Tax time is nearly here. It’s time to get organized and be prepared. Minimize the stress of preparing taxes by collecting all the paperwork ahead of time. See the list of documents you may need. Make photocopies or create a log of this information and save it in a binder or file box for future use. Keeping it all in one place will help you for years to come. What you will need will vary depending on your situation but this list will be a great framework to help you.
Remember, laws have changed since last year so be sure to consult with your tax profession to discuss any questions/concerns you may have.
PERSONAL DATA
Social Security Numbers for you, your spouse, and your children
Childcare provider: name, address, and tax ID or Social Security number
Alimony paid: Social Security number of your former spouse
EMPLOYMENT & INCOME DATA
W-2 forms for the tax year
Unemployment compensation
Miscellaneous income, including rents
Partnership, S Corporation and trust income
Pensions and annuities
Social Security/RRI benefits
Alimony received
Jury Duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
HOMEOWNER/RENTER DATA
Residential address(es) for the tax year
Mortgage interest
Real estate closing disclosures & sales information
Second mortgage interest paid
Property taxes paid
Moving expenses
Energy credits
Private Mortgage Insurance documentation
FINANCIAL ASSETS
Interest income statements
Dividend income statements
Proceeds from broker transactions
FINANCIAL LIABILITIES
Auto loans and leases (account numbers and car value) if the vehicle is used for business
Student loan interest paid
Early withdrawal penalties on CDs and other time deposits
EXPENSES
Gifts to charity (qualified written statement from charity for any single donations of $250 or more)
Unreimbursed expenses related to volunteer work
Unreimbursed expenses related to your job (travel expenses, uniforms, union dues, subscriptions)
Investment expenses
Job-hunting expenses
Job-related education expenses
Childcare expenses
Medical savings account
Adoption expenses
Alimony paid
Tax return preparation fees and expenses
SELF-EMPLOYMENT DATA
Business Income
Partnership self employment income
Business-related expenses: Receipts and other pertinent documents
Farm-related expenses: Receipts and other pertinent documents
Employment taxes and other business taxes paid for the current year
MISC. TAX DOCUMENTS
Federal, state and local estimate income tax paid for the current year
IRA or other tax retirement plan contributions: If self-employed, identify as “for self” or “for employees”
Records of medical expenses
Records of casualty or theft losses
Records of any other expenditures that may be deductible
Records for any other revenue of sale of property that you may need to report
Again, we highly recommend you file all this documentation in a folder or file box with labeled tabs. Update or add to the files throughout the year for an easier tax season in the future.