Seasonal Events | February 16, 2018
It’s that time of year again, tax season! While this may be a stressful time for some, it doesn’t have to be. Make tax season a breeze this year by knowing exactly what is needed to file your taxes.
Before we get into the nitty gritty information about what documents are required to file your taxes, it is important to know about the tax deadline for 2018. While normally the deadline to file taxes is April 15th every year, this year since the 15th is a Sunday and the 16th is a holiday, it is Tuesday April 17th.
1. Social Security Number: In order to file your taxes, it is necessary to provide your Social Security number and the Social Security number of your spouse and any of your dependents.
2. W-2 Form: Any employer you worked for within the tax year is required to give you a W-2. The W-2 will show the wages and taxes you paid throughout the year.
3. 1099 Form: If you receive income over $600 from someone other than your employer then you are required to fill out a 1099. For example, an independent contractor earning over $600 will have to fill out a 1099 form. If you received government payment for unemployment or made a withdrawal from a taxable retirement account, you will also need to fill out a 1099.
4. 1098 Form: A 1098 form is used to claim deductions from mortgage or student loan interest.
5. Tax Credit Forms: If you qualify for tax credit, from child card or furthering your education, you’ll need to file a form. While filling out these forms can be tedious, they can also end up saving you a great deal of money.
6. Your Previous Tax Return: Using your tax return from your previous year can help to start your taxes for the current year. Be sure to update your entries with any life changing events, like changing jobs, getting married, divorces or having a kid.
Companies are required to mail all reports to you by the end of January. In order to make sure you have all of the forms required to fill out your taxes, make a list of the documents and forms you are expecting.
The sooner you’re able to start on your taxes, the better. Even if you’re not quite ready to file your taxes just yet, getting all of the necessary documents and information ready will result in a smoother process. Stay tuned for our next post where we will dive farther into how to decide if you want to file your taxes yourself or through a tax filing company.
We strive to offer you the best tips for a more organized life. Are you tired of misplacing your tax documents and personal papers? A storage unit is a great option for the storage of personal documents. Our climate controlled storage units will protect your items from dangerous fluctuations in temperature, and you’ll have the peace of mind knowing they are stored in one secure location. For more organization tips or information on renting a storage unit, contact us today!