The new year is here, so tax season is just around the corner! Before even starting to file for your tax return, following these local federal credit union tax season checklists is best to ensure you have the correct information and tools to help file your tax return with ease! You’ll soon discover how much time you saved with just the right amount of organization.
Personal Information
Typically, you’d want the correct information when filing your next tax return to avoid miscommunication with the IRS. Come prepared to file with the following:
- Date of birth
- Social security
- Dependent information
- Banking account information
Gather Income Information
When you file for your tax return, depending on your source of income, you may need to use the proper IRS file form. The forms you need to be aware of are:
- Stock options
- Scholarships
- Business income
- Rental real estate
- Cancellation of debt
- Prizes and awards
- Gambling winnings
- Payments for jury duty
- Unemployment compensation
- Taxable health savings account distribution
Prepare to Quality for Deductions and Credits
Although the government does offer several deductions to help lower your taxes, you’ll need the following information to receive the proper compensation:
- Adoption costs
- Childcare costs
- Education costs
- Charitable donations
- Casualty and theft losses
- Investment interest expenses
- Rental property income/expenses
- Medical and dental expenses records
- Forms for mortgage interest, private mortgage
- Records amounts of miscellaneous tax deductions
- Records business use of home expenses for self-employed
Bring Your Previous Tax Forms
If you have filed your taxes before, it’s best to bring in your previous forms of tax returns. These forms are:
- Vehicle license fees
- Real estate taxes paid
- Personal property taxes
- State and local income taxes paid
Follow these Federal Credit Union Tax Season Checklists to be Ready!
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