Tax Prep Checklist – What To Bring

The following is a condensed checklist of items that you should look for and bring with you to your appointment this year. Gather everything on this list that applies to you — you’ll need this information to complete your taxes.

Preparation Checklist for Financial 1 Tax | View or Download PDF

Personal Information

  Your Social Security number or tax ID number
  Your employer identification number (EIN), if you own a business
  Your spouse’s full name, social security number or tax ID number, and date of birth
  Identity Protection PIN — if the IRS has issued one to you, your spouse, or your dependent
  Your bank routing and account numbers — if you want to receive your refund by direct deposit or pay your balance electronically
  Foreign reporting and residency information — if this applies to you

Income & Expenses

Personal income:

This includes W-2 income, self-employed 1099 income, and any other income you receive, including dividends and interest. If you have a 401(k) through your employer, your contributions will be captured by your W-2. If you have a traditional IRA, make sure you get a record of those contributions. They reduce your taxable income now in exchange for paying taxes on that money later, when you eventually withdraw from the fund.

  W-2’s from Employers
  1099 INT (Bank Interest)
  1099 DIV (Dividend Interest)
  1099B (Investment Statements / Capital Gains / Losses)
  IRA, 401(k), 403(b), TSP or Employer Retirement Plan statements
  1099R (Pension and Retirement Income) – Did you withdraw money from your retirement account this year? Make sure you have a 1099-R form showing that income. Remember, if you withdrew from a Roth IRA, you don’t have to pay taxes on those funds.
  SSA (Social Security Income)
  1099G (State Tax Refund from Prior Year)
  Unemployment Compensation
  1099 MISC (Self Employed, Independent Income)

Business income and expenses:

In some cases, your business will need to file its own tax return even if you pay those taxes personally. If you own all or part of a business, you’ll need the following information.

  1099s for your business income, including 1099-Ks if applicable
  Balance sheet
  Profit and loss statement
  Receipts or other documentation for expenses (such as detailed mileage logs)
  Documentation of any sales tax you collected (or should have collected), organized by state

Real estate business income and expenses:

If you have properties that you rent out, you’ll want to bring this information too.

  Any rental income and related expenses
  Property tax bills and proof of payment
  Receipts for maintenance, repairs, and improvement costs
  Mortgage interest statements (Form 1098)

Estimated Tax Payments & Credits

Estimated tax payments:

If you made estimated tax payments, be sure you have your 1040-ES forms on hand. Those are direct credits against this year’s tax liability. Don’t pay those taxes twice!

  Estimated tax payments you paid throughout the year. Make sure you have the documentation you need to show how much you paid and when.

Personal credits:

A credit is an amount you subtract from the tax you owe. This can lower your tax payment or increase your refund. If you qualify for any of the following IRS tax credits, be sure to gather the documentation you’ll need.

Deductions Checklist:

A deduction is an amount you subtract from your income when you file so you don’t pay tax on it. By lowering your income, deductions lower your tax. For most people, the standard deduction will save you more money but if you have enough individual deductions, listing them out (itemizing) may reduce your tax liability.

The Standard deduction is $14,600 per person, or $29,200 per couple.
(If your total deductions are less, do not itemize).

Personal deductions (non-itemized):

The IRS allows the following deductions whether or not you’re claiming the standard deduction.

  Alimony payments
  Business use of your car
  Business use of your home
  Money you put in an IRA
  Money you put in health savings accounts
  Penalties on early withdrawals from savings
  Student loan interest
  Teacher expenses
  Work-related education expenses — for some military, government, self-employed, and people with disabilities
  Moving expenses — for military service members

Itemized deductions:

The IRS allows these deductions only if you’re itemizing your deductions instead of claiming the standard deductions. For most people, the standard deduction will save you more money but if you have enough individual deductions, listing them out may reduce your tax liability. If you’re itemizing your deductions, be sure to gather your receipts.

  Deductible taxes — Income tax, sales tax, real estate tax, and personal property taxes paid during the year

• State and local income tax OR local general sales taxes
• State and local real property taxes
• State and local personal property taxes (such as vehicle registration fees)

  Home mortgage interest
  Capital losses
  Donations to charity – Make sure you get receipts for any charitable contributions you’ve made throughout the year.
  Medical and dental expenses over 7.5% of your adjusted gross income
  Gains from sale of your home
  Canceled debt on home
  Bad debts
  Gambling losses
  Losses from disasters and theft
  Opportunity zone investment
Miscellaneous itemized deductions

If you have questions on any of these, don’t hesitate to send us a message or call at 410-908-9293.

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