Choosing the best tax program like TurboTax or H&R Block for your income tax return preparation this year will be an important choice for insuring stress free tax filing.
Tax Return Preparation Checklist
Our checklist can help you gather documents you need for your tax return preparation.
Social Security Numbers for yourself, spouse and children. Child care providers name, address and tax I.D. or Social Security Number. Social Security Number for anyone you paid alimony to.
Income and Employment Documentation
1099 / W-2 forms for the tax year
Miscellaneous other income
Partnership, S Corporation, & trust income
Pensions and annuities, Social Security benefits
Alimony received, Jury duty pay, Prizes, awards and winnings, Scholarships and fellowships
State and local income tax refunds
Mortgage interest, home or other real estate sales data
Second mortgage interest paid, Real estate taxes paid
Rent paid during tax year, Moving expenses
Interest income statements, Dividend income statements, Proceeds from broker transactions, Retirement plan distribution
Auto loans and leases if your vehicle used for business
Student loan interest paid
Early withdrawal penalties on CDs etc.
Paycheck withholdings and other taxes paid
Gifts to charity, non-reimbursed volunteer expenses, non-reimbursed job expenses
Investment expenses, Child care expenses
Job-hunting expenses, Job-related education expenses
Medical Savings Accounts, Adoption expenses, Alimony paid, Tax return preparation expenses and fees
Business income, Partnership SE income
Business-related expenses, Farm-related expenses Receipts, other financial documents
Employment & other business taxes paid
Miscellaneous Tax Documents
Retirement plan contributions, Medical expenses
Records for casualty or theft losses
Records for any other revenue or sales of property that will be reported on your tax return preparation docs.
Avoid Missing Commonly Overlooked Deductions
- State sales tax write-off: You must choose between deducting state and local income taxes, or state and local sales taxes.
- Reinvested dividends: This is a subtraction that’s for mutual fund dividends automatically invested in extra shares, remember that each reinvestment increases your “tax basis” in the fund. That, in turn, reduces the amount of taxable capital gain (or increases the tax-saving loss).
- Out-of-pocket charitable contributions: You can write off out-of-pocket costs you incur while doing good deeds for a nonprofit organization’s.
- Student loan interest paid by Mom and Dad: a child who’s not claimed as a dependent can qualify to deduct up to $2,500 of student loan interest paid by Mom and Dad.
- Moving expense to take first job: Job-hunting expenses incurred while looking for your first job are not deductible, but moving expenses to get to that first job are calculated into your tax return.
- Child care credit: A credit is so much better than a deduction—it reduces your tax bill dollar for dollar.
- Earned Income Tax Credit (EITC): 25% of taxpayers who are eligible for the EITC fail to claim it, according to the IRS.
- State tax you paid last spring: remember to include your state tax itemized deduction on your return.
- Refinancing points: you get to deduct points paid to obtain your mortgage all at one time.
- Jury pay paid to employer:
Some employers continue to pay employees’ full salary while they are doing their civic duty, but ask that they turn over their jury fees to the company coffers. If you give the money to your employer you have a right to deduct the amount so you aren’t taxed on money that passes through your hands.