We know everyone dreads it, but tax time is around the corner. Prepping your paperwork is essential in guaranteeing you don’t miss anything as well as making filing quick and simple. To help you out we have prepared a Tax Prep Checklist so you can gather all the documents needed and file your return with ease.
Below is the list of all the necessary documents, receipts, and other items you’ll likely need for your tax return:
- Alimony received
- Business or farming income – profit/loss statement, capital equipment information
- Cost Basis of Securities Sold
- Miscellaneous income: jury duty, gambling winnings, Medical Savings Account, scholarships, etc.
- Prior year installment sale information – Forms 6252, principal and interest collected during the year, SSN and address for payer
- Rental property income and expenses: profit/loss statement, suspended loss information
- Social Security received
- W-2 forms for you and your spouse
- Pay stubs for the year
- Home mortgage payment stubs and/or home purchase closing statement
- Last year’s tax return for quick reference and comparison
- Receipts from anything you might claim as an itemized deduction
- Receipts from any charitable contributions (e.g. for church tithes, disaster relief donations)
- Car mileage log for work-related miles driven
- Any receipts for business travel expenses
- Canceled checks (especially for IRA contributions and other deductions)
- Credit card statements and bank statements to verify any deductions
- Medical bills that may be deductible (especially if they exceed 7.5% of your income)
- 1099-G Form (for deducting state or local income taxes)
- 1099 forms (self-employment, dividends, unemployment income, or other income paid to you)
- Mobile phone bills (especially if you made charitable donations by text message).
Adjustments to your income
- Alimony paid
- Keogh, SEP, SIMPLE, and other self-employed pension plans.
- Receipts for qualified energy-efficient home improvements (solar, windows, etc.).
- Records of IRA contributions made during the year.
- Teachers: Canceled checks or receipts for expenses paid for classroom supplies, etc.
- Records of moving expenses.
- Self-employed health insurance payment records.
- Records of Medical Savings Account (MSA) contributions.
- 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).
Itemized Deductions (Schedule A)
- List of Charitable Contributions.
- Medical Expenses, Health Care Insurance, Prescriptions, Doctors, Dentists, Eyeglasses, Long Term Health Care Insurance.
- Real Estate Taxes and other taxes paid, PMI insurance, points.
- Un-reimbursed Job Expense.
- Union/Professional Dues, Job-related costs, uniforms, supplies, seminars, continuing education, publications, travel, etc.).
- Form 1098– Mortgage Interest Expense.
Tax Credit & Deduction for Individuals
- Adoption expenses.
- Alimony Paid (need Social Security number of recipient).
- Casualty and theft losses, insurance reimbursements.
- Charitable donations: official receipts/checks, cash amounts, donated property value, miles driven, out-of-pocket expenses.
- Child Care Expenses provider’s name, address, tax ID, dollar amount.
- Home business expenses, home size/office size, home expenses.
- Investment interest expenses.
- IRA contributions.
- Medical and dental expense records.
- Medical savings account.
- Moving expenses.
- Personal property taxes.
- Real estate taxes paid.
- Rental Property Expense & cost basis.
- Work vehicle license fees, mileage.