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Tax season is right around the corner. Here’s what you need to know

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(WBNG) -- If you like to file your taxes early, you will have to wait a little later this year.

The IRS will not begin accepting returns until February 12, which means now is the time to get organized. Local tax experts say it's best to file your taxes as soon as you can. The early bird gets the worm, and this year's tax return could help those struggling financially due to the pandemic.

"Certainly by early to mid-February you should have most of the documentation that you're going to receive. That would be the starting point to organize, get ready, and file as soon as possible," said Joe Garbarino, owner of Garbarino Associates, Inc.

In just a few days, a new presidential administration will take office. While that will not affect this year's filings, tax experts do expect big changes in the coming years.

"There's talk of all sorts of different provision changes, income changes, expense eligibility changes, so I expect the tax profession to have massive overhaul of the tax code going forward," said Garbarino.

If you're not sure where to start or how to file your taxes, below is a quick checklist to help you get organized.

The Basics:

  • Social Security numbers
  • Copy of last year's return
  • Banking information
  • Loan statements

Income:

  • W-2s
  • 1099s for all forms of income

Home & Rental Properties:

  • 1098s
  • paid real estate taxes
  • insurance premiums
  • purchase/sale records
  • receipts

Donations:

  • Charitable contribution receipts
  • Volunteer expense deductions

Business Owners:

  • Tax ID
  • Insurance premiums/expenses
  • Business income and expenses
  • list of assets and equipment

Deductions:

  • Medical/dental expenses
  • health insurance payments
  • IRA/HSA contributions
  • vehicle purchase sales tax
  • childcare, job search, moving expenses
  • educational expenses

Other miscellaneous items:

  • Record of estimated tax payments
  • IRA/401K total contributions

Katie Jones

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