It is that time of year again! Time to get your documents together and get with your favorite Tax Preparer. I've compiled this list of items so that you will not miss out on any deductions or fail to report any income. The list is by no means exhaustive but serves as a great guide to making sure that most of you have what you need when it comes time to getting your documents prepared.
Here is the information will need to gather prior to making your appointment.
Start off by:
1. Getting your paperwork together
Here is a short list of things you might need to start collecting before scheduling your appointment:
- Identification (ex. Driver’s license, passport) (Required)
- Social Security number or Individual Taxpayer Identification Number (ITIN)assignment letter may be substituted for you, your spouse and your dependents. (Required)
- Proof of foreign status, if applying for an ITIN
- Birth dates for you, your spouse and dependents on the tax return ( Required)
- To file taxes electronically on a married-filing-joint tax return, both spouses must be present to sign the required forms.
- Proof of bank account routing and account numbers for direct deposit (ex. Blank check, deposit slip) (Optional)
- Wage and earning statements (Form W-2, W-2G, 1099-R,1099-Misc) from all employers.
- Interest and dividend statements from banks (Forms 1099)
- Forms 1095-A, B or C, Affordable Health Care Statements (only necessary if you have purchased healthcare through the Federal Health "Marketplace" Healthcare.gov.
- State and federal tax returns from last year
- Alimony Received
- Pensions, Annuities, IRA distributions, Social security benefits
- Any income received (farming, unemployment, business, gambling)
- Gain on the sale of assets
Expenses and Deductions
- Alimony Paid
- Total paid for daycare provider and the daycare provider’s tax identifying number (SS# or EIN)
- Health Savings account information
- Information on any investment purchases and sales
- Educational expenses (either as a teacher or a student)
- Student loan interest statement
- Home improvement bills (Ask me more!)
- Adoption expenses
- Any other information - If anything else comes to mind, bring it with you or call. We can work through it together.
- The accumulation of the following items must be greater than the Standard Deduction amount (Single $12,550 MFJ $25,100). If the total is not over the Standard Deduction, you will not be able to Itemize your deductions - Simply put, don't waste your time collecting this information unless it is related to a business venture.
- Paid vehicle registration
- Paid property taxes
- Paid mortgage interest
- Donation receipts
- Medical receipts (eye care, dental, medical exams)
- Amount paid for preparation of last year’s tax return
- Gambling losses
- Investment Interest
2. Schedule an Appointment
Don’t worry, you are in good hands. I’ll complete your taxes, review them with you and then E-File your tax return and provide you with access to your refund through our Banking service partner.