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.

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