Now that the holidays are over and we are into the new year, it is time to think about income tax documents. Even though the deadline isn’t for a few months, January and February are the big months for receiving important documents that will be needed for filing a tax return. I want to share some tips for collecting information that will make it easier and less stressful.

Keep a tax folder or large envelope easily accessible when opening mail. These documents, such as W-2s and 1099s can be dropped in as soon as they are sorted when brought in the house.

Many documents are now coming from online sources, such as banks and higher education institutions that are posting important documents on your online account. Often an email notification will be sent to say the documents are available. Create a folder for tax documents to store these items. This will make it easy to click and either print or send to your income tax preparer.

 Some documents to watch for and collect:

  • W-2s
  • 1099s
  • 1095A, B or C for health insurance
  • Brokerage or mutual funds statements
  • Charitable contributions

When you are ready to gather your income tax information, we provide a checklist for documents to gather on our website at stapleyaccounting.com. Click on resources and then the appropriate checklist for individual or business. Other online sources and checklists can be used, including irs.gov.

It may seem overwhelming or stressful to get all the documents needed for income tax preparation. But with a few well-placed folders and envelopes, it can be simple. I know YOU CAN DO THIS!