Tax Day Prep 2016

For all of the procrastinators out there, you’ve got 3 extra days to file your 2016 federal tax return. Typically, the tax return filing deadline is on April 15th each year. In 2016, however, the deadline is on April 18th to reflect the Washington D.C. Emancipation Day holiday’s observation on April 15th, as opposed to April 16th. With just 10 days left until the tax day deadline, it is important to be aware of some important tips for properly preparing to file.

Tax season can be rather stressful for people who wait until the last minute. If you’re rea
ding this article and have yet to file, the time to do so is now. From essential forms to imperative personal information, having all of your tax ducks in a row will help to take the stress and pain away from the process.

The following forms are required to complete your tax return filing:

  1. 1099: this refers to the forms regarding your retirement plans, bank accounts, and any other investments that you may have
  2. 1098: this refers to the lender-provided record of the mortgage payments made the previous year
  3. W-2: this refers to the record of income received the previous year from an employer(s)

In addition to this crucial information, you should also dig up any record of payments, expenses, and income such as contract work, unemployment, and social security. Finally, be sure to have handy your social security number, a record of last year’s Adjusted Gross Income (AGI), your IRS PIN number to file on their website, and your bank account and routing number. In addition, be sure to have the date of birth and social security numbers of your children prior to filing.

IRS

Gathering the above information accurately is vital to ensuring a smooth tax return filing process. The IRS offers a free e-file option to everyone using their “IRS Free File” system. As an individual tax filer, you may utilize the “Free File Fillable Forms” service if your income exceeds $62,000 or the “Free File Software” service if your income is below $62,000. To learn more, head to the IRS Free File website for further details.