Quick Tax Checklist
- Whether you file your taxes online or by paper, being prepared will make it go much faster.tax forms image by Chad McDermott from Fotolia.com
Filing taxes can seem overwhelming and is often confusing. Being prepared before you start is essential to making the process go smoothly. If you are using tax preparation software, be sure to go through the tutorial and read pertinent information before beginning so you don't get bogged down in software details and tax details at the same time. - Decide how you are going to file. The lowest tax rates are joint returns, according to former tax professor and author Jeff Schnepper. However, he says if you have a lot of deductions or medical expenses, it may be better to file separately if you're married. He recommends doing your taxes both ways before deciding or seek a professional consultation.
- You will need the Social Security numbers of everyone in your household including yourself, spouse and dependents. Make sure the names you put on the form are the same names the Social Security Administration has associated with your number.
- If you intend to pay your taxes by electronic transaction or are getting a refund, you will need you bank account and routing numbers if you'd like to do the transaction quickly. Those who get a direct deposit refund typically get their refund faster than those who ask for a check.
- Make sure you have the forms from every employer or person who paid you through the year. These forms include a W-2, a 1099 (for a contractor) or a Schedule K-1.
- If you paid tuition, paid on a student loan or have other qualifying educational expenses, make sure you have these forms and receipts.
- If you intend to deduct medical expenses, locate insurance statements, medical bills or receipts.
- If you looked for a job or moved in the last year, collect the receipts and expenses, including mileage.
- If you made a taxable donation in the last year, make sure you have the receipt for the donation. The IRS no longer accepts estimates of donations made, no matter how small the amount of the donation.
- Do the IRS worksheet and figure out how many exemptions you qualify for. If you qualify as a head of household, this will add to your exemptions, as well.
- Be sure to attach all forms and statements that verify income as well as any schedules you completed. If you are employed, you will need to send the IRS copy of your W-2. If you received a 1099, you can make a copy of it and send it to the IRS. If you are self-employed, you will need a schedule C, and if you qualified for the Earned Income Credit, you will need to attach that paperwork, as well.