It’s that time of the year again. Taxes. Ugh. They are never fun to complete but what can make it worse is when you don’t have all of your paperwork ready when you sit down to work on them.
Whether you complete your taxes yourself or use a provider, it is essential that you have everything you will need. Some firms may send a checklist to you, but even if they do, there may be items they don’t have listed, which can delay the preparation (or worse yet – accuracy).
When our taxes were pretty simple, we always filed them ourselves online. It was so easy to do, and the program we used made sure we covered all sections before sending our return to the IRS. It was pretty straightforward. However, now that we own a small business, it is much more complicated. That is why we hire someone.
Sure, I could save myself a little bit of money if I prepared them all myself, but honestly, it is worth paying someone to do this for me. I have no worries that I failed to include any information or answered something incorrectly.
If you are ever uncomfortable preparing your taxes yourself, it is always best to pay for someone to do them for you (but make sure you use a reputable firm and not someone who had two weeks of tax prep training).
Whether you pay someone to do your taxes or not, it is essential you have all the documents and forms you will need to complete your tax forms accurately. After all, leaving even one item off your return could result in an audit!
To help make sure that you don’t forget anything important, we’ve prepared a FREE Tax Prep Checklist! You can download below! Sign up below, and you’ll get instant access to be able to download your form.
Some of the documents you should collect include:
- W-2s
- 1099s
- K-1s
- SSNs & DOBs for yourself, spouse & dependents
- Medical & Health expenses
- Prior year’s tax return
- A detailed accounting of charitable contributions
- Lender loan statements
- Mortgage interest statement
- Homeowner’s tax bill
- Energy upgrader receipts
- Rental Income
There are many more things you need to collect and that is where the checklist comes in handy. Of course, you should also check with your CPA or tax preparer about any other forms that they may require for your tax situation
As far as coming up with a free way to pay your taxes? Sorry — but you’re on your own! 😉
*I am not a tax professional. Consult your tax professional to confirm if additional items are required.
