Income Tax Preparation Tips

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Preparing for income tax filing requires gathering all W-2 forms, all 1099s and 1098s, any medical bills and medical insurance payments, and all expenses related to business. Prepare for tax season, keeping accurate records for an easier filing, with information from an IRS tax agent in this free video on personal finance.

Part of the Video Series: Paying Taxes
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Video Transcript

On this segment we're going to talk about a few tips to prepare for your taxes. Gather together all of your W2 forms, any 1099's you may have, any 1098's you may have. Summarize all your expenses by category. You don't need to take your actual receipts if you're going to meet with a practitioner. Keep all your receipts however, but have them categorized and have the totals ready for the practitioner. Be sure and take your mileage log with you; work re, work related miles only, or medical miles, or charity miles. We need any amounts that you paid for medical insurance. You don't need to figure out your medical bills, generally. If you have any 1098's regarding tuition expense and tuition payments that you've made; the interest, those are all deductions. Don't forget those. Those are, those are a good deduction. Thank you very much.


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