*This publication is only intended to be used for general informational purposes. Consult a tax professional for the most current data and/or personal advice.
Compiling everything you need in order to prepare your federal income taxes is often a bigger challenge than actually doing them. Though the process of locating forms and documents may feel overwhelming, it really just requires knowing what you need, and an organized approach to hunting and gathering.
Obtain the Right Tax Form
Make sure you get the right tax form for your individual situation. Many people will use the same one they used for the previous year, but if your circumstances have changed, you may need to use a different form. The options for most employed individuals are the 1040EZ, the 1040A, and the 1040. To know which is right for you, visit the IRS website at www.irs.gov.
Gather Personal Identification Information
Of course you will need to know your own Social Security Number, but you may need to know a few others as well. These may include those of your spouse, children, childcare provider, and anyone to whom you pay alimony.
Gather Income Information
Your next task is to collect all of your income information. Depending on where you derived your income, you will need documents for:
Collect Deduction/Adjustment Information
If you plan to itemize your deductions or adjust your gross income, make sure you account for everything. Depending on what you are able to deduct/adjust, you’ll need to have records for such outgoing expenditures as:
If you have to scavenge for each necessary item, make a commitment to keep good records from this point forward. It will make this time next year a much less demanding experience.