taxes

Get your taxes done in 7 days

Taxes » Tax Filing » Get your taxes done in 7 days

Day 1: Gather data
Day 1: Gather data © iStock

Day 1: Gather data

Let's start with the name: the income tax. That means you need to gather all your earnings information.

Start with your W-2 wage statements. You should have one for each salaried job you had last year.

Don't forget any 1099 forms. These statements, each with a different suffix, will come from various sources.

You'll get some from employers if you did independent contract work. Others will come from banks and investment companies if you owned financial instruments that paid interest or dividends, or you sold a stock or other property.

Are you a gambler? It's not a good idea to take chances with the IRS, so be sure to report any winnings because that money is taxable, too.

Retirees, also take note. You might owe the IRS on part of your Social Security.

Even tough economic times are no insulation from the IRS. If you collected unemployment, those payments are taxable. You should have received a Form 1099-G showing the amount of unemployment upon which you'll owe taxes.

Find all these income statements, along with other tax-related documents you received earlier this year. Your tax tasks for the day are done.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
WEEKLY TAX TIP NEWSLETTER

Our tax expert Kay Bell provides resourceful tips and advice to help you stay prepared for filing.

advertisement

Connect with us