Tax Preparation Checklist

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PREMIER TAX PREPARATION CHECKLIST

Before you begin to prepare your income tax return, go through the following checklist and select the documents that apply to your filing situation. If you’re unsure, bring everything you can and we will help you sort through your documentation.

PERSONAL INFORMATION

This information tells the IRS exactly who’s filing, who is covered in your tax return, and where to deposit your tax refund.

  • Driver’s License/ID
  • Current Physical Address
  • Social Security Numbers (Social Security Card) and dates of birth for you, your spouse, and your dependents.
  • Birth Certificates for Dependents
  • Copies of last year’s tax returns for you and your spouse
  • Bank Account number and Routing Number if depositing your refund directly into your account.

INFORMATION ABOUT YOUR INCOME

  • W-2 Forms for you and your spouse
  • 1099-C Forms for Cancellation of Debt
  • 1099-G Forms for Unemployment Income or State or Local Tax Refunds
  • 1099-MISC Forms for you and your spouse (for any independent contractor work)
  • 1099-R Form 8606 for payments/distributions from IRAs or Retirement Plans
  • 1099-S Forms for Income from a Sale of a Property
  • 1099-INT, -DIV, -8, or K is for Investment Interest Income
  • SSA-1099 for Social Security Benefits received
  • Alimony received
  • Business or Farming Income- Profit & Loss Statement, Capital Equipment information
  • Rental Property Income and Expenses, Profit/Loss Statement, Suspended Loss information
  • Prior year Installment Sale information -Forms 6252, principal and interest collected during the year, SSN and address for payer
  • Miscellaneous Income:
    • Jury Duty
    • Gambling Winnings
    • Medical Savings Account
    • Scholarships
    • etc…

ADJUSTMENTS TO YOUR INCOME

The following items can help reduce the amount of your income that is taxed, which can increase your tax refund, or lower the amount you owe.

Are you a Student?

  • Form 1098-E for Student Loan Interest paid (or loan statements for student loans)
  • Form 1098-T for Tuition paid (or receipts/canceled checks for tuition paid for post-high school)
  • Did you have out-of-pocket expenses FOR SCHOOL not noted on your 1098? (e.g., books, supplies, equipment, internet, cell phone, etc…)

Are you self-employed? If so, provide receipts or expense logs for the following:

  • Auto Mileage
  • Vehicle purchase invoice
  • Travel Expenses
  • Meal receipts
  • Technology Expenses
  • If you own a home, did you use a designated space as a home office?
  • Professional Fees (legal, consulting, accounting/tax, continuing education, contractor services, etc…)
  • Marketing Expenses (Professional photos, website, advertisements, flyers, postage, logo design)
  • Administrative Fees
  • Operating Expenses for an Investment Property
  • Health Insurance Premiums
  • Retirement Contributions

Do you own a home?

  • Form 1098 Mortgage Interest Statement
  • Real Estate Taxes Paid
  • Did you buy your home last year? If so, provide your Closing Disclosure (CD) to show points paid.

Do you have any children in college?

  • Did the student live at home?
  • Form 1098-T
  • Room & Board Expenses
  • Cell Phone Expenses
  • Internet Expenses

Did you (and your dependents) have Health Insurance?

  • Form 1095
  • Mileage for medical care
  • Health Insurance Premiums
  • Other medical and dental expenses

Did you donate to charity?

  • By cash or check?
  • Donate items? (What did you donate, when, and what was the estimated value of each item)

 

NEED FURTHER ASSISTANCE? Our office is open all year long to assist with your tax and financial needs. Leave a message below and I will contact you before the end of the day.

~Val J Aranda, Tax Consultant
Call/Text (210) 378-5987

 

 

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