Tax Filing Forms
Tax season is in full swing and it’s time to prepare your tax returns. For some, this can be a dreaded task, but with a little organization you can have a successful and stress-free tax filing season.
Knowing what forms you will need to take to your tax preparer is essential. Once you begin to receive your tax forms, begin a filing system to keep them all in one place and easily accessible. Let’s take a look at some common tax forms you may receive depending on your tax situation.
If you were employed during the year, you will receive a W-2 form from each employer that you worked for that year. If you had multiple places of employment, you will receive multiple W-2 forms.
If you were self-employed during the year, you will receive a 1099-Misc form from each company you provided a service. Be aware that if you earned less than $600 of taxable income in a given year, you are not likely to receive a 1099-Misc form. Also, this is the form you will look for if you received rent income.
For some gambling or lottery winnings, you may receive a W-2G form depending on the amount of winnings.
You will receive a 1099-G form if you had unemployment compensation income.
This is the form you will receive if you had pension income.
If you had dividend income during the year, expect to receive a 1099-DIV.
Likewise, if you received interest income, most likely from your bank or financial institution, you will receive a 1099-INT form. If your interest income did not exceed $10, you are not likely to receive a 1099-INT form.
If you had stock sales during the year, you should receive a 1099-B (Broker Statement) from your investment broker.
A 1099-G will be sent to you if you received a state income tax refund the previous tax filing year.
For those receiving social security income, you will receive a Form SSA-1099.
In addition to receiving forms for any taxable income for the year, you should expect to receive tax forms for deductions you may be entitled to for that tax year.
Some common forms you may receive:
If you own a home, you will receive a statement from your mortgage lender telling you the total amount of interest you paid for the year.
Real Estate Taxes
You should receive a statement indicating the amount of real estate or personal property tax you paid during the year.
Any money you gave to a charity, church, or place like Goodwill, to name a few, should send you or give you a receipt indicating the amount of money or goods that you donated.
If you contribute to a retirement savings plan, you will receive a form indicating your contributions.
These are just some of the more common forms you may receive, and depending on your tax situation, there may be others, as well.
If you are self-employed be sure to keep clear records of your expenses throughout the year. You will want to keep track of your receipts, but to aid your tax preparer even more, categorize your expenses and present a total of each category at the time of filing.
These are things you can do throughout the year, as well, so you don’t find yourself wading through months of receipts and trying to remember items from months ago.
A little work and organization will make this tax filing season your best yet!