Tax Preparation Checklist from Tax Pros Plus

by | Jan 16, 2017 | Tax Pros Notes Blog

Before you visit the Tax Pros Plus office for assistance with your tax return, consult our Tax Preparation Checklist!

Tax season can be a stressful time for taxpayers. Make things easier on yourself by taking time to get organized before you begin your tax return. Our Tax Preparation Checklistchecklist will help you prepare to take some of the anxiety out of tax season.

  1. Personal Information

    • You, your spouse’s and your dependant(s)’ full names, dates of birth and social security numbers will be necessary for filing tax return.
    • If you are paying or receiving alimony you will need your ex-spouse’s full name and social security number.
    • Feel free to bring your previous year’s tax returns if you would like Tax Pros Plus to review them

  2. All W-2s

    • Your employer should provide you with a W-2 for the full year. If you worked multiple jobs in 2016 make sure to file and keep organized every W-2 as it is mailed to you. If you are married filing jointly, remember to bring in all W-2s for both spouses.
    • Other wage and earning statements include W-2G, 1099-R and 1099-Misc.

  3. Income Information

    • Beyond W-2 forms, you also need to bring in proof regarding state and local income from previous year tax refunds and/or unemployment.
    • Income and expenses from hobbies.
    • Prizes, awards and gambling income.
    • Alimony received/paid
    • Investment income, stock option information, interest/dividend income
    • Income from stock sales or sales of other property
    • Social security benefits – You should receive a form 1099-R or 8606.
    • Health care reimbursements – either a 1099-SA or 1099-LTC
    • IRA/Pension/annuity income

  4. Education Information

    • Scholarships and fellowships
    • Payments on student loan, student loan interest
    • If you are a teacher, educator expenses can be deducted.
    • Education costs – 1098-T or 1098-E forms, education expenses
    • Continuing education expenses for adults

  5. Self-Employment Information

    • Business income – Profit, Loss Statement
    • Records of all business expenses (typically in the form of receipts, invoices)
    • Home office information – home and office size, office expenses, ie cost of electricity, ink, computer upgrades, software, office supplies, etc.
    • Self-employed health insurance information

  6. Miscellaneous Items

    • Energy credits
    • Adoption coses
    • Child care costs, ie daycare
    • Charitable contributions – cash or dollar amount of donated property and out-of-pocket expenses, miles driven for charitable purposes
    • Moving expenses
    • Casualty or theft losses – damage amount, insurance payout
    • Medical expenses
    • Job search expenses
    • Mortgage statements, home mortgage interest
    • Healthcare insurance payments and expenses from doctors, dentists and hospitals, miles driven for medical purposes
    • Union dues
    • Investment interest expense
    • Federally declared disaster information – records on costs, insurance reimbursements, FEMA assistance info, appraisal and clean up costs

We hope this Tax Preparation Checklist helps you prepare for your 2016 tax return. It is not an all inclusive list but should help you collect documents and receipts you will need to bring to Tax Pros Plus when you are ready to prepare your tax return.

Please contact us at 800-742-0TAX or stop by our office at 7679 Dorchester Road in North Charleston, South Carolina for help with your 2016 tax return. We can file tax returns for anyone in the 50 United States. Prepare now to save yourself a headache later!

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