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How to Save Time and Money with The Right Tax Preparation Supplies?


Preparing your taxes can be tedious and time-consuming. Having the proper tools and organizational supplies can help make DIY tax prep much smoother and more efficient. With the deadline for filing your return just around the corner, now is the time to gather everything you'll need to complete your taxes with minimal stress.

In this blog, we'll look at the essential tax documents, forms, and organizational supplies that can save time and money as you prepare your return. Getting organized ensures you don't have to hunt for receipts and paperwork as the filing deadline creeps up.

Read on for pro tips to make your DIY tax experience easier.

1. Must-Have Tax Documents and Forms


Having all the right tax preparation supplies in one place simplifies tax prep. Here are the must-have items to gather before you begin:

·         Prior year tax returns - Having previous returns handy helps speed up prep and ensures accuracy.

·         W-2 forms - Employers must issue these by January 31. Save time by gathering them early.

·         1099 forms - Banks and other institutions use these to report income like interest, dividends, and contractor payments.

·         Social Security statements - Review these for accuracy on your earnings record and future benefits.

·         Investment statements - Brokerage firms send annual statements on capital gains, losses, and dividends.

·         Mortgage statements - Form 1098 outlines mortgage interest paid and needed for deductions.

·         Charitable receipts - Itemize deductions for donations to qualified non-profits.

·         Property tax records - Deductible if you itemize instead of taking the standard deduction.

·         Business records - Income and expenses if you are self-employed or have a side business.

 

Having all these key documents organized makes filling out your return simpler. You'll also save time hunting for missing paperwork.

2. Tax Software and Online Filing