tax-forms

January is the time of tax filing deadlines that is why it is better to file forms earlier, not waiting till the last day. There are, possibly, some early filers, who start preparing information and file forms even in December. Actually, it is much better, as this way you avoid stress and penalties that appear in the case of filing documents after the deadline. You will have more time to check whether you claimed for all deductions or not and can get a refund sooner. Every taxpayer should provide his or her own document pack to the IRS, depending on the employment type and various payment criteria. Anyway, there is the general information everyone should prepare before filing details.

The Information You Should Prepare Before Filing Taxes

The Balance blog says, no matter, you are preparing all templates yourself or your accountant will do it for you, it is still important to collect all data beforehand. It is easier to hire an accountant but even, in this case, you will have to provide all needed supporting documents and pay all taxes.

Let us have a closer look at the supporting information you should gather before filing taxes:

  1. Personal and Employee data.
  2. The full name and SSN are included in the Social Security Card. Those who do not have this document have to provide the Tax Identification Number in order to provide your full name correctly. Also, it is necessary to prepare your bank account and routing number, as it can be required in some forms.

  3. Proofs of Income.
  4. It is necessary to collect forms, provided to you by your employer (if you are officially working in some organization) or other earnings forms. They include W-2 (contains wages and salary details), any kinds of 1099 forms series (1099-MISC, 1099-DIV, 1099-S etc.). Those forms include not only the sum of money, paid to you but also taxes, paid from it. Using them, you can better identify the amount of return. Not only direct income is taken into consideration, but also interest, employment insurance, spousal support, pension, tips, compensation benefits etc.

  5. Expenses Details.
  6. If there were some money, spent on the childcare, medical services or health insurance, educational expenses or any money you have spent in a course of doing your business, provide supporting information about it.

  7. Tax payments you have made.
  8. It is necessary to provide all the local and state payments you have made during the year you report.

  9. Wage and income transcript.
  10. Providing of this form is situational. You will be obliged to provide 4506-T form only when the accountant requests for it. To get the transcript faster you can visit the local taxpayer assistance center and ask IRS agent to print this document to you.

  11. Dependants and spouse personal details.
  12. According to the information, given on the official IRS website, those who fill out a joint return, have children or dependants are obliged to prepare the data about them as well.

  13. Last year’s state return copy.
  14. If you have the copy of the return, made during the last year. In this case, the transcript may not be needed.

  15. Any new information since the last return.

If anything, including the address, name, marital status, family changes, contact details, like a phone number or e-mail address are changed, then include these details in order to add them to tax docs.

When you have data given above, you will file tax documents to the Internal Revenue Service easier, as all information will be by hand.

How to File Tax Forms Online

It is much better and faster to file templates in the digital format. Electronic documents are easily transferred between employers, employees, independent contractors and IRS. They look professional and neat. That is why you should better fill out all forms, needed in your case using online PDF editor. Those solutions take no extra space in your device and have all tools to type in financial and personal information. Also, using online platforms one can add cross signs, checkmarks, images to the template and sign it. To make your report electronically and file all taxes on time watch the following video.

Author's Bio: 

An experienced and knowledgeable financial advisor, ready to work with you to ensure you and your family’s financial future. I have a degree in financial management from Franklin University and have also been certified in life insurance and estate planning. Over the past 10 years, I have worked with more than 200 clients to help them choose, invest, and manage plans that will offer safe investments and excellent returns. As a financial planner, my main goal is to help you make well-informed decisions on what types of investments are right for you.