Getting Organized for Taxes
Feeling the tax-time scramble? Don't fret – I've got your back. Let's get organized and conquer those taxes together.
First things first, let's talk deadlines. April 15th is the big day for individual tax filers. Circle it on your calendar and make sure you've either filed your return or snagged an extension by 11:59 PM. And remember, filing an extension doesn't mean an extension on paying your taxes – that bill is still due on April 15th. Don't let that catch you off guard!
Now, if you're in the partnership or S Corporation game, your deadline shifts to March 15th. Don't get caught napping – file that Form 1065 or 1120S or file for an extension by the stroke of midnight.
Got your deadlines squared away? Good. Now, let's talk about gathering those all-important documents. Here's a handy checklist to get you started:
Tax ID Numbers: Have your social security number, your spouse's, and your dependents' on standby. And don't forget the EIN for any businesses you're running.
Last Year's Return: Dig up that old tax return – it's your roadmap for spotting any changes or carryforward items for this year.
Now, onto the forms you're likely to receive:
Form W-2:
Your employer's report of your wages.
1099s:
Whether it's interest income (1099-INT), contractor earnings (1099-NEC), or unemployment compensation (1099-G), keep an eye out for these.
1099-R:
If you dipped into a retirement account, you'll get one of these bad boys.
1099 Composite/Consolidated:
Expect this if you've got a taxable brokerage account. It's your one-stop shop for all things taxable events.
Schedule K-1:
If you're in a partnership or S Corporation, you'll need this to report your share of income.
Form 1098:
Got a mortgage? This form reports your mortgage interest paid.
Charitable Contribution Receipts:
Gather 'em up – they'll help verify your itemized deductions.
IP PIN:
If you've been a victim of identity fraud, keep this 6-digit PIN close. Losing it could mean a world of hassle.
Other Forms:
From the elusive Form 8606 for backdoor Roth IRAs to Form 1095-A for marketplace insurance holders, make sure you're not missing any crucial paperwork.
And don't forget about those ancillary forms
Phew! That's a lot to take in, but armed with this checklist, you'll be well on your way to tax-filing triumph. So, roll up those sleeves, gather your documents, and let's tackle those taxes like a boss! If you have any questions or concerns regarding how you can better plan your taxes, please feel free to call or email me at (615) 844-3398 or Jim.Maddux@raymondjames.com.
Disclosure:
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
