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How to Prepare for Tax Season

The tax season is fast approaching. For some, it means waiting until the last minute, scrambling to gather all the necessary documents. This year, make it a resolution to prepare ahead so you’re not rushing to meet the filing deadline. 

Follow these simple tips to prepare now: 

1. Make a list of all necessary documents
If you haven’t kept the best records for the year, start jotting down all of the documents you may need. Necessary documents usually include: 

• Tax return(s)
• W2s and 1099s 
• Social Security or Tax ID numbers for members of your household
• Receipts
• Other Itemizations 

2. Organize your receipts
Many people throw receipts into a box or folder throughout the year and don’t look at them again until it’s tax time. If you wait until you file taxes to start sorting through your receipts, it could make the process lengthy and overwhelming. Take time now to organize your receipts into categories making it easier come time to file.  

3. Review documents for accuracy 
It’s hard enough to make time to file your taxes, don’t let inaccuracies delay you further. Review your W2s, 1099s, and other tax documents as they come in. It’s better to catch a mistake now and take care of it than to find the mistake as you sit down to file your taxes.  

4. Determine your final retirement contribution
Before you file, review your finances and determine your final contribution to your retirement account. If you didn’t reach your maximum contribution by the end of 2019, you might have additional time to contribute to your 2019 IRA. 

Source: Wise Bread