Author: Tammy Doss
Tax time is coming up soon. It is time to put your 2024 tax documents together and sort through your personal expenses, interest statements, dividend statements and all tax related information. As always you will want to consider the following items and have them available before you sit down to complete your tax return or turn it over to your tax professional.
December 2024 Bank Statements and Tax documents. If you have not received your actual tax document from your bank stating the interest income you have received most bank statements show the interest earned through 12/31/24 on the last statement of the year.
Any 1099 income you have received and the forms for 2024. – This is income you may have earned that is not W-2 wages. 1099’s are mailed out by 2/28/25.
Your W-2 forms. If you worked for one or more employers, you should receive and need to report the wages on your tax return. Check these forms carefully to ensure the wages match your pay stubs and that the deductions shown are accurate. W-2’s are mailed out by 1/31/25.
Stock dividend statements and interest income statements are sent from individual companies and investment firms you have assets with. You may have multiple forms that all need to be reported on your tax return. These forms come at various times so be on the look out for them in your mail.
Be sure if you own a home, you have the last statement of the year so you can deduct the interest you paid. You will also get a tax statement in the mail but as a head start for collecting information the last statement for the year should show the interest you paid.
Property Tax Statements are paid twice a year in California. You will want to have those available if you own property to take advantage of the deduction.
Rental Property income and deductions. You will want to have all the documentation recording your income and expenses for 2024.
If you are taking the Child Tax Credit in 2024 the credit is worth up to $2,000.00 per qualifying dependent child. This is a calculation based on your income so the amount may vary from family to family. Be sure to always consult a tax professional with any questions.
Credit Card interest statements. Many of your credit cards show the interest paid during the year on the last statement of the year. You don’t always get a tax statement for these, and you will want to take the write off on your tax return if you qualify for it.
These items are some of the basics. You may have multiple other documents you will need to complete your tax return. If you start with these basics, you will be a step ahead. Your tax professional can instruct you on what else may be needed. Get a head start in January of 2025 with the great feeling of completing this annual task.
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