Organizing for Tax Filing Season

Organizing for Tax Filing Season

What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings

Let’s get organized. We all know that IRS demands certain information from all us and it can be frustrating and overwhelming. But it doesn’t have to be. The key to success is proper planning ahead of time.  All the IRS wants to know if who much money you’ve made so they can collect the taxes your owe. That’s it!

Here are a few documents you will be required to gather. Get on it now!

  • Identifying information (social security numbers or ID numbers). Do you have dependents: your kids, parents, etc.? You’ll need their information too.
  • Collect all documents/statements that provide your income (W2, 1099s). If you are self-employed, you need to gather all your business-related expenses: miles driven on the car, equipment bought, supplies bought, and utilities paid.
  • Investment and savings account earnings (1099s). Not retirement accounts. You should have 1099-INT or 1099-Div forms that show how much interest you earned.


Qualifying questions to ask to gather further data:

  • Do you own a home? Get your Form 1098
  • Real estate taxes paid?
  • State and local taxes?
  • Personal property taxes?
  • Did you make any donations? $250 or more needs to have a receipt
  • Did you have medical expenses?
  • Student loan interest?
  • Investment management fees (last time in 2017)?


This is a good start! Good luck! You are well prepared to get your tax return completed this year.



Anna Sergunina

I passionately believe that in order to live a life of fulfillment and joy, we must genuinely serve each other in any way possible. I found my mission in life to serve others via financial planning. Anna regularly writes about personal finance. Her work appears on Business Insider, Nasdaq, Nerdwallet, among others. Anna is the creator of Money Flow system.

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