Yep, between January 15 and April 15, Tax Preparers will be busy and hard at work in their offices. While they may be the only ones who look forward to this time, although working 80 hours a week and getting little sleep is often their plight, there are ways to avoid overstressing about your taxes.
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- Listen to your favorite music while getting your information together to take to your tax professional or while you are compiling the information to do the taxes yourself
- Social Security numbers for all dependents
- Copy of last year’s income tax return
- W-2 forms and/or 1099s received from employers, banks, self-employment, etc.
- Unemployment compensation statements
- Reciepts for itemized deductions (if you are going to itemize) including contributions to your IRA, moving expenses, college expenses, medical and dental expenses, gifts to charities and churches, real estate taxes,and daycare/childcare costs
- Child care provider information (name, employer ID or Social Security number)
- Form 1098: Mortgage interest or student loan interest
- Heating Bills for Home Heating Credit
- Spreadsheet, receipts or proof of expenses for business (if self-employed)
- If you have difficulty putting the information on the forms, as many of us with math anxiety do, using a tax preparer can greatly alleviate the anxiety and worry and provide you with peace of mind
- If you are concerned about an audit, hire a tax professional that will thoroughly go over your deductions and will provide you with assistance in the event that you received that dreaded letter
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