DON’T GIVE YOURSELF A HEADACHE Make Filing Taxes Easier This Year
GATHER YOUR DOCUMENTS EARLY Dashing around your house on April 14 trying to find that one form you know you saw (but where?) is one way to gather your tax documents. Or, you can start early by finding a large manila envelope and using it to collect your year-end tax forms as they arrive in the mail, usually starting in late January. You may need many documents to complete your tax return. Here are a few common forms to look for: • W-2 for employment earnings • 1099-DIV for dividends • 1099-INT for interest received • 1099-NEC for non-employee compensation • 1099-K for electronic business payments received (more below) • 1099-R for distributions from 401(k), IRA or pension plans • Schedule K-1 for income, losses, tax deductions and credits from a trust, partnership or S corporation
• Form 1098 for mortgage interest paid • Form 5498 for IRA, SEP-IRA and SIMPLE contributions • Form 5498-SA for health savings account contributions Make a folder on your home computer as well, to keep digital tax forms, on line receipts, year- end account statements and other relevant documents. For security’s sake, you may want to encrypt and password protect tax-related documents on your computer. Store paper documents in a safe place for at least three years after you file your taxes, along with your completed tax returns. KEEP TRACK OF 2025 TAX DEADLINES The deadline for filing your 2024 tax return is April 15, 2025—October 15, 2025 if you request an automatic filing extension. Here are key 2025 deadlines for individual taxpayers at a glance: Filing Deadline for 2024 Tax Returns - April 15, 2025 Automatic Extension Deadline for 2024 Tax Returns - October 15, 2025
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