Good news from the IRS: new forms are available online and you may want to keep reading! Your BBB® knows that most of you are probably looking for the W-2 form for employees or the 1099 form for the self-employed, but there are other forms you may be interested in:
Looking for education expenses? You’ll need form 1098-T. This form will come in handy when listing your school expense information, which you’ll need in order to claim any type of student tax breaks.
Student loans? Get form 1098-E! In case you didn’t know, your student debt interest is deductible, so be on the lookout for this form!
Mortgage interest? Deduct it with form 1098! This is also something that’s available to you.
Gambling winnings? Form W-2G! To report your gambling winnings, this is the form you need!
Here are a few personal records to get out:
Self-employed records. Gather every document that involves your business, such as bank statements, receipts, business-related expense info and use them to reduce self-employment taxes.
Daycare payments. Get your daycare payment info in order and see if you qualify for the Child and Dependent Care Tax Credit.
IRA contributions. Some of the amounts you paid towards your retirement contributions may be tax deductible without itemizing.
Records needed in order to claim itemized deductions
Charitable donations. To support this deduction, you’ll need a year-end statement for each charity you donated to, as well as personal records and receipts. Make sure to have everything in order before filing your taxes!
Property/vehicle taxes. Look for those official statements that show the exact amount of money you paid over the last year.
NOTE: If you’ve been affected by the Equifax data breach, file your taxes as soon as possible to avoid ID theft!
To find a tax preparer you can trust, check bbb.org/Evansville!