protect your tax refund.
Tax Preparation, Filing & More in Menominee Falls, Waukesha, West Allis, Racine & Greater Milwaukee, Wisconsin
If you are not sure what you need to collect for your specific case and life, you want to talk with a tax preparer that can tell you want you need through the year. Mark Dicus & Company can make sure that you are ready for your tax return filing. Call us today!