Getting Your Tax Info Ready

I recommend that you have a folder that you put any tax related items in during the year such as 1099's, W-2's, closing statements on real estate transactions, charitable contribution acknowledgements, non cash contribution receipts, K-1's, property tax statements, health insurance coverage 1095 forms, and mortgage interest paid for the year on form 1098. If you sold stock during the year and the broker doesn't have your cost basis, then you need to track it down and also put that in the folder. Value your non cash contributions just once a year before you submit to your tax preparer by using the valuation guide per item donated at the Salvation Army website. Keep up with your business mileage and your total mileage to support any deductions for business travel or charitable organization travel. It is a lot easier if you have just one place to store tax records during the year.