Welcome to the beginning of tax season. We made it through the holidays and now need to start getting ready for filing taxes.
The hardest part of getting ready to file taxes is all the paperwork you need to gather, so let’s start with the basic information you need to gather.
- Last years taxes: Make sure you have a copy of last years taxes so you have an idea of all the income and deductions you were eligible for last year and may be eligible again for this year.
- Income Sources: Not only do you need to have your W-2 but also various 1099 forms that report other income you have received.
- Personal information: You need to make sure you have the information about whomever is filing, who else is covered in that tax return, and if there is a refund where you would like the money to.
- Adjustments to your income: These are things like the various 1098 Forms, IRA contributions and Medical Savings Account contributions
- If you itemized your deductions: This is where last years tax return comes in handy, make sure you revisit each of the deductions you received last year.
- Records of Taxes paid: Above and beyond what shows on your W-2, things like real estate taxes paid, estimated tax payments made during the year.
Once you have gathered all the paperwork, you are ready to get started.
In case you haven’t heard Military One Source is doing the free tax preparation and e-Filing software program again this year. MilTax Preparation and e-Filing Software will be available starting Jan. 19 through mid-October. Powered by an industry-leading tax service provider, it’s designed to address situations specific to the military. This easy-to-use, self-paced tax software walks you through a series of questions to help you complete and electronically file your federal return and up to three state tax forms. Calculations are 100 percent accurate – guaranteed by the software provider.
https://www.militaryonesource.mil/financial-legal/tax-resource-center/miltax-military-tax-services