| What makes tax time so stressful that a lot of people | | | | return. Looking at last year's return, will enable you to |
| procrastinate when it comes to taxes? Do you put | | | | see what deductions you took. Then ask yourself |
| them off until the last minute because you don't want | | | | what has changed in your life over the past year and |
| to know what you owe the IRS? Or, do you put them | | | | update your checklist accordingly. |
| off because you're unorganized? Regardless of why | | | | Third: To make sure you've captured all of your |
| you put them off, I bet you're thinking about them a lot! | | | | deductions - check out TurboTax's tax preparation |
| You may even stay awake at night with visions of | | | | checklist. Print out this excellent tax preparation |
| 1040's dancing in your head. | | | | checklist to help you further identify possible deductions |
| Why put yourself through all that stress? It's so | | | | and information you need to organize and file your |
| unnecessary. We're going to use a basic tax deduction | | | | taxes. Again, remember to update your checklist with |
| checklist to get your taxes organized, filed, and off to | | | | any additional information you find. |
| the IRS quickly. | | | | Fourth: Once your taxes are done, filed, and off to the |
| In fact, if you follow these steps, by this time next year | | | | IRS we're going to organize your taxes for next year. |
| your taxes will already being done! Yes, just imagine, | | | | No, I'm not kidding. Why wouldn't you want to simplify |
| they're in your accountant's hot little hands or you've | | | | your life now by organizing your income tax records |
| already completed them yourself at your computer! | | | | for next year? |
| Hip Hip hooray! I hear you cheering right now. So, let's | | | | To do this, grab that tax deduction checklist you've |
| get those taxes organized fast. | | | | been updating all along and create a central location to |
| First: The information you'll need for filing your personal | | | | capture all of your income tax records information as |
| income taxes is based on your individual | | | | they come in throughout the year. |
| circumstances but, here's a basic tax deduction | | | | What is a central location? Well, it could be anything |
| checklist you can use to start with. Don't worry; we'll | | | | you want it to be as long as it's easy to use (readily |
| supplement it in the following steps to capture any | | | | available) and safe and secure (won't get lost, |
| additional deductions: | | | | misplaced, or destroyed by the kids). |
| - W-2's for you and your spouse | | | | A central location can be a simple file labeled |
| - Social security numbers for you and your | | | | "TAXES", a shoe box, an accordion file, and even a |
| dependents | | | | bread box just as long as you use it and keep your |
| - If you were an independent contractor and made at | | | | checklist handy. Then as income tax related |
| least $600 in the prior year, you'll need your 1099 | | | | documents come in throughout the year, simply check |
| form(s) | | | | them off your tax deduction checklist, and file away in |
| - All brokerage statements from stocks, mutual fund | | | | your central location. That's it! |
| accounts, and other investments except IRA's and | | | | To recap, here are the simple steps to organize your |
| 401k's | | | | taxes now and for next year: |
| - Your mortgage interest and property tax statements | | | | First - Use the basic tax deduction checklist provided |
| - The closing statements for real estate bought or sold | | | | above. |
| - Expenses related to college for you or your | | | | Second - Supplement this checklist with information |
| dependent(s) | | | | from last year's return. |
| - Any charitable donations made | | | | Third - Check out TurboTax's extensive tax |
| - Any child care payments made | | | | preparation checklist and update your tax check list |
| - Any alimony paid or received | | | | accordingly. |
| - Any union dues and or professional association fees | | | | Fourth - And, for next year, create a central location to |
| paid | | | | capture income tax records throughout the year. And, |
| Second: Okay, as I said before this is a basic tax | | | | be sure to use your personalized tax deduction |
| deduction checklist. Another great way to organize | | | | checklist to keep track of tax information as you |
| your taxes while saving time is to look at last year's | | | | receive it. |