Tax Preparation Checklist | Your Money Matters® – Plano, TX

Product by:
Your Money Matters

Reviewed by:
Rating:
4
On February 2, 2016
Last modified:February 2, 2016

Summary:

This info sheet has been very successful with our clients. It has all the information one need to make the process simple and efficient. Your money matters clients receive this in the email before the commencement of tax season. Please use this to organize your pertinent info and keep us in mind for your future needs. We look forward to hearing from you soon.

Before you begin to prepare your income tax return, go through the following checklist. Not every category will apply to you, so just pick those that do, and make sure you have that information available. When you’re ready to prepare your tax return using TurboTax software, you’ll be surprised at how much time you’ll save by organizing your information beforehand.

Before you start tax preparation:

  1. Download and print this checklist as a PDF
  2. Place the checklist in a file folder, or attach it to the outside of the folder.
  3. As you receive or locate tax documents, place them in the folder and check them off the list.
  4. Scratch off anything on the list that doesn’t apply to your tax situation (it’s organized with the most common items on the first page).
  5. Enter information and amounts that are not already available on other documents, such as your bank routing number for direct deposit.

Don’t have Adobe Acrobat Reader? Download it here. Or, print this page and use the checklist below.

Personal information:
The IRS needs to know exactly who’s filing and who is covered in your tax return. To do this, you will need Social Security numbers and dates of birth for you, your spouse, and your dependents:

Information about your income:
Income from jobs: forms W-2 for you and your spouse
Investment income – various forms 1099 (-INT, -DIV, -B, etc.), K-1s, stock option information
Income from state and local income tax refunds and/or unemployment: forms 1099-G
Alimony received
Business or farming income – profit/loss statement, capital equipment information
If you use your home for business – home size, office size, home expenses, office expenses.
IRA/pension distributions – forms 1099-R, 8606
Rental property income/expense – profit/Loss statement, rental property suspended loss information
Social Security benefits – forms SSA-1099
Income from sales of property – original cost and cost of improvements, escrow closing statement, cancelled debt information (form 1099-C)
Prior year installment sale information – forms 6252, principal and Interest collected during the year, SSN and address of payer
Other miscellaneous income – jury duty, gambling winnings, Medical Savings Account (MSA), scholarships, etc.
Adjustments to your income:
The following can help reduce the amount of your income that is taxed, which can increase your tax refund or lower the amount you owe.

IRA contributions
Energy credits
Student loan interest
Medical Savings Account (MSA) contributions
Moving expenses
Self-employed health insurance payments
Keogh, SEP, SIMPLE and other self-employed pension plans
Alimony paid
Educator expenses
Itemized tax deductions and credits:
The government offers a number of deductions and credits to help lower the tax burden on individuals, which means more money in your pocket. You’ll need the following documentation to make sure you get all the deductions and credits you deserve.

Advance Child Tax Credit payment
Child care costs – provider’s name, address, tax id, and amount paid
Education costs – forms 1098-T, education expenses
Adoption costs – SSN of child, legal, medical, and transportation costs
Home mortgage interest and points you paid – Forms 1098
Investment interest expense
Charitable donations – cash amounts and value of donated property, miles driven, and out-of-pocket expenses
Casualty and theft losses – amount of damage, insurance reimbursements
Other miscellaneous tax deductions – union dues, unreimbursed employee expenses (uniforms, supplies, seminars, continuing education, publications, travel, etc.)
Medical and dental expenses
Taxes you’ve paid:
Properly documenting the taxes you’ve already paid can keep you from overpaying.

State and local income taxes paid
Real estate taxes paid
Personal property taxes – vehicle license fee based on value
Other information:
Estimated tax payment made during the year, prior year refund applied to current year, and any amount paid with an extension to file.
Direct deposit information – routing and account numbers
Foreign bank account information – location, name of bank, account number, peak value of account during the year

This info sheet has been very successful with our clients. It has all the information one need to make the process simple and efficient. Your money matters clients receive this in the email before the commencement of tax season. Please use this to organize your pertinent info and keep us in mind for your future needs. We look forward to hearing from you soon.

Leave a Reply

Your email address will not be published. Required fields are marked *