Tax Time Tips (For those that Extended!)

Admit it, you extended your taxes because you — like so many entrepreneurs — were not organized. Feelings of dread and the tax season seem to go hand in hand. Will this be the year that you’re forced to deal with an unexpected, huge tax bill? Preparing ahead of time for the filing of your income taxes can reduce your stress. At least you won’t have to go hunting at the last minute for your documents.

October 15th will be here before you know it. Start getting ready today.

Use this list to get organized and file your taxes on time:

1. Collect all the necessary documents.

• W-2 Forms: If you held a job in 2021, you should have a W-2 for each job. Find the W-2s for each person in the household that worked. A W-2 contains your wage information and the various taxes that were withheld. Your employer is responsible for getting this form to you before the end of January.
• 1099: This form lists other income, such as contract labor, unemployment, school loans, gambling winnings, and so on.
• 1098: You can find payment information on your 1098. Property taxes and school loan payments are two examples.
• Various income and interest statements from your bank or brokerage. Ensure you have a statement for each account.
• Bank account number: If you’d like your refund deposited into your account, you’ll need your account number and routing number. This information can be found at the bottom…