As Tax Professionalswe are ethically bound to help you pay the lowest tax you are legally required to pay. This list will help us do our job. It is a concise, though not exhaustive, outline of some of the documents we will need to complete your return. Below you will find some checklists that outline some allowable write-offs.
Tax Preparation Checklist for Individuals
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A copy of last year's Federal and State tax returns (only if ITS did not prepare your return).
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All statements of income, such as:
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W-2's
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Interest and Dividend statements (Form 1099)
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Pension income amounts including Social Security
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Individual Retirement Account contributions or withdrawals
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Unemployment income statements
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Trust, "S" corporation, and/or Partnership income amounts (Form K-1)
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Amounts of mortgage interest and points paid (Form 1098), real estate and auto excise taxes paid, charitable donations (both cash and non-cash), and "out-of-pocket" medical expenses
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Records of child care expenses including amounts and payee
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Lists of any job related expenses, such as:
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Moving expenses (if your move was job related)
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Tools and other equipment such as computers, etc.
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Safety clothing and uniforms
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Professional books, journals, dues, union dues, etc.
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Amounts of any estimated tax payments
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Details of any capital gains transactions
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If you own rental property or a small business, we will need to see the records pertaining to the property or business
Tax Preparation Checklist for Businesses
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A copy of last year's Federal and State tax returns.
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Articles of incorporation, partnership agreement, etc.
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Copy of current period balance sheet, income statement, trail balance and general ledger
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Prior year financial statements
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List of all business owners including:
Name, social security numbers, address, % of ownership, date ownership acquired and detail of distributions
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Schedule of owner fringe benefits received
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Schedule of loans to/from owners including loan agreements
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Details of any related party transactions
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Copies of all payroll forms and 1099 forms for the year
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Amounts of any estimated tax payments
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Listing of interest and dividend income
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Vehicle information and use including vehicle leases
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Information on any employee benefit plans including retirement plans, health insurance, etc.
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Details of meals and entertainment expense
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Any Internal Revenue Service and Department of Revenue correspondence received during the year
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List of any activities in other states
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Details of fixed assets and depreciation schedules
Doing Your Own Books? Get Prepared Checklist