taxes

7 ways to get organized for the tax year

Taxes » Tax Filing » 7 Ways To Get Organized For The Tax Year

IRS interest in your other assets
IRS interest in your other assets

Wage income isn't the only earning that the IRS taxes. Are you saving money for your child's college, a new house or retirement? Good for you -- and the tax man. Interest earned on most savings accounts is taxable.

You should get statements from each of the account holders as well as official tax forms. Copies of the forms also go to the IRS.

Interest earnings are typically documented on Form 1099-INT. If you've branched out into stocks or mutual funds, you should get a Form 1099-DIV for each stock, mutual fund or money market account. Reports on the proceeds from broker transactions, if you use a broker, will be sent to you on a Form 1099-B.

Just like with your final paycheck stub, hang on to your year-end financial statements to compare with the official final tax documents.

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