Three ways to streamline tax preparation this year

As tax season is underway, it is important to remember that even if you’ve delegated your income tax preparation to a tax professional, don’t forget to check in to see if you’ve provided them all the documentation that they need to successfully prepare your return. A quick phone call or email now can help you avoid a last-minute scramble and the hassle (and expense) of having to file an amended return down the road.

“This is also a great opportunity to take the time to review your tax and savings strategies with your tax professional to ensure that you are pursuing the right path to achieve your financial goals,” says Gerald E. Baker, Head of Trust, Custody & Fiduciary Services and Wealth & Fiduciary Strategies at SVB Private.

1. Know when to expect your 2022 tax forms

The table below shows some of the common tax forms and when you should receive them.

Form Number and Name


You should receive by …


Wages from employment

January 31


Share of partnership income

March 15 /Sept. 15 with extension


Shares of fiduciary income

April 18*/Oct. 2 with extension


Social Security benefits

January 31


Distributions from retirement plans, pensions, and annuities

January 31


Miscellaneous Income

January 31 or February 15

*Depending on payment type


(new form)

Nonemployee Compensation

January 31


Income from investment dividends or distributions

January 31


Interest earned from bank, investment accounts

January 31


State and local tax refunds, unemployment compensation

January 31


Proceeds from broker and barter exchange that summarizes the proceeds of all stock transactions

February 15


Mortgage interest paid

January 31

2. Find out where to get a form that’s missing

What if your April tax filing deadline is looming and you still don’t have a form that you need?

  • Make sure you’re not ahead of the deadline for when the form arrives. Check the chart above.
  • Re-check your files, piles, and email. Some forms may have come earlier than you expected and could be buried in an older stack of papers or your email “inbox” or Spam folder.
  • See if the issuer typically files an extension. If you’re an estate or trust beneficiary or a shareholder, partner, or member of an LLC, LLP, or S corporation, you may need to file for an extension while you wait for your K-1 forms.
  • Contact the issuer directly. If you know who issues the form you need, by all means contact them.
  • Contact the IRS or the Social Security Administration for forms SSA-1099 or SSA-1042.
  • Contact your SVB Private advisor. If you’re not sure where to turn, a good place to start is your SVB Private advisor who can do some of the legwork for you and/or find a substitute form.

3. Learn how to send your tax information quickly and safely

“In an era of ever increasing cyber-criminal activity, educating yourself on the most secure forms of online transacting and communication is critical,” cautions Baker. Some steps you can take to keep your tax information safe:

  • Only use your tax professional’s encrypted secure portal to send and receive sensitive documents and anything that contains your social security number.
  • Send information and paper forms by Certified Mail with a signature required.
  • File your tax returns as soon as possible. Filing early helps you get ahead of the cyber-criminal who tries to file a fraudulent return and collect your refund before you do. If you file first, the fraudulent return will be rejected. Deadlines for filing the most common federal income tax forms are below.

Deadlines for filing tax forms

Form Number

Used to report

Required IRS filing date :


Personal income

April 18* / Oct. 16 with extension


Transfers subject to federal gift taxes

April 18* / Oct. 16 with extension


Exempt organization income

May 15 / Nov. 15 with extension

(if filed on a calendar-year basis)


Estate and trust income

April 18*/ Oct. 2 with extension

(if filed on a calendar-year basis)


Partnership income

March 15/ Sept. 15 with extension

(if filed on a calendar year basis)


S Corporation income

March 15/ Sept. 15 with extension

(if filed on a calendar year basis)


Quarterly tax payments

April 18* for first payment


Form 114

Financial interest in or signature authority over foreign financial accounts

April 18*/Oct. 16 with extension

  • Use electronic funds transfer (EFT) from and to your bank for any IRS-related payments or refunds. Please keep in mind that electing to receive your refund via a pre-paid credit/debit card is often targeted by cyber-criminals.

“As you move forward with your tax professionals on filing your 2021 returns, it is important to actively engage them in discussions concerning your tax and savings strategies for 2021 and beyond. While there is still uncertainty concerning the implementation of the recent tax reform legislation, it is still vital that you engage in discussions as to your future planning,” says Baker.

Your SVB Private team is available to help you navigate questions and concerns regarding tax considerations, filing deadlines and other information in this article. 

Gerald E. Baker

Gerald Baker is head of trust, fiduciary and custody services and head of wealth and fiduciary strategies for SVB Private, a division of First Citizens Bank.

Danielle Greene

Danielle R. Greene is a Managing Director and Fiduciary Advisor with SVB Private. Ms. Greene has over fifteen years of experience addressing sophisticated trust and estate administration and planning matters, both as a professional fiduciary administrator and a practicing attorney.

The views expressed in the article are those of the author and/or person interviewed and do not necessarily reflect the views of Silicon Valley Bank, a division of First-Citizens Bank and First Citizens BancShares, Inc. The materials on this website are for informational purposes only, are subject to change and do not take into account your particular investment objective, financial situation or need. Since each client’s situation is unique, you should consult your financial advisor and/or tax planning professional before acting on any information provided herein.