Tax Preparation Checklist: What To Gather Before Filing

Author: Moorhead Nicolini CPA | | Categories: Tax Consultants , Tax Planners , Tax Returns

Blog by Moorhead Nicolini CPA

Every April, when the tax season approaches, most taxpayers face the challenge of gathering everything needed to file for the annual tax return. This can turn out to be quite stressful and a time-consuming process.

At Moorhead Nicolini CPA, we understand that filing tax returns is a task not everyone loves to do. But with a little basic knowledge and preparation, you can be ready to complete and file your tax returns quickly and easily.

As experts in tax filing, we’ve created a handy checklist to help you complete your taxes with as little stress as possible. To help you get organized and file your taxes accurately and on time, we have put together this checklist, so that you can get back to the other important things in life.

A. Taxable income forms, documents

  1. - Most common income, deduction forms
  2. - W-2 form(s) for wages, salaries, and tips
  3. - Interest income statements: Form 1099-INT and 1099-OID
  4. - Dividend income statements: Form 1099-DIV
  5. - Sales of stock, land, etc. for capital gains: Form 1099-B
  6. - Sales of real estate: Form 1099-S
  7. - State tax refunds: Form 1099-G
  8. - Alimony received or paid
  9. - Unemployment compensation received: form 1099-G
  10. - Nonemployment compensation: form 1099-NEC
  11. - Miscellaneous income: form 1099-MISC
  12. - Retirement income: form 1099-R
  13. - Social security income and railroad retirement income: form SSA-1099
  14. - Business income and expenses
  15. - Rental income and expenses
  16. - Farm income and expenses
  17. - Form K-1 income from partnerships, trusts, and S-Corporations
  18. - Tax-deductible miles traveled for business purposes

B. Tax credits

  1. - Child tax credit
  2. - Child care provider address, ID number, and amounts paid for the child and dependent care credit
  3. - Earned income tax credit (EITC)
  4. - Adoption expense information for the adoption tax credit
  5. - Foreign taxes paid
  6. - First time home buyer tax credit

C. Tax deductions, expenses

  1. - Medical expenses for the family
  2. - Medical insurance paid
  3. - Self-employed business expenses
  4. - Prescription medicines and drugs
  5. - Doctor and dentist payments
  6. - Hospital and nurse payments
  7. - Tax-deductible miles traveled for medical purposes
  8. - Home mortgage interest from form 1098
  9. - Home second mortgage interest paid
  10. - Real estate taxes paid
  11. - State taxes paid with last year’s return (if claiming itemized deductions)
  12. - Personal property taxes paid
  13. - Charitable cash contributions
  14. - Fair market value of non-cash contributions to charities
  15. - Unreimbursed expenses related to volunteer work
  16. - Tax-deductible mileage for volunteer purposes
  17. - Casualty and theft losses
  18. - Amount paid to professional preparer last year
  19. - Unreimbursed expenses related to your job
  20. - Miles traveled related to your job
  21. - Union and professional dues
  22. - Investment expenses
  23. - Job-hunting expenses
  24. - IRA contributions
  25. - HSA, FSA contributions
  26. - Student loan interest paid from form 1098
  27. - Moving expenses
  28. - Last year’s tax return preparation fee

D. Tax estimate payments

  1. - Estimated tax payments made with ES vouchers or online
  2. - Last year’s tax return over-payment applied to this year
  3. - Off-highway fuel taxes paid

E. General information

  1. - Copy of last year’s tax return
  2. - Social security numbers for you and your spouse
  3. - Educational expenses for you and your spouse
  4. - Dependents’ names, years of birth, and social security numbers
  5. - Dependents’ post high school educational expenses
  6. - Child Care Expenses for Each Dependent
  7. - Prior year Adjusted Gross Income (AGI) - How to find last year’s adjusted gross income (AGI)
  8. - Routing Transit Number (RTN) (For direct deposit or debit purposes)
  9. - Bank Account Number (BAN) (For direct deposit or debit purposes)

If you have any concerns about filing your taxes or you’re looking for an accounting firm to help simplify the process, reach out to the tax experts at Moorhead Nicolini CPA. We are a full-service public accounting firm in Gaffney, Simpsonville, South Carolina, offering accounting services, tax preparation, tax consulting, and small business consulting. We serve clients across Gaffney, Simpsonville, Spartanburg, Greenville, Greer, and the surrounding areas.

To learn more about our services, please click here. Have a question? We’d love to hear from you. Contact us here.

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