It’s getting close to being that time again—tax time. Whether you have been working remotely this past year or have been in the office, you may have questions about how best to prepare your taxes. Having the proper documents is one of the first and most important steps for taxpayers. Here is what you need to gather to get your tax prep started on the right foot:

  • Make sure you have Social Security numbers for everyone listed on your tax return.  Even if you have them memorized, double check the numbers before you file your return. One number wrong or two numbers switched can delay processing of your tax return.
  • Bank account and routing numbers. If you want your refund direct deposited, you will need to put this information on your tax return. Direct deposit is the fastest way to receive your refund.
  • W-2 forms from your employers.
  • 1099 forms from banks and other payers to report unemployment compensation, dividend payments, and distributions from a pension, annuity or retirement plan.
  • Forms 1099-K, 1099-MISC, 1099-NEC, W-2 or other income statements for self-employed folks or workers in the gig economy.
  • 1099-INT forms for interest received.
  • Other income records including those for transactions involving virtual currencies.
  • 1095-A Form if you received health insurance through the health insurance marketplace.
  • Letter 6419 from the IRS for any advance child tax credit payments you received in 2021.
  • Letter 6475 from the IRS for the Economic Impact Payment you received in 2021. 

These forms will be arriving in your mailbox or online in January. Review the forms carefully to make sure they are accurate. If any information is incorrect, contact the payer immediately. 

Though there is more to the tax prep process than getting the right documents, this is an excellent place to start. Have more questions about doing your taxes this year or do you want to use a trusted Omaha area accountant to do the work for you? Please reach out! I’d love to help.

Judith Ackland has more than 26 years of experience in accountancy and financial planning, including seventeen years as a CFO of a diverse business. She started Crystal Financial in 2010 to help a wide array of individuals, families, and business owners better understand their finances and how good financial management could help them achieve their goals. Judith has an MA in Professional Accountancy from the University of Nebraska at Lincoln as well as a Certified Public Accountant Certificate and a Certified Financial Planner designation.

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