Preparing for Tax Day

Preparing for Tax Day

November 29, 2022

As we prepare for tax day, let’s talk about some considerations for tax season.  The first step is gathering the needed information to get your taxes done. There are many resources online, so you can find checklists of what to gather and those of you working with a tax professional, that person should mail out a packet to you of the items that you’re going to need to gather.

Some examples of what you might need, for those of you that are working, you should receive a W2 or a 1099 from your employer. Those of you that are taking money out of your IRA every year, you’ll receive a 1099R and for those of you that are collecting social security, you will receive a SSA 1099. And those forms must be mailed out by January 31st each year.

For those of you with individual accounts, such as mutual fund accounts, or non-retirement accounts, you’ll receive a 1099DIV that lists capital gains, dividends, and interest on those type of investments. You should also be keeping track of medical and dental expenses, charitable contributions, childcare costs, any tax estimates that you have sent in throughout the year and again reference your checklist that you either found online or that you received from your tax professional.

It is highly recommended that you speak with a tax professional this time of year. Some of the potential benefits is that it reduces your time and can reduce stress, can help eliminate errors, and in the rare case of an audit, a tax professional can help you through that process. And with the ever changing tax codes, it’s helpful to have the guidance of a professional. They can also help find any potential tax breaks for you that might be applicable to your situation.

We recommend that each year you start a tax folder.  That way throughout the year, you can put receipts  and different pieces of information in there that you’ll need. And that will help make gathering the information for your taxes a lot less daunting.


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.