Tips for Filing Individual Tax Return - Paige Financial Services

We have some Tips for Filing your Individual tax return (Form 1040) can be simple when you only have a few main sources of income. However, 1040’s grow in complexity when you add sources of income and sources of expenses through (rental properties, gambling, travel, etc.). Our team here at Paige Financial Services are here and ready to help you avoid stress and ensure everything is filed correctly. Click here if you want to discuss filing your tax returns. We offer a free consultation call.

Where to start with a 1040 return?

Personal identification for everyone on your tax return (i.e. yourself, spouse, and dependents):

Social Security number or tax ID
Date of birth
Driver’s license number (if applicable)

Information you will need about dependents:

Information on the qualifying care expenses (if you plan to claim the “Child and Dependent Care Credit)
Education expenses (these might qualify you for a tax credit)

Information about your income and investments:

Form W2 (a Wage and Tax Statement that will have info. about how much you earned and how much was withheld in taxes. (*Note that your employer should give this to you by February, if you don’t have it by then, it’s important to request it.)
Any bank or financial institution statements you may have (exs.: a Form 5498 form if you made IRA contributions or Form 1098 Mortgage Interest Statement if you took out a home mortgage loan)
If you itemized any deductions, you’ll need last year’s state refund
Forms 8945 and 8949, if you purchased or traded any stock this year
Miscellaneous sources of income reports (gambling, winnings, award money, etc.)
Any Form 1099’s you have or know you should have:

Information about your medical and/or retirement:

Record of any contributions to an IRA, 529, or other retirement account.
Receipts for unreimbursed medical expenses (These can be anything from surgeries and exams to braces or hearing aids. Keep in mind even transportation to and from treatment can be considered.)
Form 1095 (which will be sent to you) to prove your health insurance, which can be one of these depended on where your coverages comes:
- From the Marketplace: Form 1095-A
- From an insurance provider: Form 1095-B
- From your employer: Form 1095-C
SSA- 1099 (if you receive Social Security you’ll receive SSa-1099 in January)

If you own a business (which you plan on putting on your return as a Schedule C):

Business expense records such as receipts, credit card statements, and any records of checks you’ve written
Quarterly estimated tax payment receipts (sent from the IRS)
Mileage records (if you are wanting to deduct travel, it’s important to know how far you drove for work purposes)
Home Office expenses information such as the size of your office in square feet (if you are using the actual expense method, you also need a record of all home-related expenses such as utilities and rent/mortgage)

If you own a home:

Property tax receipts, if you are choosing to itemize your deductions

Miscellaneous documents:

Receipts if you made any charitable contributions (needs to have the charity organization, value, and date of donation to count towards a tax deduction)

Download a copy of our general tax prep checklist here:
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