Tax Time is Just Around the Corner!
Posted on December 4, 2020 by Beverly Bradley | 0
Now is the time to start getting ready to file your 2020 tax returns. Here are some things that you will need to have gathered:
- Social Security Number for everyone on your tax return.
- Copies of driver’s licenses for tax file and spouse (if applicable) if you want to efile your tax return.
- Date of birth for everyone that will be listed on your tax return.
- W2s for tax filer and spouse (if applicable)
- This year you will need a copy of the Notice 1444 that shows the Economic Impact Payment that you received.
- Bank or financial statements such as Forms 5498 m 1098-E, and 1098 Mortgage Interest Statement
- K-1 statement if partner or S Corp member
- All form 1099 forms such as 1099-NEC, 1099-DIV, 1099-INT, 1099-G, 1099-K, 1099-R, 1099-HSA, SSA-1099, etc.
- If completing Sch A gather all medical receipts and records
- If you plan on taking a tax deduction for donations you will need to be able to back them up with receipts showing the date, value, and charitable organization.
Important Reminder: Most income is taxable, including unemployment compensation, refund interest from the IRS, and income from self employment.