Tax Preparation Tips

Tips for Tuesday

It's already March, which means tax day is just around the corner. If you haven't prepared your tax return yet, here is a list of what you will need to prepare the return or bring with you to your accountant.

PERSONAL INFORMATION
Have on hand for each of your family members:
• Name and address
• Birth Date
• Social Security Number
Have on hand the following:
• Name, address, Tax ID or Social Security Number of child care provider
• Amount of alimony paid/received and Social Security Number of recipient

EMPLOYMENT AND OTHER INCOME
• W-2 forms for the tax year
• Unemployment compensation
• State and local income tax refunds
• Rent income from personal property
• Partnership, S Corporation, Trust, Estate income
• Pensions and annuities
• Social Security benefits
• Recovery of bad debts deducted in a prior year
• Alimony/Maintenance
• Scholarships/fellowships
• Jury duty pay
• Gambling and lottery winnings
• Prizes and Awards

SELF-EMPLOYMENT INFORMATION
• Business income
• Partnership SE income
• Business-related expenses (with receipts)
• Employment taxes and other business taxes paid

OTHER FINANCIAL ASSETS
• Interest income statements
• Dividend income statements
• Proceeds from broker transactions
• Retirement plan distribution

HOMEOWNER/RENTER DATA
• Mortgage interest paid
• Sale of your home or other real estate
• Second mortgage interest paid
• Real estate taxes paid
• Rent paid
• Moving expenses

EXPENSES
• Gifts to charity
• Unreimbursed expenses related to volunteer work
• Unreimbursed expenses related to your job
• Investment expenses
• Job-hunting expenses
• Job-related education expenses
• Tax return preparation expenses
• Adoption expenses
• Child care expenses
• Alimony paid
• Medical savings account
• Tax return

OTHER FINANCIAL LIABILITIES
• Auto loans and leases if vehicle used for business
• Student loan interest paid
• Early withdrawal penalties on CDs and other time deposits

OTHER TAX DOCUMENTS AND INFORMATION
• Federal, state and local estimated income tax paid (have payment records or vouchers)
• IRA, Keogh and other retirement plan contributions
• Medical expenses documents
• Casualty or theft losses documents
• Personal property tax information

Remember, if you want to claim it, you should have proper documentation. You should collect these receipts and papers throughout the year in an income tax file. This will make tax preparation much easier when the time comes because everything will be together.