Maybe you were drop your tax information away carefully in a color-coded file folders throughout the year, or scan and store them where you can find them in a second.
all you need now is your W-2 forms and others arriving in January, and you are all play.
excellent.
Most of us, unfortunately, are not quite as organized.
we started 2015 with good intentions, but life happened. If we spend a little time now to organize our tax information, preparing our returns will be later a wink
Use these tips to easily organize your tax information.
Designate a convenient place for tax records in January
If the place you want to keep the documents are not easy to access, it will not be used routinely.
even if you intend to scan documents, you need a place to store them temporarily.
Consider choosing something that you can reach with one hand (such as a tablet or a folder), while holding a stack of mail.
If you do not let the W-2 or 1099 hit the kitchen counter, it will never be lost.
tax documents Group by category
Depending on the complexity of your tax return and how much space you can spare, you can use file folders, paper clips, boxes, or other methods to classify documents.
Entering information in TaxAct will be much easier if you have information about your income, deductions and credits distinct.
If you have one or more companies, you will need to keep the information for each company separately.
Find the return of last year
returning from last year is an important starting point for filing this year.
watching your return for last year, you can see what information you probably need now.
In addition, you may need to use information from last year such as depreciation or stock status or deferred credit on the income tax return this year.
Check odometer at the end of the year
If you take a deduction for the mileage tax, you'll want to check the odometer of your car on December 31. If c is already past, verify and even make your best estimate.
start spreadsheets and lists for 2015
unless your tax return consists primarily of a W-2 form or two, you probably need a sheet calculation and other documents of how you arrived at the information you enter in your statement.
First, start a list of questions and information you need yet.
For example, you may need to obtain tax information from your child care provider, or the number of square feet in your home office.
you should also keep a spreadsheet that shows how you have estimated the amounts or distributed among different categories.
in addition to being required if the Internal Revenue Service never questioned your return, this information can be useful for tax years.
Use fiscal tools on TaxAct.com
We have developed a set of tips and tools to make the time of the easiest taxes.
Check them out at TaxAct.com.
are you more scanning the receipts and other tax information this year, or do you prefer paper documents?
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