What Paperwork Do I Really Need to Save for my Taxes?

January 5, 2017

Tax preparation is an important part to maximizing your tax return. It can not only increase your return, but it can help you avoid any trouble with the IRS. What paperwork do you really need to save for your taxes? It can be quite a lot of information, so consult your local Maryland tax accountant first, but as a starter here is what paperwork you really need to save for your taxes.

What Personal Information Do I Need to File Taxes?

First, when filing your taxes you will need to remember the social security number and birth dates for yourself and your dependents (spouse, children, etc…). This is one of the most important aspects of a tax return, so if you’re going to a tax accountant in Carroll County, MD, don’t forget this information.

What Income Paperwork Do I Need to Save for my Taxes?

The next most important part of filing your taxes will be your income paperwork. The most common income form you will receive is a W-2 or similar form, and you will want to remember to save this paperwork along with the W-2’s of your dependents. In addition to a W-2, you’ll also want to remember to bring any information pertaining to any income you generated in the year. This includes income from:

• Investments like a 401k
• Businesses you own
• Pension distributions
• Rental properties
• Social security benefits
• Alimony
• Income from the sale of a property
• Gambling winnings
• Previous year’s tax return

What Expense Paperwork Do I Need to Save for my Taxes?

It’s also important that you save documents for taxes which show any type of expenses you incurred over the year. While you can’t be reimbursed for all expenses, there are a few kinds of expenses which can help to increase your tax return.

• Energy credits
• Student loan interest
• Moving expenses
• Alimony paid
• Educator expenses
• Mortgage payments and interest
• Property taxes
• Business expenses
• Medical bills
• Tuition bills
• Child care expenses

Obviously, this list in not conclusive, and this is why it is important to work with a certified public accountant like Relate CPA when filing your taxes. A certified public accountant will be able to walk you through the process of filing your taxes so you can get the best tax return possible. In addition, they will be able to help you understand what forms and paperwork you need to keep in order to maximize your return.

Relate CPA is a Westminster, MD CPA who provides professional accounting services to the Maryland area. Relate CPA isn’t your typical accounting firm. We’re not a big, corporate monolith or some snobby group of CPAs. Rather, we’re all about people and relationships—it’s in our name. To set up an appointment to discuss tax preparation, contact Relate CPA today!