CHECKLIST

EDT Tax FIRM

Before you begin

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 for your appointment, you’ll be surprised at how much time you’ll save by organizing your information beforehand.

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 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
  • 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
  • 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
  • Student loan interest
  • Health Savings Account (HSA) contributions
  • Moving expenses 
  • Self-employed health insurance premium payments
  • Keogh, SEP, SIMPLE and other self-employed pension plans
  • Alimony paid that is tax deductible 
  • 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.

  • 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
  • Energy credits
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

feeling prepared?

 

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