Although it may seem hard to believe right now, soon enough spring will be here. With spring comes flowers, green grass, and unfortunately, tax season. Tax season can be a brutal time of the year even for the most organized and on-the-ball type person.
It is never too early to start preparing for tax season. Stay with us and you will learn what documents are needed to file your taxes as well as other need-to-know tax information!
What Documents Do I Need to File Taxes?
- W-2 Form: Your employer is required to give you a W-2 form that will show your wages and the taxes you paid throughout the year. If you had multiple employers, you will receive multiple W-2 forms.
- Social Security Number: When filing your taxes, you will have to have your social security number as well as the social security number of your spouse and dependents.
- Tax Credit Forms: There are some situations and expenses that can qualify for a tax credit. For example, education costs, childcare costs, adoption costs, medical expenses and charitable contributions may qualify you for a tax credit.
- 1099 Form: 1099 forms are filled out when you receive income from someone other than your employer. For example, someone who works as an independent contractor for a business would have to fill out a 1099 form. 1099 forms are also filled out when you withdraw from a taxable retirement account, receive a government payout or unemployment.
- The Tax Return from Your Previous Year: It may be helpful to have your tax return from your previous year in front of you when filing your taxes. This will not only help you save time, it can also help keep you from making mistakes. Don’t forget to update your current year tax return with any big events, like getting married, moving or having a kid.
Who Needs to File a Tax Return?
When determining if you need to file a tax return, there are a few factors you should take into account. These factors are your filing status, your age and your gross income. Before deciding not to file your taxes, consider consulting with a tax professional.
When is the Last Day to File Taxes?
This year, Tax Day falls on April 17th. Due to April 15th falling on a Sunday, and April 16th being a holiday, this is two days later than normal. To avoid getting charged a late penalty by the IRS, it is important to have your taxes filed before April 17th.
Storage World is Your Organization Expert
We strive to offer you the best tips for a more organized life. Are you tired of misplacing important personal papers and files needed for tax season? Consider renting a climate controlled storage unit for the storage of your personal documents. This is a great way to keep your items all in one secure location. Contact us today for more organization tips or to learn more about a storage unit rental with Storage World!