Tips for Filing Your 2013 Income Tax Return

2013 Tax Filing Date - April 15, 2014It’s that time again.  Tax filing season has just started and since the April 15 deadline was not affected by the government shutdown, now is the time to begin the first step in the process:  gathering your tax documents.

Watch for letters containing tax information in both your mailbox and email’s inbox, as you may have opted for electronic statements with various financial institutions. Also, a copy of your previous year tax return can prove helpful in determining deductible items by looking at what was deductible in a previous tax year

Tax Documents You May Need

  • W-2 Wage and Tax statement.  This shows how much you received from your Employer in wages during 2013, how much of it was taxable, and how much federal tax was already withheld.   If you normally receive a W-2 but have not received it by now, you should contact your Employer right away.
  • 1099-MISC.  If you are an independent contractor you may receive this form from any single company that paid you or your business $600 or more during 2013.  If you didn’t hit the $600 mark for the particular business, you may not receive a 1099-MISC from them, but don’t forget you still have to report this to the IRS!
  • 1099-INT.  Shows the amount of interest income you received during the year.
  • 1099-DIV.  Shows the amount of stock dividends you received during the year.  If you utilized a stockbroker for transactions you may receive Form 1099-B.
  • Charitable Contributions.  You should have some sort of receipt showing what was donated and where the donation was made.
  • Other deductions.  Receipts, invoices, cancelled checks, or other documents for payment of property taxes, mortgage interest, medical expenses and miles traveled for work are a few examples.  Remember, you should always have supporting documentation for any deduction you take.

If you would like a tax attorney of Martello Law Group LLC to prepare or review your return to make sure you are getting all the tax advantages you are entitled to, please give us a call at 352-224-2102.