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  • Writer's pictureLila & Associates LLC

Four Steps To Get Organized For Tax Season 2017

Save yourself from the hassle when it comes time to file your 2017 taxes by taking some easy steps throughout the year. Here are five ways you can start preparing for next year right now.

1. Gather All Your Financial Documents

Here are some of the most common forms:

  • Form W-2 if you have a job

  • Form SSA-1099 if you received Social Security benefits

  • Various 1099s to report income such as cancellation of debt (1099-C), dividends (1099-D), interest (1099-INT), and non-employee compensation paid to independent contractors (1099-MISC).

  • New Form 1095-A to report information from the government Marketplace from which you purchased health coverage

  • Various 1098s reporting mortgage interest (1098), student loan interest (1098-E) and tuition payments (1098-T)

2. Gather Your Receipts Together

Which ones you need depends on whether you choose to itemize your personal deductions instead of claiming the standard deduction. You can choose to itemize if this produces the greater write-off. Unfortunately, the only way to know for sure is to determine the amount of your itemized deductions and compare them with your standard deduction amount.

  • Receipts- Gas, food, etc

  • Property Tax Bills

  • State & Local Estimate Tax Payments

  • Record of Charitable Donations

  • Receipts from medical expenses, child care, tuition expenses, employee business expenses

3. Create A List Of Personal Information

This information tells the IRS exactly who’s filing, who is covered in your tax return, and where to deposit your tax refund.

  • Valid Driver’s License or ID cards for all individuals over 17

  • Social Security numbers & dates of Birth for you, your spouse, your dependents

  • Copies of last year’s tax return for you and your spouse (helpful, but not required)

  • Bank account number and routing number, if depositing your refund directly into your account

  • School records showing your address for all dependents to show they live at your resident

  • Childcare records (including the providers tax ID number) if applicable

4. Schedule An Appointment

The sooner you meet with your Tax Preparer, the sooner you can begin the process. It is especially important to act promptly if you anticipate a refund so you can receive your money promptly.


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