Making a list! Checking it twice!

Real Estate

You’re starting to panic. You just heard that the IRS has started allowing people to file their taxes. And you don’t have anything ready yet.

Which makes today a great day to create your tax document folder.

Today, many of their articles are available electronically, so there’s no need to wait for a paper copy to arrive in the mail. And we suggest you put 10 pages in this folder, which can be a paper folder or an electronic one. (If you’re using paper, different colors work best so you can keep things organized, or you can use divider tabs.)

#one. A list of all the W-2 forms you should receive. One from each employer you received a paycheck from.

#2. A list of all the 1099s you’ll get from your gig activities: consulting, driving an Uber, fees, etc.

#3. A list of all the 1099 forms you’ll get from each bank account that pays interest, mutual fund and stock dividends, stock and mutual fund sales (usually reporting capital gains and dividends).

#4. A list of all the K-1s you will get from partnerships, S entities, LLCs, REITs, etc.

#5. A list of all 1099Rs and W2Ps for all pensions, retirement funds, IRA withdrawals, and 401(k) distributions.

# 6. A list of all the 1099 forms you will get for unemployment checks, Social Security benefits, and state income tax refunds.

#7. A list of 1098s received for all mortgage payments. These must also list the property tax paid for each property. (If you pay directly, go to your county’s website and download a record of all payments made this calendar year.)

# 8. A list of all the dates you were away from home on business so that travel deductions can be determined. (If you stayed overnight in a hotel, this is where you should also check in.)

# 9. A list of any IRA or 401(k) contributions made during the year. This is also where you should enter how much of that contribution you will make before you file your taxes. (It’s the maximum allowed by law, right? And, if you don’t have an IRA, you know you can start and fund one until the April 15 filing deadline. noubliez country!)

# 10. A list of all estimated tax payments made to the federal government and to your state taxing authority during the year. (The normal deadlines are April 15, June 15, September 15 and January 15 of the following year).

Having these lists, and then crossing off each item when you receive or download them, will make it clear when you can start processing your 2019 tax returns.

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