{"id":2189,"date":"2017-01-25T00:15:37","date_gmt":"2017-01-25T08:15:37","guid":{"rendered":"http:\/\/www.cultofmoney.com\/?p=2189"},"modified":"2017-01-23T12:58:53","modified_gmt":"2017-01-23T20:58:53","slug":"income-tax-prep-guide-common-forms-youll-need-file","status":"publish","type":"post","link":"https:\/\/www.cultofmoney.com\/income-tax-prep-guide-common-forms-youll-need-file\/","title":{"rendered":"Income Tax Prep Guide: The Most Common Forms You’ll Need to File"},"content":{"rendered":"

\"AreMonday\u00a0marked the day the IRS officially started accepting returns for 2016 taxes.<\/p>\n

While most are still waiting on those final tax forms to trickle in, it\u2019s possible that you have everything you need to file now. This is especially true if you have a simple tax situation.<\/p>\n

This year, since refunds may be delayed<\/a>, filing early is important if you\u2019re expecting your refund within the next couple of months. If you\u2019re not sure whether or not you\u2019re ready to file here are some of the most common tax forms you\u2019ll receive.<\/p>\n

*This is not an exhaustive tax form checklist. These are common forms but depending on your situation you may receive a form that is not on this list.<\/em><\/p>\n

The Most Common Documents You\u2019ll Need<\/h2>\n

If this the first time you\u2019re preparing your taxes here\u2019s a list of the most common forms you\u2019ll need to get started. We\u2019ll first look at income forms.<\/p>\n

Income:<\/strong><\/h3>\n

(Income) W-2 and 1099-MISC <\/strong>\u2013 These are what your employer reports income on. If you work for a traditional employer and have taxes withheld from your paycheck you\u2019ll receive a W-2. If you work on a contract or freelance basis and pay self-employment taxes you\u2019ll receive 1099-MISC.<\/p>\n

(Investments) 1099-INT, 1099-DIV, 1099-B<\/strong> \u2013 These are the forms in which you\u2019ll receive tax statements for your investments.<\/p>\n

(Social Security) SSA 1099 \u2013<\/strong> You\u2019ll receive this form if you receive social security benefits.<\/p>\n

Rental Income Profit and Loss<\/strong> \u2013 Any profit and loss statements from rental property.<\/p>\n

If you\u2019ve received any other type of income such as that from gambling, scholarships, alimony, etc. this will need to be reported and in most cases a tax reporting form will be sent to you. If you haven\u2019t received a form you\u2019ll need to contact the issuer.<\/p>\n

Adjustments, Deductions and Credits: <\/strong><\/h3>\n

Here are some of the most common adjustments, deductions and credits.<\/p>\n

(Mortgage Interest) 1098<\/strong> \u2013 Form 1098 is your mortgage interest statements.<\/p>\n

(Education Expenses) 1098-T<\/strong> \u2013 If you have education expenses you should receive this form from your college or university.<\/p>\n

IRA or Self Employed Pension Contributions<\/strong> \u2013 If you\u2019ve made contributions to either of these types of plans you\u2019ll need to have these statements handy.<\/p>\n

Childcare Expenses<\/strong> \u2013 If you\u2019ve used a private babysitter or daycare you\u2019ll need the amount you paid, the childcare giver\u2019s name and address.<\/p>\n

Self-Employment Taxes Paid<\/strong> \u2013 If you\u2019ve made self-employment tax payments, quarterly or otherwise, you\u2019ll need the amounts you\u2019ve paid for the tax filing year.<\/p>\n

Some other common adjustments, deductions or credits are moving expenses, student loan interest, alimony paid and charitable donations.<\/p>\n

This list is meant to cover the most common items and is far from exhaustive. Contact a CPA if you have questions about specifics.<\/em><\/p>\n

Personal Information<\/strong><\/h3>\n

Aside from the items listed above you\u2019re also going to need to full names, birthdates and social security numbers of anyone you\u2019re listing or claiming on your tax return.<\/p>\n

Paying for Tax Prep vs. Doing It Yourself<\/h2>\n

Once all of your tax forms comes in you\u2019ll have to decide whether you want to do your taxes yourself or hire a professional.<\/p>\n

If all you have is a couple of W-2s and not much else, filing taxes yourself is extremely simple.<\/p>\n

You can file online for free and have everything done within a half an hour. Even if you have a W-2 plus a couple other forms (like investment income and childcare expenses, for example) filing is still pretty simple. Most online software companies will walk you through everything you need to do, step-by-step.<\/p>\n

If your situation is more complicated and you\u2019ve never filed taxes on your own then by all means hire a CPA to do your taxes for you.<\/strong> A CPA will be able to help you save on taxes and may even come up with a strategy for you to minimize your tax burden the next year.<\/p>\n

If You File Your Own Taxes\u2026<\/h2>\n

If you\u2019re ready to file your own taxes here\u2019s what to do:<\/a><\/p>\n