Are You Ready for Tax Season? Tips for 2016
We’re heading into the 2016 tax season. By the beginning or middle of February, you should have received all your tax statements, which might include:
- A W-2 from an employer;
- A 1099 statement from a bank or brokerage account;
- An SSA-1099 from the Social Security Administration;
- A 1099-R from a retirement investment; and
- A schedule K-1 from either a partnership or an estate/trust.
If you haven’t received all your tax forms by mid-February, you should contact the relevant institutions as soon as possible to make sure they have the right address for you and that they did send the forms. It’s important to make sure you “have all your ducks in a row.”
Unless you have a crystal ball, it’s impossible to predict what the future holds. Should you become unable to make your own decisions, it is imperative to appoint someone to take care of your affairs and make healthcare decisions on your behalf. Additionally, in order to ensure that your assets are passed on to your loved ones without problems, high legal fees and time delays, it is important to start your planning today.