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Preparing Your Records for Tax Time

Financial Solutions of California

The Home

A manageable place to start collecting your tax information is right where you rest your head. Simply having the social security numbers or tax ID numbers for yourself, your spouse and any dependents living with you gets the ball rolling in the right direction. Including the tax ID number for the person or business that cares for your dependents is necessary if you plan on filing the Child Care Tax Credit.

If you’re a homeowner, be on the lookout for Form 1098 from your mortgage lender. This document is required to receive your well-earned tax deduction on the interest you pay for all properties you own.

The Workplace

For employees who receive a Form W-2 towards the beginning of the year, your task is simple – keep track of that document (or documents if you have multiple employers) and file on time. For independent contractors, any company you worked for will send you a Form 1099-MISC to reflect your gross earnings, and you’ll want to do your due diligence in tracking all documentation for business expenses.

The Bank

Generally, interest on your savings accounts are taxable and documented on Form 1099-INT. But for low and moderate income taxpayers, the Saver’s Credit can reward individuals for simply saving for retirement through their employer or an individual Retirement Account (IRA). Stock and mutual fund earnings are reported on Form 1099-DIV for filing purposes.

The Heart

When you donate to qualifying charities, for $250 or more especially, make sure to ask for documentation. Good so far? Each tax filer is different and it helps to speak to your preparer ahead of your appointment for more information on what to gather. Let us get the most out of your return. Click here to make an appointment.

Financial Solutions of California

Our goal is to provide families with the kind of integrated financial guidance that makes sense of the many financial issues impacting their lives.


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