Getting Ahead of Tax Season

As the holiday season ends, the tax season begins. The start of tax season means that we must account for all tax documents and initiate the process of filing our tax returns. Below is a brief and non-exhaustive list of documents you might need to prepare for your taxes.

1. W2 Form: you must have one W2 form from each employer you have worked for during the past year. This form is key to show how much you earned in wages, the tax withholdings based on your state, income, taxpayer classification, and the amounts withheld for social security, medicare, or any retirement benefit plans.

2. Form 1099-MISC: Some taxpayers may have a 1099 form in addition to their W2 form. If you worked for yourself or worked for someone else as an independent contractor or similar classification, you will need form 1099-MISC. If you earned $600 or more then you will need a 1099-MISC for each independent job you held.

3. Form 1099-INT: Many Americans have savings accounts and if you earned more than $10 in interest from your bank or similar institutions/accounts; you should be receiving a 1099-INT for each account.

4. Form 1099-DIV: If you have earned more than $10 in dividends from your stocks, bonds, or similar instruments; you should be receiving a 1099-DIV.

5. Form 1098-E: For students paying back student loans; this form should list the amount of interest being charged and paid on the loaned amount. Please use this form to record the interest paid as either all or part of the interest may be deductible from your taxes.

6. Form 1098: if you own a home and paid mortgage; this form will list the interest paid on loaned amount. Like student loan interest, mortgage interest may also be deductible.

Based on your particular situation, you may need additional documents for your taxes. We can help you file your taxes with ease!

At Singh Tax Services, all tax returns are prepared by going through multiple scenarios to reduce tax liability and ensure maximum tax refunds; all returns are reviewed by an attorney before they are filed. To make an appointment or for questions and inquiries, please contact Singh Tax Services at (661) 599-8884 or email us at singhtaxcenter@gmail.com.

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