Ready for Tax Season? You'll Need These Tax Documents
February 22, 2022

Whether you do it yourself or hire a professional tax expert, you need to have certain documentation when preparing to file your taxes. It is not uncommon for taxpayers to forget one or more of these documents. This article breaks down the major types of documents you will need during the tax season.

Identification and Personal Documents

It is always recommended to bring in some personal identification, even if you are using the same tax preparer as last year's. These include:

  • Your tax ID number
  • Social security number for yourself, spouses, and dependents
  • Information about your stimulus payment
  • IRS Letter 6475
  • Your IRS-issued identity protection PIN
  • Form 8332 for those claiming a dependent (the form shows that a custodial parent has released the right to claim a child to you)
  • IRS Letter 6419, which has the necessary details required to report your advance Child Tax Credit (CTC) payments. 

Proof of Income

An income tax return must reflect your income in its entirety. The necessary financial statements include:

  • Form W-2 for the employed
  • Form 1099-G for the unemployed
  • Form 1099-MISC for contract work
  • Form 1099-K if you are paid through a third party such as Amazon or PayPal
  • 1099-B for broker handling transactions
  • 1099-DIV for dividends

Deductions

These help you reduce your taxable income, translating to a lower tax bill. Below are popular tax deductions. Ensure you have documentation for each:

  • Medical bills
  • Health insurance
  • Education expenses (Form 1098-T) or Form 1098-E in case you paid student loan interest
  • Retirement account contributions (5498 series forms)
  • Charitable donations
  • Property tax and mortgage interest (Form 1098)
  • State and local taxes

Proof of Losses

Losses generally happen due to theft, fire, natural disasters, or other unexpected catastrophes. Provide proof of the events in the form of insurance claims, police reports, or other official documentation spelling out the event's details.

Contact a Tax Filing Expert

At the office of Wayne W. Stanforth, CPA, we provide small business tax preparation services. As a leading certified public accountant and bookkeeper, we strive to help you gain financial transparency. We provide top-notch bookkeeping services to help you check for anomalies. Contact us for our accounting, tax preparation, and bookkeeping services.

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