It can be overwhelming to think about what receipts and papers are necessary to keep when filing your taxes. It is important to have information about your income, adjustments to your income, itemized tax deductions and credits, and taxes you’ve paid. What does all this mean? Let me show you a few examples of documents to keep for your taxes.
- Investment income
- Social Security benefits
- Income from sale of property
Adjustments to your income:
- IRA Contributions
- Student loan interest
- Health Savings Account contributions
Itemized deductions and tax credits:
- Child care costs
- Education costs
- Adoption costs
- Home mortgage interest and points you paid
Taxes you’ve paid:
- State and income taxes paid
- Real estate taxes paid
- Personal property taxes – vehicle license fees
Of course, any correspondence from the IRS or from the State of Iowa should always be brought in ASAP so we can address any issue promptly.
Planning and remaining organized to prepare for the end of the year doesn’t need to be stressful. Stop in to one of our D.K. Arndt offices and meet with one of our CPAs to discuss what you need to file your taxes.