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March 13, 2018

Tax Season: What to Remember to Bring

If it’s your first time to prepare your own tax return, you need to remember one crucial thing: what to bring to the IRS when you file your tax return. First off, welcome to the world of adult responsibilities! At this point, it’s time to say hello and get acquainted with the various tax forms that you’d file for many times in your life.

Like everything else, to ensure a smooth filing process, you must remember to be organized. Get a tax preparation checklist out and make sure you don’t miss out any requirement. Be sure to go over the documents before you file.

A Checklist for Your First Tax Season: What to Remember to Bring

If you don’t have your own checklist yet, don’t panic! See the checklist that we’ve made for you below. To help you go through your first tax filing adventure with ease and confidence, we’ve included all the necessary details and documents that you need to bring.

Personal & Dependent’s Information

The IRS would require information about who’s filing the tax return and the number of people who are covered by it. Write down your:

  • Tax ID number or Social Security number
  • If married, write your spouse’s full name, tax ID number or Social Security number
  • Dates of birth and tax ID numbers or Social Security numbers
  • Childcare records (include provider’s tax ID number)
  • Income of other adults living in your home
  • If applicable, Form 8332 which shows the release of the rights of the child’s custodial parent to claim a child to you, the noncustodial parent

Income Information

Complete these documents to successfully file your federal tax return:

  • If employed, Forms W-2 from employers you worked for within the past tax year (include employers of your spouse if you’re filing a joint return)
  • If self-employed, forms 1099-MISC, Schedules K-1, income records for verification of amounts not reported on 1099S
  • Expense records: credit card statements and receipts or check registers
  • Business-use assets for depreciation, including date placed in service, cost, etc.
  • Form 1040ES or records of the estimated amount of tax payments made

If unemployed, bring these documents:

  • Unemployment income, state tax refund (1099-G)
  • Rental Income
  • Income and expenses records
  • Rental asset for depreciation, including date placed in service, cost, etc.
  • Form 1040ES or records of the estimated amount of tax payments made
  • Dividends or Savings and Investments
  • Interest, dividend income (1099-OID, 1099-DIV, 1099-INT)
  • Income from other property or stock sales (1099-B, 1099-S)
  • Long-term care reimbursements and health savings account (1099-SA or 1099-LTC)
  • Investment-related expenses
  • Form 1040ES, records of estimated amount of tax payments made
  • Miscellaneous Income
  • Lottery and gambling income (W-2G)
  • Jury duty
  • Hobby income
  • Prizes and awards (Form 1099-MISC)
  • Trusts
  • Royalty income (Form 1099-MISC)
  • Medical savings accounts distributions (Form 1099-MSA)

Income Adjustments

The following can increase your chances of getting a tax refund while trying to reduce your tax debts.

  • Homebuyer tax credit
  • Real estate and individual property tax records
  • IRA contributions
  • Student loan interest (Form1098-E)
  • Moving expenses
  • Health insurance (Form 1095-B and/or 1095-C)
  • Green energy credits
  • Receipts for energy-saving home improvements
  • Mortgage interest
  • Forms 1098 or other mortgage interest statements

Credit and Deductions

These are intended to lower the total amount of taxes that you’ll need to pay:

  • Education cost
  • Forms 1098-T from educational institutions
  • Receipts that itemize qualified educational expenses
  • Records of any scholarships or fellowships you received
  • Childcare cost
  • Fees paid to a licensed day care center or family day care for care of an infant or preschooler
  • Wages paid to a babysitter
  • Adoption cost
  • Charitable donations
  • Cash amounts donated to houses of worship, schools, other charitable organizations
  • Records of non-cash charitable donations
  • Amounts of miles driven for charitable or medical purposes
  • Federally declared disaster
  • City/county you lived/worked/had property in
  • Records to support property losses
  • Records of rebuilding/repair costs
  • Insurance reimbursements/claims to be paid
  • Qualified business expense
  • Medical expenses
  • Amounts paid for physicians’ and dentists’ professional fees as well as hospital fees
  • Job and moving expenses
  • Job-hunting expenses
  • Record of moving expenses not reimbursed by the employer
  • Employment-related expenses (dues, publications, tools, uniform cost and cleaning, travel)
  • Receipts for classroom expenses (for educators in grades K-12)
  • Employment-related vehicle expenses (tolls, mileage, gas, maintenance, license, property tax, interest expense, parking)

Direct Deposit

 If you want your tax refund to be deposited directly to your bank account, you’ll need to give these details:

  • Personal bank account number
  • Your bank’s routing number

It Pays to Be Prepared

Now that you have your own personal guide to everything that you need to prepare, tax filing would be easier and more efficient. You would do other newbies a huge favor if you share your “tax season: what to remember to bring” checklist.

Also, knowing that it’s possible for you to maximize your tax deductions if you made a charitable donation, why don’t you consider donating an unwanted car to a certified 501(c)3 nonprofit? Vehicle donations through Veteran Car Donations would certainly entitle you to a healthy tax write-off.

Call us at 877-594-5822 today and get free towing services and substantial tax deductions when you donate your old and unwanted car to us!

Veteran Car Donations operates in all 50 states.

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Or call (877) 594-5822!