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Have Your Important Tax Information Ready and Organized

Whether you have your taxes done by a professional or you do them yourself, it’s important to be organized and have all your important documents ready.

When working with a tax preparer, be sure to ask about what information you will need, then organize it based on the professional’s advice.

Here are some key documents to consider:
Have information about your income sources, such as:

  • W-2’s from employers.
  • 1099 forms that show any investment or interest income.
  • Social Security benefits.
  • Any income from last year’s tax refunds.
  • Any additional income sources.
  • Rental income.

Deduction and credit information can help reduce your tax burden, so be sure to have:

  • Child or adult care costs.
  • Records of cash and non-cash charitable contributions.
  • Education costs.
  • Medical and dental expenses.
  • Qualified business expenses.
  • Moving or job expenses.

These Income adjustments can also reduce the amount of tax you owe:

  • Mortgage interest and property tax payments.
  • IRA contributions.
  • Interest on student loans.
  • Moving expenses.
  • Medical Savings Account contributions.

Personal information identifies you and where any tax return should go, so be sure to have:

  • Social Security numbers for you, your spouse and any family members.
  • Bank account and routing numbers if you would like a direct deposit of any refund.

Having your tax information ready and organized will speed up the process and help you get any deductions and credits you qualify for.