Prepare to Meet the Taxman in 2015
BOSTON – As January gets under way, tax experts say a little time spent in the next few days preparing for the tax season will pay off in the months ahead.
Luis Garcia, a spokesman for the Internal Revenue Service, says now is the time to make sure you know where all your important tax documents are, so you're not scrambling to find them when the deadline is looming.
"That means if you've got Form 1099s from your bank, or you have your W-2 from your employer, you want to make sure that all those documents end up in the same place,” he advises. “Now, whether it's a shoebox or a folder – that's really the most important thing."
Garcia also offers a reminder that anyone who wants to claim a charitable donation for 2014 needs to have appropriate records where necessary.
More detailed information, forms and publications are online at IRS.gov.
Garcia says this is the first tax season in which the Affordable Care Act figures heavily. That will include a little extra paperwork for many Massachusetts taxpayers.
"The people who purchased health insurance, they want to be on the lookout for Form 1095A,” he points out. “And that's the form that you're going to use to make sure that you get the credit that you need, in order to make sure that you're getting your health insurance covered properly."
Garcia says there also is a form to fill out for anyone who received an exemption to the health insurance mandate for 2014.