Get Organized for Tax Season: Organization Tips from the Corrigan Krause Tax Team

Updated for 2022

It’s that time of year again – tax time! At Corrigan Krause, we are ready to help you get organized and guide you through tax season this year.

Good organization helps make tax time run more smoothly and quickly in a number of ways, including:

  • Identifying sources of income that may be taxable
  • Keeping track of expenses to help identify potential deduction or credit claims
  • Documenting support items reported on tax returns to make it easier to provide answers if the return is selected for examination or if you receive an IRS notice

Here are a few tips to help you get started:

  1. Find a home for your documents.

The tax professionals at Corrigan Krause recommend filing electronically. To get your electronic documents organized, create a folder on your computer’s desktop. Save everything in this folder so it’s ready to send to your tax professional or for you when it’s time to file.

If you’re working mostly with paper documents, “home” could be a shelf, drawer, or envelope to hold all of the documents you’ll need during tax season.

  1. Double-check that you have all of the necessary documentation.
  • Tax-related records
    • Wage and earning statements from all employers or payers including payment apps or cards, such as Form W-2, 1099-K, 1099-Misc, 1099-NEC
    • Interest and dividend statements from banks
    • Certain government payments like unemployment compensation
    • Other income documents and records of virtual currency transactions
    • Receipts, canceled checks, and other documents that support income, a deduction, or a credit reported on their tax return.
  • IRS letters, notices, and prior year tax returns
  • Current property records and any records relating to property you disposed of or sold
  • Health insurance records, including your own and family members’ health care insurance coverage. If you plan to claim the premium tax credit, you’ll need information about any advance credit payments received through the Health Insurance Marketplace and the premiums paid
  1. Remember any charitable contributions.

Did you make any donations in the past year, either cash or non-cash? Find those receipts, thank you letters, and drop-off slips. Be sure that you include the value of non-cash contributions, like clothing, home goods, etc.

  1. Summarize your deductions.

You’ll need a summary of any real estate taxes paid directly to the county (not through your mortgage), medical expenses paid, or political contributions made. The tax professionals at Corrigan Krause suggest making a spreadsheet of these expenses to making filing easier.

  1. Stay on top of your mail – both paper and electronic!

Don’t forget to stay on top of your daily mail – especially those letters with the “important tax document” stamp – and your email during tax season. This type of communication is time sensitive and important, so make sure you’re collecting these documents in their designated “home” as well.

Corrigan Krause Can Help

The tax pros at Corrigan Krause can help individual taxpayers navigate tax season. Email for more information on becoming a Corrigan Krause client.

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