KEY DOCUMENTS FOR TAX PREPARATION
IMPORTANT DOCUMENTS FOR YOUR TAX RETURN
If you have your return done professionally or if you do it yourself, there are some documents and records that will be required for an accurate return. Some are records the IRS also receives and some are your own records and receipts.
Click here to add Tax Man to your Google Reader or Home page:
Link to TAX MAN: http://wwwtaxman.blogspot.com
ALL TAXPAYERS ARE LIKELY TO NEED THE FOLLOWING:
Originals of all W-2s Copy B + State Tax copy if applicable
Forms 1099-SSA if you draw Social Security
Originals of all Interest Statements Form 1099 INT
Original Tuition Statement Form 1098T
Original Dividend Statements Form 1099 DIV
Original IRA & Pension Statements Form 1099 R
(for IRA withdrawals)
Also
List amounts off any IRA contributions you made for the tax year
Sales of Stocks & Bonds --bring Form 1099 B
MUST ALSO have Cost of Stocks/Bonds sold and date acquired
Copies of Brokerage Statements for all sales
Mortgage Interest Statements -- Form 1098
Copy of Closing Statement if Bought/Sold Home
Need Closing Stmt (HUD Form) for both Old home and New Home. http://www.hudclips.org/sub_nonhud/html/pdfforms/1.pdf
Local tax forms with instructions
Copies of K-1 forms for Partnerships, S-Corporations or Trusts
Copies of any other Statements you think might be relevant
All 1099 Forms, W-2s, 1098s and K-1s are forms the IRS also has and can check against your tax return
If Self Employed:
Total Sales or Receipts
Expenses—list by categories which include:
Advertising, Insurance, Business Interest, Office Supplies, Rent, Repairs, supplies,
Taxes, Meals when out of town overnight, Motel, Airfare, and other Travel expense,
Salaries paid employees (W-2 Wages), Subcontractor payments, Purchases for resale,
(need Ending Inventory which will be deductible in the next year)
Car and Truck Expense—Actual expense or mileage . Need BOTH business miles
And non-business miles whether you deduct actual expense or standard mileage
Allowance
Cost and date of Purchase for any new equipment, computers, machines, etc.
Health Insurance if not covered by subsidized plan offered by your employer or your spouse’s employer
Home office for your business:
If you qualify to take this deduction indicate sq ft of office and total square feet of home.
Also need COST of Home and Date you began using it as a home office.
Part of your Interest, Taxes, Insurance, Utilities and Repairs on your home can be taken
As a business expense. The remaining non-business interest and taxes can be taken as an Itemized deduction on Schedule A
OTHER INFORMATION YOUR TAX PREPARER WILL NEED:
Your SSN, date of birth and address
You spouses SSN, date of birth and address
Your children’s date of birth and address.
NOTE: Ages are important due to age factors involved in certain deductions and credits and in determining elegibility for deducting dependent exemptions.
If you need IRS forms or publications:
http://www.irs.gov/formspubs/index.html
This information is not intended to be advice to the recipient.In compliance with Treasury Department Circular 230, unless stated to the contrary, any Federal Tax advice contained in this Blog was not intended or written to be used and cannot be used for the purposes of avoiding penalties.
If you have your return done professionally or if you do it yourself, there are some documents and records that will be required for an accurate return. Some are records the IRS also receives and some are your own records and receipts.
Click here to add Tax Man to your Google Reader or Home page:
Link to TAX MAN: http://wwwtaxman.blogspot.com
ALL TAXPAYERS ARE LIKELY TO NEED THE FOLLOWING:
Originals of all W-2s Copy B + State Tax copy if applicable
Forms 1099-SSA if you draw Social Security
Originals of all Interest Statements Form 1099 INT
Original Tuition Statement Form 1098T
Original Dividend Statements Form 1099 DIV
Original IRA & Pension Statements Form 1099 R
(for IRA withdrawals)
Also
List amounts off any IRA contributions you made for the tax year
Sales of Stocks & Bonds --bring Form 1099 B
MUST ALSO have Cost of Stocks/Bonds sold and date acquired
Copies of Brokerage Statements for all sales
Mortgage Interest Statements -- Form 1098
Copy of Closing Statement if Bought/Sold Home
Need Closing Stmt (HUD Form) for both Old home and New Home. http://www.hudclips.org/sub_nonhud/html/pdfforms/1.pdf
Local tax forms with instructions
Copies of K-1 forms for Partnerships, S-Corporations or Trusts
Copies of any other Statements you think might be relevant
All 1099 Forms, W-2s, 1098s and K-1s are forms the IRS also has and can check against your tax return
If Self Employed:
Total Sales or Receipts
Expenses—list by categories which include:
Advertising, Insurance, Business Interest, Office Supplies, Rent, Repairs, supplies,
Taxes, Meals when out of town overnight, Motel, Airfare, and other Travel expense,
Salaries paid employees (W-2 Wages), Subcontractor payments, Purchases for resale,
(need Ending Inventory which will be deductible in the next year)
Car and Truck Expense—Actual expense or mileage . Need BOTH business miles
And non-business miles whether you deduct actual expense or standard mileage
Allowance
Cost and date of Purchase for any new equipment, computers, machines, etc.
Health Insurance if not covered by subsidized plan offered by your employer or your spouse’s employer
Home office for your business:
If you qualify to take this deduction indicate sq ft of office and total square feet of home.
Also need COST of Home and Date you began using it as a home office.
Part of your Interest, Taxes, Insurance, Utilities and Repairs on your home can be taken
As a business expense. The remaining non-business interest and taxes can be taken as an Itemized deduction on Schedule A
OTHER INFORMATION YOUR TAX PREPARER WILL NEED:
Your SSN, date of birth and address
You spouses SSN, date of birth and address
Your children’s date of birth and address.
NOTE: Ages are important due to age factors involved in certain deductions and credits and in determining elegibility for deducting dependent exemptions.
If you need IRS forms or publications:
http://www.irs.gov/formspubs/index.html
This information is not intended to be advice to the recipient.In compliance with Treasury Department Circular 230, unless stated to the contrary, any Federal Tax advice contained in this Blog was not intended or written to be used and cannot be used for the purposes of avoiding penalties.
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