Making a list! Checking it twice!

You start to panic. You just learned 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 portfolio of tax documents.

Today, many of his articles are available electronically, so there is no need to wait for a hard 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.)

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

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

# 3. A list of all 1099s you will get from each bank account that pays interest, dividends from mutual funds and stocks, sale of stocks, and mutual funds (usually reporting capital gains and dividends).

# 4. A list of all K-1s you will get from partnerships, S entities, LLC, 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 1099s 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 should also list the property tax paid for each property. (If you pay them 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 deductions per day can be determined. (If you spent the night in a hotel, this is where they should also be registered.)

# 9. A list of IRA or 401 (k) contributions made during the year. This is also where you should enter how much that contribution will make before filing 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 April 15, the filing deadline. N’oubliez pas!)

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

Having these lists, and then crossing out 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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