In our excitement to start saving and investing, many of us tend to overlook the connection between taxes and those accounts. This could lead to us owing taxes and thus creating tax headaches later on. So, while it is enticing to file our taxes early when we are expecting a refund, if you have just started investing and possibly have taxable dividends/interest or sale transactions for the tax year, you may want to slow down. When you file your taxes, you want to get it right the first time around so wait until you receive the 1099 information from your brokerage firm(s) and/or bank(s).
The deadline for brokers to send out these forms is usually around February 15th, so as a rule, I do not file before that date. Also, please remember not to treat your tax refund as a bonus check.
I use a number of institutions; therefore, I itemize these institutions and accounts and then check them off the list each time I receive the tax information for each account. If I do not receive one for an account, I try to find out why to make sure I have not overlooked it. I am subscribed to paperless statements so this means that I may only get a notification that the form is available online as opposed to it showing up in my mailbox. However, whether or not I get a notification, I check all accounts to make sure I am not overlooking any.