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Get Organized for Tax Day: KKB CPAs Has the Tax-Day Prep List You Need

Get Organized for Tax Day: KKB CPAs Has the Tax-Day Prep List You Need


With holiday and New Year celebrations behind you, it’s time to start tax planning and preparation to get organized for tax day so that you are able to file your 2014 tax returns on time. A little preparation in January pays huge dividends with time and stress saved once tax day hits, not to mention a better chance of getting the most deductions and tax benefits.

Set Up Your System

It doesn’t need to be fancy, but every household should have a tax organization system in place. Even if it’s just a shoebox piled high with receipts and statements, that’s still a great start. For those that are a little more high tech, you can scan and organize your documents electronically so they are easy to refer to when filling out your tax forms. Ideally, tax-day organization is a 12-month activity, but even if you haven’t done a thing since submitting your returns last year, there’s still time to gather and organize the pertinent documents that you will need before filing your 2014 tax returns.

What Everyone Needs to Have to File

  • Copy of 2013 tax returns: Used for reference when filing for 2014.
  • All income statements: This includes W-4s, rental property income/expense and miscellaneous income such as for jury duty and tax refunds for 2013.
  • Any communication from the IRS: All communication received from the Internal Revenue Service should be saved in your tax file.
  • Year-end statements: All year-end statements from financial institutions, including savings and investment forms, should be saved in your tax file.
2014 Year in Review – Often Overlooked Items

Items that don’t happen each and every year are typically the ones that are overlooked when people are gathering documents to complete their tax forms. Check out this list to see if you incurred any of these expenses in 2014 that could impact your taxes:

  • Real estate transactions including refinancing a mortgage
  • Energy-saving enhancements to your home
  • Medical expenses including co-pays and health insurance payments
  • Distributions or transfers from retirement accounts
  • Charitable contributions
  • Moving
  • Education
  • Childcare
  • Business expenses
How to Use This Information

To ensure the most efficient tax planning and preparation, it’s a great idea to get organized now. Tax season is also a great time to reassess your personal financial goals. Please give us a call today at 303-815-1100 or contact us online so our Denver CPAs can help you create the roadmap to financial success.

Tell us about your tax-day organization system. Do you prefer a shoe box, folders, an electronic solution or something else?


Posted in Time Management and Organization »



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