A Tax Document Checklist

This week we hear from David in Reisterstown:

Dear Alice,

I’m a little late getting my tax information together and was wondering if you had some tips on where to start so I can get them filed before the deadline.

David

Dear David,

Here’s a tip for you: keep all of your tax documents together. It sounds simple, I know, but this can mean the difference between getting your info together in hours vs. days. Here’s a 15-item checklist to help you think through the information you might need to prepare or have your taxes prepared. Some of this might not pertain to you, but it’s a pretty good list to help get you started.

• 1.  A copy of last year’s tax return can serve as a roadmap to what information you might need.
• 2.  Anything clearly marked ‘TAX DOCUMENT’
• 3.  W-2s  - wages and earnings
• 4.  1099s  - records of income
• 5.  1098s - mortgage interest and real estate taxes, don’t forget the 2^nd mortgage interest if you have one
• 6.  IRA and 401K or other retirement contribution info
• 7.  Annuity and pension income info
• 8.  Moving expenses if you moved more than 50 miles to be closer to where you work
• 9.  Employee business expenses – any expenses you incurred for your job that your employer didn’t reimburse you for
• 10.  Student Loan Interest expenses
• 11.  Child & dependent care expenses – in addition to the amount you paid them, you’ll need the care providers name address and tax id number.
• 12. Health, Vision & Dental Insurance premiums and any other medical expenses you incurred
• 13. Union dues or uniform costs
• 14. Tax preparation fees for last year as well as fees paid to financial advisors
• 15. Charitable donations – amounts paid in cash, checks or credit cards and goods donated

You may or may not be able to use all of this information but this should help you or your tax pro get your taxes done faster and more efficiently.

Many Happy Returns!

Alice A. Reid, EA

Disclosure:  The nature of taxation is complex and information used to complete your personal tax return is dynamic – meaning that one area of your tax return can affect others, while our goal is to provide you with good general information, IRS may require certain documentation or substantiation to support any tax position you take on your tax return.  If your issue is complex we recommend you talk to a tax professional who can better understand your entire tax situation and advise you appropriately.