Ask many Americans about their experience with tax time and they are likely to describe lots of paperwork, confusing rules, and late nights on their computer. But it doesn’t have to be that way. Getting organized now — instead of waiting until the days before April 15 — may help streamline your tax preparation and help you identify deductions that you might otherwise overlook in the last-minute rush. You’ll need the right paperwork to get started (see table below), but you may want to consult a tax advisor to determine whether you need to consider additional factors that are unique to your situation. Document Why You Need It Form W-2 from your employer The starting point for determining your taxable income. Form 1099 and other statements from investment firms Helps you compute capital gains, which are taxable, or capital losses, which you may be able to deduct. Dividends and interest are taxable at ordinary income tax rates. Contributions to a traditional IRA may be tax deductible if you meet income thresholds established by the IRS. Real estate records You may be able to deduct mortgage interest and real estate taxes. Expenses associated with investment real estate may be deductible. If you sell real estate at a profit, you may be required to pay taxes on a portion of the gain. After you have accounted for the most common aspects of tax preparation, dig a little deeper to discover other areas of your life that may offer tax breaks. Parenthood Children are not just a blessing to your family. They also bring with them a host of potential tax breaks. Dependency exemption. For the 2014 tax year you can deduct $3,950 for each qualifying child you claim as a dependent on your tax form. If your adjusted gross income is above…