The sooner you take necessary actions in filling your tax papers, the sooner you are going to get your returns. What makes this e-process easy? You have to get all your documents handy before you begin the process; that way, you are going to get the best results on that you are entitled to. Here are what you need to do to make the process smooth sailing:
The Personal Information
You will need a social security number for everyone included in your tax return. Everyone involved in the tax return should have their date of birth included on your tax return. This is mandatory and should be filled on your form.
Information On Your Income And Your Investment
This is another critical document that will be required in this process and which you are to get handy.
- You will need form W-2 which shows how much you earned and how much was withheld for tax. If you have not gotten the form, then make a request for that from your employers.
- The financial institution statement from your bank will also be required.
- You are to get ready your last year’s refund amount
- Form 1099s. You are going to get several forms in this category. Some of them include:
– 1099-MISC for self-employed people. You must receive $600+ from a single client to qualify for this form
– 1099-DIV is for those that received dividends
– 1099-G this form is for those that received dividends from the government.
– 1099-K is for those that make third party transactions through agents such as PayPal or Venmo etc
– 1099-R If are operating a retirement plan, then you are entitled to this form.
Self Employed And Business Record
This concern those that are self-employed. The details of your business records will be required. All financial transactions relating to both income and expenditure will be required. The following are the list of records that will be demanded:
- Business expense records
- Quarterly estimated tax payment receipts
- Mileage records
- Home office expenses
Medical Expense Receipts and Records
Another area that you are expected to get your documents ready is in the area of medical records. If you want to get yourself sorted out pretty fast; you should get the following documents ready:
- Receipts for unreimbursed medical expenses
- Form 1095-Health insurance coverage forms
- Social Security benefits
You will need to get the above documents handy if you are to get a refund that will have you effectively covered.
For those that are involved in charitable donations, you have to make handy the receipts of all that you donated to the cause that you believed in.
You can get relief over a proportion of the property tax that you paid if you itemize them and present such in your form.
You are going to be asked questions on the information that you filled in your tax refund form. Be prepared to give the answers in line with the info you supplied in written form. You will easily sail through if you get your cats tidied up.Unless you have the documentary evidence don’t claim the same in the tax return because it will end up in problems.