While we know tax season can feel like a drag, we’re here to help you prepare by sharing what you can do to get ready for your process of filing your tax return. The lists below highlight the important information and items you should pull together before you meet with your tax professional. Of course, not all are applicable to your situation.
Personal Information
The following may seem obvious, but you’d be surprised how many thousands of tax returns are held up each year because of mistakes or missing items concerning basic details. You’ll need:
Your prior year’s individual income tax return
Your Social Security Number (SSN) and the SSN for each family member
Birthdate for every family member
Photo identification such as a driver’s license for you and any joint filer
Bank account details
Childcare provider Employer Identification Number (EIN) if applicable
Personal Income
In addition to income from your regular paycheck, you’ll need documentation of any unemployment compensation, non-employee compensation, interest income, dividend income and retirement income.
W-2 forms from employers
IRS 1099 forms (This includes income from non-qualified accounts, form G for unemployment, NEC for non-employee, INT for interest, DIV for dividends and R for retirement income.)
IRS Schedule K-1 for partnership income
Any income from rental properties
Personal Expenses for Deductions
You’ll need receipts for any:
Medical expenses
Childcare expenses
Charitable donations
Rental property expenses
For your primary residence you’ll need:
Form 1098 Mortgage Interest Statement
Property tax records
Expenses related to energy saving improvements
Business Information
If you own a business, you’ll need to provide:
Last year’s corporate tax return
Your EIN (if different from your SSN)
Any partnership agreements
Change in ownership information
Business bank account details
Profit and loss statement
Balance sheet
Business Expenses
Log detailing your business vehicle usage
Home office details including square footage and prorated utility costs
Receipts for any capital asset purchases
Paid estimated tax payments (Form 1040-ES)
Organizing your tax prep documents, receipts and other information well before the tax filing deadline will make filing taxes easier, potentially less expensive and more prepared for the coming year.
