TAX SEASON IS UP, WHAT DO YOU BRING TO THE PARTY?

---

It’s Tax season and we’re up for it!

Whether you are looking to file your own taxes or provide your accountant with the necessary tax documentation, this checklist will ease up the process for you. As usual, make sure to gather your documents based on what applies to your current situation.

---

PERSONAL INFORMATION:

IDENTIFICATION INFORMATION

Tax Identification Numbers are mandatory items on your tax prep checklist. All taxpayers will need the following information:

• Your social security number or tax ID number

• Your spouse's full name and social security number or tax ID number

• Your Driver’s License Information

DEPENDENT(S) INFORMATION:

• Parents and caregivers should gather this information as they review what they need to file their taxes.

• Dates of birth and social security numbers or tax ID numbers

• Childcare records (including the provider's tax ID number) if applicable

• Income of other adults in your home

• Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent (if applicable)

---

SOURCES OF INCOME:

Many of these forms will not apply every year. For example, you will only receive the investment forms you may need to file your taxes if you had distributions or other activity.

EMPLOYMENT FORMS

• Forms W-2, W-2C

UNEMPLOYMENT FORMS

• Unemployment tax statement form 1099-G

SELF-EMPLOYMENT FORMS AND DOCUMENTS

• Forms 1099-Misc., Schedules K-1, income records to verify amounts not reported on 1099s

• Records of all expenses — check registers or credit card statements, and receipts

• Business-use asset information (cost, date placed in service, etc.) for depreciation

• Office in home information, if applicable

• Record of estimated tax payments made (Form 1040–ES)

• FInancial statements (If applicable)

RENTAL INCOME

• Records of property rental income income

RETIREMENT INCOME

• Pension/IRA/annuity income (1099-R)

• Traditional IRA basis (i.e., amounts you contributed to the IRA that were already taxed)

• Social security/RRB income (1099-SSA, RRB-1099)

SAVINGS & INVESTMENTS OR DIVIDENDS

• Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)

• Income from sales of stock or other property (1099-B, 1099-S)

• Dates of acquisition and records of your cost or other basis in property you sold (if basis is not reported on 1099-B)

• Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC)

• Expenses related to your investments

• Record of estimated tax payments made (Form 1040–ES)

• Transactions involving cryptocurrency (Virtual currency)

OTHER TYPES OF INCOME & LOSSES

• Gambling income (W-2G or records showing income, as well as expense records)

• Jury duty records

• Hobby income and expenses

• Prizes and awards

• Trusts

• Royalty Income 1099–Misc.

• Any other 1099s received

• Record of alimony paid/received with ex-spouse’s name and SSN

DEDUCTIONS & CREDITS

Aah Credits and deductions, we all love them do we not? here are some that may apply to you:

HOME OWNERSHIP

• Forms 1098 or other mortgage interest statements

• Real estate and personal property tax records

• Receipts for energy-saving home improvements (e.g., solar panels, solar water heater)

• All other 1098 series forms

CHARITABLE DONATIONS

• Cash amounts donated to houses of worship, schools, other charitable organizations

• Records of non-cash charitable donations

• Amounts of miles driven for charitable or medical purposes

MEDICAL EXPENSES

• Amounts paid for healthcare insurance and to doctors, dentists, hospitals

HEALTH INSURANCE

• Form 1095-A if you enrolled in an insurance plan through the Marketplace (Exchange)

CHILDCARE EXPENSES

• Fees paid to a licensed day care center or family day care for care of an infant or preschooler

• Wages paid to a baby-sitter

Do not include expenses paid through a flexible spending account at work

EDUCATIONAL EXPENSES

• Forms 1098-T from educational institutions

• Receipts that itemize qualified educational expenses

• Records of any scholarships or fellowships you received

• Form 1098-E if you paid student loan interest

K-12 EDUCATOR EXPENSES

• Receipts for classroom expenses (for educators in grades K-12)

STATE & LOCAL TAXES

• Amount of state/local income tax paid (other than wage withholding), or amount of state and local sales tax paid

• Invoice showing amount of vehicle sales tax paid

RETIREMENT & OTHER SAVINGS

• Form 5498-SA showing HSA contributions

• Form 5498 showing IRA contributions

• All other 5498 series forms (5498-QA, 5498-ESA)

FEDERALLY DECLARED DISASTER

• City/county you lived/worked/had property in

• Records to support property losses (appraisal, cleanup costs, etc.)

• Records of rebuilding/repair costs

• Insurance reimbursements/claims to be paid

*Check FEMA site to see if my county has been declared a federal disaster area

Should you need some assistance in preparing your income tax return this year, do not hesitate to give us a call.

Learn More

Firenzanita out!