Income Tax Prep Checklist

by Dec 15, 2021Tax Accounting

Income Tax Prep Checklist

Documentation to prepare personal income tax returns

PROOF OF INCOME

  • WAGES EARNED (W-2 DOCUMENTS)
  • INDEPENDENT CONTRACTOR WAGES EARNED
  • INVESTMENTS (INCLUDING DIVIDENDS)
  • CREDIT UNION & BANK INTEREST EARNED
  • UNEMPLOYMENT
  • RENTAL INCOME
  • TRUSTS
  • PRIZES
  • SOCIAL SECURITY
  • RETIREMENT BENEFITS
  • SALE OF REAL ESTATE
  • INCOME FROM HOBBIES
  • ALIMONY
  • GAMBLING WINNINGS
  • DEBT THAT HAS BEEN FORGIVEN

PROOF OF EXPENSES

  • SELF-EMPLOYMENT EXPENSES, SUCH AS MILEAGE AND EQUIPMENT

  • MEDICAL EXPENSES (OVER 10% OF YOUR ADJUSTED GROSS INCOME)

  • DOCUMENTATION OF ANY INVESTMENTS YOU SOLD DURING THE YEAR

  • TUITION PAYMENTS – FORM 1098-T IS SENT FOR QUALIFIED TUITION EXPENSES

  • WORK-RELATED EDUCATION EXPENSES

  • IRA CONTRIBUTIONS

  • THE COST OF LAST YEAR’S TAX PREPARATION

  • UNION DUES

  • UN-REIMBURSED EMPLOYEE BUSINESS EXPENSES (CLIENT MEALS, TRAVEL, ETC.)

  • STUDENT LOAN INTEREST – IF YOU PAID $600 OR MORE IN STUDENT LOAN INTEREST, YOU SHOULD RECEIVE A 1098-E FROM THE LENDER

  • MORTGAGE LOAN INTEREST – IF YOU PAID $600 OR MORE IN STUDENT LOAN INTEREST, YOU SHOULD RECEIVE A 1098 FORM FROM THE LENDER

  • CHARITABLE CONTRIBUTIONS – THIS INCLUDES NON-CASH DONATIONS, SUCH AS DONATED FOOD, CLOTHES, AND HOUSEHOLD GOODS. ANY VEHICLES OR BOATS DONATED TO A CHARITY WOULD RECEIVE A 1098-C

 

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