What Papers Do I need for my Taxes?

Posted in Managing your Money.

Tax Prep 101 - Year End File Organization

I know that I dread this time of year.. Especially since I am a paperwork disaster.. As I come across these articles, I will add them so you can look all in one place. Living Well Magazine tries to  make our daily tasks easier, so instead of going to one hundred sites... all in one place, and maybe tax time won't be so stressful !  

 Although April 15th is still many weeks away, the tax deadline has a way of sneaking up on you and catching you by suprise. If you're not careful, you may find yourself rushing around at the last minute trying to get your paperwork in order, trying to find all the information you need to get started, much less finished.

Make your tax season much less stressful by preparing in advance. A little planning and some organizing strategies can go a long way toward helping you get through tax season early and with minimal stress.

Watch your mailbox for necessary paperwork. Keep all the information that comes in the mail in a dedicated "tax file". If you don't have a lot of paperwork to keep track of for your taxes, you should still keep it in a dedicated place for safe-keeping. Having everything in one place eliminates the last minute "scramble". Here are some items to watch for:

W-2s from employers


Mortgage interest statements

Rental income statements (if you have rental properties)

Interest-income statements from savings accounts or divided income statements for shares you own

Student loan interest and tuition paid

Personal property tax information

Be sure you have the right forms. You can find them at post offices, libraries, and online at www.irs.gov. If you plan to use tax software, the appropriate forms should be included.

Gather deductible information such as any charitable contributions, child care expenses, insurance premiums, etc. Even if you don't plan on itemizing, having this information available can help you determine if a standard deduction is the way to go. Itemizing may prove to offer a larger refund for you.

Have previous years' tax returns on hand. You may need to refer to them for federal or state refund amounts or previous deductions you have taken. You can also scan through these to see if there were any documents you needed last year that may also apply to this year's return. . Returns are usually available for the current year as well as the previous 6 years.

Double check your numbers! All dollar amounts for income and expenses should be checked throughout your return, but even errors in street address numbers and social security numbers can slow down the tax return process if a digit is wrong or left out.

How do I request a copy of my tax return for last year?


Answer:   If you need an exact copy of a previously filed and processed return and all attachments (including Form W-2 (PDF)), you must complete Form 4506 (PDF), Request for Copy of Tax Return, and mail it to the IRS.

  • Use the address provided in the instructions to the form.
  • Submit a check or money order for $57, per tax return, made payable to the "United States Treasury."
  • Copies of return are generally available for 7 years from when you filed them.

In cases where an exact copy of the return is not needed, tax return and transcripts may be ordered.

  • The tax return transcript shows most line items contained on the return as it was originally filed, including any accompanying forms and schedules.
  • In most cases, a tax return transcript will meet the requirements for lending institutions for mortgage verification purposes.
  • The transcript can be ordered by completing a Form 4506-T (PDF) or calling the IRS toll-free at 800-829-1040 and following the prompts in the recorded message.
  • There is no charge for the transcript and you should receive it in 10 business days from the time we receive your request.
  • Tax return transcripts are generally available for the current and past three years.


Individual Taxpayers

File your Individual Income Tax Return electronically (available through October 15).

Free Federal Online Filing is available through the Free File program.

Business and Self-Employed Taxpayers

Electronic filing and payment options for businesses including employment taxes, information returns, partnerships, corporations, and estates & trusts.

Includes information on the new Modernized e-File (MeF) program for partnership returns, Forms1065/1065-B

Don't always follow the seven year rule for your personal papers. Certain papers should be kept for up to 3 years and others should be kept forever.

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