Thomas' Real World Strategies

"Documents You Need for Tax Preparation"

by Thomas Kubiak, EA

Posted January 17, 2018

"If you do not think about your future, you cannot have one." -John Galsworthy

With the increased penalties associated with the ACA for the current tax year, and all of the other changes for 2018 and beyond, filing your taxes on your own is not for the faint of heart -- even with nice-looking software on the market which purport to make it easy for you.

But that's what we're here for. Let us be your easy button.

Below (and permanently on this site) is a list of what you will need during the tax preparation process. Not all of these items will apply to you -- probably MOST will not. Nonetheless, it's a useful checklist.

Yes, this is a long list -- but it's the unfortunate reality of our tax code that it's not even comprehensive! But these items will cover 95% of our clients.  Really, this is for ensuring that we're able to help you keep every dollar you can keep under our tax code.

Even if for some strange reason you won't be using our cost-effective services this year, feel free to use this list as a handy guide...

Personal Data
Current driver's license(s)

Social Security numbers for self, spouse, children, other dependen(s)
Child care provider tax I.D. or Social Security Number

Employment & Income Data
W-2 forms for this year
Tax refunds and unemployment compensation: Form 1099-G
Miscellaneous income including rent: Form 1099-MISC
Partnership and trust income
Pensions and annuities
Alimony received
Jury duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
Unemployment compensation

Health Insurance Information
* All 1095-A Forms from marketplace providers (if you purchased insurance through a Marketplace)

* All 1095-B or 1095-C forms from your employer
* If claiming an exemption, your unique Exemption Certificate Number
* Records of credits and/or advance payments received from the Premium Tax Credit (if claiming)

Homeowner/Renter Data
Residential address(es) for this year
Mortgage interest and mortgage premiums paid: Form 1098
Sale of your home or other real estate: Form 1099-S
Second mortgage interest paid
Real estate taxes paid on all real properties
Rent paid during tax year
Moving expenses

Financial Assets
Interest income statements: Form 1099-INT & 1099-OID
Dividend income statements: Form 1099-DIV
Proceeds from broker transactions: Form 1099-B
Retirement plan distribution: Form 1099-R
Capital gains or losses not reported on a 1099-B

Financial Liabilities
Auto loans and leases (account numbers and car value) if vehicle used for business
Student loan interest paid
Early withdrawal penalties on CDs and other fixed time deposits

Personal property tax information
Department of Motor Vehicles fees

Gifts to charity (receipts for any single donations of $250 or more)
Unreimbursed expenses related to volunteer work
Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions)

For truckers, your receipts and log book
Investment expenses
Job-hunting expenses
Education expenses (tuition and fees and books)
Child care expenses
Medical Savings Accounts
Adoption expenses
Alimony paid
Tax return preparation expenses and fees

Self-Employment Data
Estimated tax vouchers for the current year
Self-employment tax
Self-employment SEP plans
Self-employed health insurance
K-1 forms on all partnerships
Receipts or documentation for business-related expenses
Farm income

Deduction Documents
State and local income taxes
IRA, Keogh and other retirement plan contributions
Medical expenses
Casualty or theft losses
Other miscellaneous deductions

We're here to help. Let me know if you have any questions by calling 
(518) 893-2683.

Special Early 2018 On-line Offer
$35.00 Off Special Gift Certificate

Print this page, bring it to our office and receive an instant $35 credit towards any personal tax service. Expires February 10th, 2018 | Not valid with any other offer



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