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Resources/Planning Best Practices
December 2, 2023

Essential Tax Documents that Everyone Should Have

Justin Hearty
Do you know which documents are important when it comes to your tax return? In this article, we will discuss a few essential documents that everyone should be aware of.

When it comes to tax season, having your financial documents organized is like having a roadmap for a smooth journey. Let’s delve deeper into the essential tax documents that can make your filing process a breeze.

W-2s and 1099s

Your income is at the heart of your tax return, and W-2s and 1099s are the MVPs here. These forms provide a detailed breakdown of your earnings, whether you’re a full-time employee or engaged in freelance work. Keep an eye out for them in your mailbox or online portal. Employers are generally required to send out W-2s and 1099s by January 31st of each year. Keep in mind that if January 31st falls on a weekend or holiday, the deadline may be extended to the next business day.

Receipts for Deductions

Deductions play a pivotal role in minimizing your tax liability, acting as the key to unlocking potential savings. These deductions can stem from various aspects of your financial life, such as charitable donations, medical expenses, or business-related costs. The secret to harnessing the full benefit of these deductions lies in the meticulous organization of receipts.

Not only do organized receipts streamline the tax filing process, but they also serve as your safeguard in case of an audit. This proactive approach ensures that you can confidently present evidence of your eligible deductions, maximizing your potential tax savings. So, as you embark on strategic financial planning, consider the organization of receipts not just as a task but as a proactive step toward financial well-being. Your meticulous approach to documentation is not merely paperwork; it’s a strategic move to ensure you make the most of available deductions, making tax season a period of financial opportunity.

Mortgage Interest Statements

If you’re a homeowner, unlocking the full potential of deductions involves paying attention to your mortgage interest statements. These often overlooked documents hold the key to significant savings, offering a clear and detailed breakdown of the interest you’ve paid on your mortgage throughout the year.

Keep in mind, mortgage interest is only deductible when the loan is used to buy, build or substantially improve your home. If you purchased you home before December 16th, 2017, single and joint filers can deduct interest paid on their first $1 million in mortgage debt ($500,000 if you’re married filing separately). If you took your mortgage out after that date, interest paid on the first $750,000 can be deducted ($375,000 if you’re married filing separately).

Lastly, you’ll only be able to claim this interest deduction if you choose to itemize your deductions on your return. For 2023, the standard deduction is $13,850 for single filers and $27,700 for those that are married filing jointly. This means that the mortgage interest you paid, plus any other potential deductions, should exceed the standard deduction for this option to make sense.

When it comes to your tax documents, don’t forget to work with a trusted financial advisor and CPA. They can be your secret weapon for conquering the intricacies of tax planning. Their synchronized efforts don’t just save you money; they empower you to make informed decisions that resonate with your unique financial goals. So, as you embark on this financial voyage, remember – the partnership between you, your financial advisor, and CPA is the compass guiding you toward lasting financial success. Here’s to a future filled with financial clarity and peace of mind!

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Founded in 1979, Strategic is a leading investment and wealth management firm managing and advising on client assets of over $2 billion.



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