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Have you been crushing your financial to-do list lately? Maybe you finished paying off your student loans, paid your first mortgage, or balanced your checkbook. Well, whatever it is, congrats!
Next on the list? Taxes. If your automatic response is a heavy sigh, don’t worry – we put together a general list of everything you need to get through tax season below.
W-2 and 1099 forms
You should’ve received a W-2 from all of your past and present employers by now. If you freelance or do contract work, you should also collect any 1099 forms. Self-employed? Prepare a list of all of your expenses – money you spent on business meals, work travel, and even some clothing as these can all be considered deductions on your total taxable income.
Extra income report
If you gambled and won money this year (yes, a small jackpot in Las Vegas counts!), served jury duty, or received monetary awards, gather all of the numbers because you’ll need the total when filing your taxes.
Unemployment income
You’ll be required to report any unemployment income you received throughout the year, so be ready to report the total if you collected support after being laid off or fired.
Student loan interest statements
Are you currently paying off student loan debts? Your 1098-E statements should be available online or come in the mail from each of your lenders. Still in school? You might be able to claim an additional deduction with proof of enrollment.
Job and moving expenses
If you moved for work last year, you might be eligible for a tax deduction. Tally up your job and moving expenses and be sure to include receipts as proof of what you spent.
Investment info
If you’re contributing to a 401k, Roth IRA, or another account individually or through work, you’ll want to gather up statements that show how much you’ve contributed. You’ll also want to make note of any balance you rolled over or withdrawals you completed.
Charitable donations
Donations to charities and nonprofits can act as deductions too! Round up any receipts you have from drop-offs at Goodwill, The Salvation Army, or other donation centers.
Bank account numbers
Want to receive your tax refund digitally this year? Be ready to share your bank account and routing number when filing your taxes. You can find it at the bottom of any check, in your online account, or by calling your bank.
Now’s the perfect time to be smart about your finances. Try these genius money-saving tips that are actually so easy.
xx, The FabFitFun Team
