Preparing for Tax Season

Preparing for Tax Season

Avoid Stress and Prepare for Tax Season Now

Did you know the IRS extended tax season for 2021? Taxpayers now have until May 17th to file their federal taxes. While the push allows people the time to navigate the unusual circumstances left by the pandemic, it also allows taxpayers to delay payment of any money owed to the IRS until the new deadline date.

If you’re excited about having more time to file your federal tax return, don’t delay for too long on organizing your important documents and statements. Here’s your go-to tax season checklist on forms and records you must have to make filing your federal tax return easy.

Personal Information

One of the most important pieces of information you need for your tax return is social security numbers and birth dates for yourself, your spouse, and your dependents. Having your bank account and routing number on hand is also vital if you’re directly depositing your refund into your account.

Key Income Facts

When filing, it’s essential to have information on your income. For example, you must have:

  • W-2 forms for you and your spouse
  • 1099-C forms for cancellation of any debt
  • 1099-G forms for unemployment compensation, or any state or local tax refunds

Any Adjustments to Income

If you can reduce your tax amount, you’ll need to file certain forms to either increase your tax refund or lower the amount you owe. Such forms include:

  • Records of moving expenses
  • Paid alimony
  • Form 1098-E for student loan interest paid
  • Form 1098-T for tuition paid
  • Any canceled checks or receipts for expenses if you’re a teacher
  • Records of IRA contributions made during the year

Tax Deductions and Credits

The United States government offers many deductions and credits for taxpayers in order to lower their tax burden. To make sure you receive all the deductions and credits you deserve; you must fill out the following documents:

  • Investment interest expenses
  • Charitable donations
  • Medical and dental expense records
  • Casualty and theft loss records
  • Form 1098-T for education costs
  • Forms 1098 for mortgage interest and private mortgage expense
  • Home business expense records
  • Rental property income and expense records

File and Pay Your Taxes on Time with Tobin & Collins

Tobin & Collins is prepared to assist you with tax return preparation and compliance to make Tax Day a breeze. Get the help you need by contacting our expert CPA and Financial Advisors at (201) 487-7744 or by filling out an online contact form today!

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