November 27, 2009, Newsletter Issue #195: Preparing Your Efile Tax Return

Tip of the Week

When you are ready to begin the process of e-filing your 2006 income tax return, you will need some documents on hand. You will take information from these documents in order to fill out the electronic tax forms. This does not matter if you do it yourself, or take your tax return to someone else to prepare and e-file.

W-2 for your wages, if you are an employee. You also need to have your spouse’s W-2.

1099 series. If you received any income where taxes were not withheld, you need to have this tax form ready.

Social Security number. You need to have this number available for both yourself, your spouse, and any dependents that you are claiming on your 2006 income tax return.

Bank account number - if paying income taxes electronically, or you want a direct deposit of a tax refund

Bank routing number - same reasoning as bank account number applies

Receipts for itemized deduction expenses. These will be used to fill out Schedule A on Form 1040.

Receipts and records for other income or expenses you are claiming.

Once you start the e-filing process, you will need non-financial information such as your name, address, spouse name, exemptions claimed, and filing status. Have this information available to make for an easy and quick online filing of your income taxes. This information is needed to properly submit your income tax return to the IRS.

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