Tips for Tax Procrastinators: Use a checklist

When you're getting your tax documents ready, it's helpful to follow a checklist to make sure you've got everything you need. There are hundreds of tax forms and thousands of tax situation, so this checklist doesn't cover them all. But it's a great basic list to follow when you're getting together a simple tax return:

  • Personal information for all people being included on the tax return, including social security numbers
  • W-2s for wages
  • 1099s for small business or subcontractor income
  • 1099s for interest or dividends received
  • Information on last year's state tax refund
  • Information on sales of stocks
  • Retirement account contributions
  • Education costs for college or graduate school
  • Medical expenses, including health insurance paid
  • Items related to your home: mortgage interest, property taxes
  • Charitable contributions
  • Child care expense details (provider, tax i.d. number, total paid)
  • State or federal estimated taxes paid last year
  • Small Business - Information on your income and expenses if you will be filing Schedule C
  • Rental Properties - Information on your income and expenses if you will be filing Schedule E
If you're using a professional tax preparer, they can provide you with a "tax organizer" which is a long questionnaire that will help you gather all the documents you'll need.

Read more Tips for Tax Procrastinators

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Should I Include a Dependent's Income on My Tax Return?

It may be easier and less expensive to include dependents' income on your tax return rather than have them file their own return—in certain circumstances.

Read More

Brought to you by TurboTax.com

Great Ways to Get Charitable Tax Deductions

Generally, when you give money to a charity, you can use the amount of that donation as an itemized deduction on your tax return. However, not all charities qualify as tax-deductible organizations. While there are many types of charities, they must all meet certain criteria to be classified by the IRS as tax-deductible organizations. There are legitimate tax-deductible organizations in many popular categories, such as those listed below.

Read More

Brought to you by TurboTax.com

Tax Tips After January 1, 2019

TurboTax gives you ten tax saving tips for the new year. Find strategies to lower taxes, save money when preparing your tax return, and avoid tax penalties.

Read More

Brought to you by TurboTax.com

Should You and Your Spouse File Taxes Jointly or Separately?

Married couples have the option to file jointly or separately on their federal income tax returns. The IRS strongly encourages most couples to file joint tax returns by extending several tax breaks to those who file together. In the vast majority of cases, it's best for married couples to file jointly, but there may be a few instances when it's better to submit separate returns.

Read More

Brought to you by TurboTax.com
Read Full Story