Tax season can be stressful and complicated, but preparing ahead of time can really help make it easier. How do you do it though? In this video, certified public accountant Keila Hill-Trawick will walk you through the most important things you should get in order before tax season starts.
Key Takeaways
- Gather any paperwork you’ve received in the mail from the government, like your W-2, 1099, and interest statements.
- Make sure you’ve tracked all of your income and expenses for any businesses or other income streams you have.
Video Transcript
The first thing is to get your paperwork in order. You know what's generally going to be asked from you. First, start with all the government forms that you already received. A W-2, 1099, interest statements—any of those forms that you get in the mail, you want to pull those together. Second, if you have a business or other types of income that come in, you want to make sure that you've tracked all of the income and expenses that are associated with that so that when it's time to file your return, that's all in one place for you. And if you have anything that's outstanding, it's easy for you to fill that gap rather than starting from scratch.