--- title: "Tax Time: 4 Steps to Organize Before You Begin" description: You might have the holidays on your mind, but it's also a great time to start on your taxes. Here's how to gather and prepare for this year's tax return. image: https://go.hfcu.org/hubfs/Blog%20post%20images%20-%20Monica.jpg --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - 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[Divorce (5)](https://go.hfcu.org/blog/topic/divorce) - [Travel (5)](https://go.hfcu.org/blog/topic/travel) - [ATM (4)](https://go.hfcu.org/blog/topic/atm) - [Baby (4)](https://go.hfcu.org/blog/topic/baby) - [Debit Cards (3)](https://go.hfcu.org/blog/topic/debit-cards) - [Motorcycles (3)](https://go.hfcu.org/blog/topic/motorcycles) - [Weddings (3)](https://go.hfcu.org/blog/topic/weddings) - [Boats (2)](https://go.hfcu.org/blog/topic/boats) - [Charity (2)](https://go.hfcu.org/blog/topic/charity) - [Family Finance (2)](https://go.hfcu.org/blog/topic/family-finance) - [Lending (2)](https://go.hfcu.org/blog/topic/lending) - [Credit Unions (1)](https://go.hfcu.org/blog/topic/credit-unions) - [Green (1)](https://go.hfcu.org/blog/topic/green) - [Medical (1)](https://go.hfcu.org/blog/topic/medical) - [Pets (1)](https://go.hfcu.org/blog/topic/pets) - [dormant account (1)](https://go.hfcu.org/blog/topic/dormant-account) - [inactive account (1)](https://go.hfcu.org/blog/topic/inactive-account) # Tax Time: 4 Steps to Organize Before You Begin ** [Hanscom Federal Credit Union](https://go.hfcu.org/blog/author/hanscom-federal-credit-union) ** Dec 23, 2021 ![Black man and woman at kitchen table working on tax paperwork](https://go.hfcu.org/hubfs/Blog%20post%20images%20-%20Monica.jpg) This time of year you might have your mind on [holiday shopping](https://go.hfcu.org/blog/3-holiday-overspending-traps-to-avoid-this-year) and travel, getting your [annual free credit score](https://go.hfcu.org/blog/3-tricks-to-boost-your-credit-score), or [reevaluating your estate plan](https://go.hfcu.org/blog/is-your-estate-plan-keeping-up-with-you), but it's also a great time to get started on your taxes. Compiling everything you need in order to prepare your federal income taxes is often a bigger challenge than actually doing them. Though the process of locating forms and documents may feel overwhelming, it really just requires knowing what you need and an organized approach to hunting and gathering.  **Obtain the Right Tax Form** Make sure you get the right tax form for your individual situation. Many people will use the same one they used for the previous year, but if your circumstances have changed, you may need to use a different form. The options for most employed individuals are the 1040EZ, the 1040A, and the 1040. To know which is right for you, visit the IRS website (where you may also download the appropriate form) at [www.irs.gov](http://www.irs.gov/). **Gather Personal Identification Information** Of course you will need to know your own Social Security Number, but you may need to know a few others as well. These may include those of your spouse, children,  and anyone to whom you pay taxable income, such as a childcare provider. **Gather Income Information ** Your next task is to collect all of your income information. Don't forget that side gigs, cryptocurrency gains, and unemployment benefits are all counted towards your income for the year. Depending on where you derived your income, you will need documents for: - Earned income (your W-2 form from your employer) - Partnership, S-Corporation, and trust income - Pensions and annuity income - Unemployment compensation - Rental income - Social Security benefits - State and local tax refunds - Earnings from the sale of your home or real estate - Investment income (interest and dividends, proceeds from broker transactions, and retirement plan distributions) - Alimony received - Jury duty pay - Gambling, prizes, and lottery winnings - Scholarships and fellowships **Collect Deduction Information ** If you plan to itemize your deductions, make sure you account for everything. Depending on what you are able to deduct, you’ll need to have records for such outgoing expenditures as: - Mortgage interest - Real estate taxes - Rent - IRA or other retirement plan contributions - Miscellaneous investment-related expenses (such as safe deposit box fees if used to store investment documents and computer depreciation if used to track assets) - Early investment withdrawal penalties - Medical/dental bills - Moving costs - Charitable donations and volunteer expenses - Auto loans and leases for vehicles used for business - Student loan interest - Alimony - Unreimbursed job-related expenses (travel, uniforms, union dues, education) - Job-hunting expenses - Child care expenses - Adoption expenses - Tax return preparation expenses  Bonus Tip: Take advantage of benefits now Check to see when your various benefits expire and take advantage of them while you can. Check to see if you have any Flexible Spending Account (FSA) dollars remaining and use them before they vanish, try to make the maximum contributions to your retirement accounts, and make your donations before the end of the year! As of this year, even those who do not itemize deductions can still deduct up to $600 for cash donations to qualified charities, if married and filing jointly. If you have to scavenge for each necessary item and are scrambling to get things done at the end of the year, make a commitment to keep good records from this point forward. It will make this time next year a much less demanding experience.   Copyright © [BALANCE](http://www.balancepro.org)   *[Hanscom FCU Charitable Foundation](https://hfcucharity.org/) is a 501(c)(3) non-profit organization that serves organizations within our community that are dedicated to improving the lives of those around them. The Foundation supports organizations in the areas of health, education, and well-being of children, homelessness prevention services, and programs for veterans and their families. [Become a member](https://hfcucharity.org/support-us/) for $10 for an entire year and help sustain Hanscom FCU Charitable Foundation as they continue to support the community in myriad ways.* [![Become a Foundation Member Today!](https://no-cache.hubspot.com/cta/default/118438/5298e3dd-13eb-49a3-963c-8d2dc303de36.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/5298e3dd-13eb-49a3-963c-8d2dc303de36)   *Others are reading:* - [**Tax Season Scams: What You Need To Know**](https://go.hfcu.org/blog/tax-season-scams-what-you-need-to-know) - [**5 Steps To Save Money With Your Checking Account**](https://go.hfcu.org/blog/5-steps-to-save-money-with-your-checking-account) - [**3 Tips To Boost Your Credit Score Quickly**](https://go.hfcu.org/blog/3-tricks-to-boost-your-credit-score) - [**Five Ways We Keep Your Online Access Secure**](https://go.hfcu.org/blog/5-ways-secure-online-access) - [**How To Organize Your Financial Records**](https://go.hfcu.org/blog/how-to-organize-your-financial-records) ** [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance), [Government](https://go.hfcu.org/blog/topic/government), [Taxes](https://go.hfcu.org/blog/topic/taxes) [** 3 Tips to Boost Your Credit Score Quickly ](https://go.hfcu.org/blog/3-tricks-to-boost-your-credit-score) [** Obsessed With Your Credit Score? Here’s Why You Shouldn’t Be ](https://go.hfcu.org/blog/credit-score-obsession) ### About Author ![Hanscom Federal Credit Union](https://go.hfcu.org/hubfs/HFCU-Profile-1000x1000.jpg) Hanscom Federal Credit Union Hanscom Federal Credit Union, a purpose-driven $1.9 billion organization based in Littleton, MA, empowers its members to achieve financial wellness. Hanscom FCU serves over 95,000 members across the country and overseas through 16 branches, over 100,000 surcharge-free ATMs, 5,000 contact centers, and a web-based branch. Related Posts [![Navigating Financial Challenges After a Job Loss](https://go.hfcu.org/hubfs/iStock-1444494544.jpg) Navigating Financial Challenges After a Job Loss ](https://go.hfcu.org/blog/job-loss) [![Three Tips to Build a Financial Safety Net](https://go.hfcu.org/hubfs/2-2.png) Three Tips to Build a Financial Safety Net ](https://go.hfcu.org/blog/safety-net) [![Traveling this summer? 9 credit card tips to know](https://go.hfcu.org/hubfs/two%20women%20at%20cafe%20on%20vacation.png) Traveling this summer? 9 credit card tips to know ](https://go.hfcu.org/blog/traveling-this-summer-9-credit-card-tips-to-know) ** - [**](http://www.facebook.com/share.php?u=https://go.hfcu.org/blog/tax-time-4-steps-to-organize-before-you-begin/) - [**](https://X.com/share?url=https://go.hfcu.org/blog/tax-time-4-steps-to-organize-before-you-begin/) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://go.hfcu.org/blog/tax-time-4-steps-to-organize-before-you-begin/&summary=&source=CeBIT) ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Comment ### Subscribe To Blog ### Subscribe to Email Updates ### contact **Hanscom Federal Credit Union** 1610 Eglin St. Hanscom AFB, MA 01731 Call us: [800-656-4328](tel:8006564328) [https://www.hfcu.org/](https://www.hfcu.org/) ### About Us [The MoneyWisdom Blog](https://www.hfcu.org/the-moneywisdom-blog.html) ### Social ** ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.facebook.com/HanscomFederalCreditUnion The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://X.com/HanscomFCU The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.instagram.com/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.linkedin.com/company/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### http://www.youtube.com/c/HanscomFederalCreditUnion The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Popular Posts [What You Need to Know About Putting Your Home in a Trust](https://go.hfcu.org/blog/what-you-need-to-know-about-putting-your-home-in-a-trust) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202022-02-10T072804.753.jpg) [What You Need to Know About Your Federal Tax Bracket](https://go.hfcu.org/blog/what-you-need-to-know-about-your-tax-bracket) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-22T123305.900.jpg) [6 Boat Types to Get on the Water](https://go.hfcu.org/blog/6-boat-types-to-get-on-the-water) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/Jet_Ski.jpg) [23 Organizations Dedicated to the Needs of Seniors](https://go.hfcu.org/blog/23-organizations-dedicated-to-the-needs-of-seniors) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Senior%20citizens.jpg) [9 Smart Moves for Lottery Winners](https://go.hfcu.org/blog/lottery) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/lottery_winner.jpg) ### Recent Posts - [![National Credit Union Administration](https://go.hfcu.org/hs-fs/hubfs/NCUA-logo-small.png?width=95&name=NCUA-logo-small.png) ](https://www.ncua.gov/) [![Equal Housing Lender](https://go.hfcu.org/hs-fs/hubfs/EHL-logo-small.png?width=65&name=EHL-logo-small.png)](https://www.hud.gov/fairhousing) - @ 2023 [Hanscom Federal Credit Union](https://www.hfcu.org/) - Federally insured by the National Credit Union Administration. - [Privacy Policy](https://www.hfcu.org/content/docs/Privacy_Notice.pdf) **Disclosure:** Hanscom Federal Credit Union does not provide and is not responsible for any products, services, or overall website content available at any third-party sites linked within this blog. Moreover, Hanscom Federal Credit Union's privacy policies do not apply to any of the linked websites within this blog. Please consult the privacy disclosures on those linked sites for further information. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Hanscom Federal Credit Union" }, "dateModified" : "December 28, 2021, 9:26:19 PM", "datePublished" : "2021-12-23 16:44:09", "description" : "You might have the holidays on your mind, but it's also a great time to start on your taxes. Here's how to gather and prepare for this year's tax return.", "headline" : "Tax Time: 4 Steps to Organize Before You Begin", "image" : { "@type" : "ImageObject", "url" : "https://f.hubspotusercontent30.net/hubfs/118438/Blog%20post%20images%20-%20Monica.jpg" }, "mainEntityOfPage" : { "@id" : "https://go.hfcu.org/blog/tax-time-4-steps-to-organize-before-you-begin", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://cdn2.hubspot.net/hubfs/118438/Logo%202.jpg" }, "name" : "Hanscom Federal Credit Union" } } ```