We know nobody likes to talk about taxes, but there are things you must have your head wrapped around. Thinking and preparing for taxes throughout the year makes the whole scenario easier when tax season is here.

When preparing for tax season, there are some things that you need to compile for your CPA, and it’s easy to forget a document or two.

In this episode of the Secure Your Retirement podcast, we talk about the categories of information you need to get ready to file your taxes. Listen in to learn how to avoid a big tax bill by getting your 10-99 document, filing it, and offsetting some of those things.

In this episode, find out:

• How to handle self-employment income and keep a record of your estimated tax payments.
• Rental income – keep a record of the expenses and dates of the transactions.
• Retirement income – understanding the 10-99 document and its tax information.
• The 10-99 document generated from your savings, investments, and dividends and how it works.
• Get your 10-99 document from your custodian to avoid getting a big tax bill.
• How a tax-deferred account can generate a 10-99 document.
• Homeownership – the documents you need to have ready for tax deductions.
• The donor-advised fund and the benefits you can get from it if you’re charitably inclined.
• Why you should keep track of your medical expenses and health insurance.
• Keep a record of your state and local taxes and give it to your CPA.
• HSA contribution – give the 5498 form to your CPA to get the credit and deductibility.

Tweetable Quotes:

• “If you do not get a 1099 document, file it, and offset some of those things, you could get a very big tax bill that you’d have to go back and correct it.”- Radon Stancil
• “If you have money coming in the door, whether its wages, earnings, pension, retirement income, or investments, there should be some type of documentation.”- Murs Tariq

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.