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  • Writer's pictureJonda Beattie

Tax Prepartion – Setting Up the File Now

Now is the time of year when tax forms come in the mail. If you have not already done so, set up a tax folder to hold all of these important papers. I find it useful to keep a tax folder in my file drawer all year round so as I make contributions, the documentation goes directly into this file.

The information in this blog comes from a newsletter I received from Tarantino & Co, CPA ( They have given me permission to use their very helpful lists.

Watch the mail for your tax forms. W-2s, 1099s, 1098s, and the new 1095-As will start arriving. If you used the new Affordable Care insurance exchange to purchase your health insurance you will receive the new 1095-A form that recaps this activity.

Collect any receipts that you will use to document deductions.

Also look for:

  1. any other forms that disclose possible income (jury duty, unemployment, IRA distributions, etc.)

  2. business K-1 forms

  3. social security records

  4. mortgage interest statements

  5. tuition paid statements

  6. property tax statements

  7. mileage log

  8. medical, dental, and vision expenses

  9. business expenses

  10. records of any asset purchases and sales

  11. health insurance records (including Medicare and Medicaid)

  12. charitable receipts and documentation

  13. bank and investment statements

  14. credit card statements

  15. records of any out of state purchases that my require use tax

  16. records of any estimated tax payments

  17. home sales records

  18. educational expenses (including student loan interest expense)

  19. casualty and theft loss documentation

  20. moving expenses

  21. contribution records

If you are not sure if something is important for tax purposes, retain the documentation. It is better to save unnecessary documentation than to later wish you had it.

While looking at your W-2s decide if now is the time to have your employer update your withholding amounts.

Coordinate your deductions. If you and someone else share a dependent, confirm you are both on the same page as to who will claim the dependent. This would include single taxpayers, divorced taxpayers, taxpayers with elderly parents/grandparents, and parents with older children.

At this point in time, just put everything you find in your tax folder. As you start to prepare your paperwork for your CPA or yourself, pull out last year’s tax form to match the items you have with what you had last year. This way you can see if you are missing something.

Now, set a date on your calendar to actually do the grunt work of adding up your contributions, adding up your mileage, and putting all paperwork in the proper order.

Jonda S. Beattie Professional Organizer

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