The more proactive you can be about gathering tax documents and reviewing them as they arrive, the better prepared you will be when it is time to provide information to your tax professional.
1099s, W-2s, and Tax Statements
You have likely begun receiving 1099s from financial institutions, schools, contract work, or other income sources, as well as W‑2s from employers. If you are an employer, the January 31 deadline to issue 1099s has already passed.
Consolidated tax statements from brokerage accounts must be sent by February 15. Review all statements carefully and note any discrepancies. If everything is correct, file the documents in your “For TAXES” folder. If there are errors or unusual entries, contact the issuing institution promptly to request corrections.
Early February Checklist
First Week of February – If you haven’t yet, contact your CPA or tax preparer. Many have checklists or may want to schedule a time to review needed items. Some operate on a first‑come, first‑served basis.
If you prepare your own taxes, this is still the ideal time to begin organizing your documents.
Second Week of February
If you use tax software, use this week to run preliminary reports and review them for accuracy. If you do not use financial software, gather your paper statements and begin reviewing them.
Be sure to check your email for electronic 1099s, as many institutions send them digitally. Print or download copies to keep with your tax documents.
End of February
By the end of the month, your tax documents should be in order and ready for filing ahead of the April deadline. Once everything is prepared, you can take a breather knowing you’re ready to file.
