We Look Forward
to Helping You
Sell Your Home

75 Malaga Cove Plaza Suite 1

Palos Verdes Estates, CA 90274

STEVE DAY

310.529.6456

Steve@SteveTheDay.com

BROKER BRE 01200586

KENDRA DAY

310.872.4079

KDay209@gmail.com

REALTOR BRE 01353441

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Connecting With You, Tax Tips

Updated: Mar 25, 2019


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.

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