Tax Advice You Don't Want to Miss

With every New Year brings us closer to something we all must do…..get our taxes prepared…yuck!

I came across some really helpful information recently and thought you could use it as a guide for putting together the necessary paperwork for you and/or your tax-preparer.

It may even help you find a deduction or credit you were not aware of. Taxes are complicated enough; we need all the help we can get. At least I know I do.

Here’s the List…The Tax Paper Chase List

Yes, this is a long list — but it’s the unfortunate reality of our tax code that it’s not even comprehensive! But these items will cover 95% of our clients. Really, this is for ensuring that your tax preparer is able to help you keep everything you deserve to keep under our tax code.

Personal Data

Social Security Numbers (including spouse and children)

Child care provider tax I.D. or Social Security Number

Employment & Income Data

W-2 forms for this year

Tax refunds and unemployment compensation: Form 1099-G

Miscellaneous income including rent: Form 1099-MISC

Partnership and trust income

Pensions and annuities

Alimony received

Jury duty pay

Gambling and lottery winnings

Prizes and awards

Scholarships and fellowships

State and local income tax refunds

Unemployment compensation

Homeowner/Renter Data

Residential address(es) for this year

Mortgage interest: Form 1098

Sale of your home or other real estate: Form 1099-S

Second mortgage interest paid

Real estate taxes paid

Rent paid during tax year

Moving expenses

Financial Assets

Interest income statements: Form 1099-INT & 1099-OID

Dividend income statements: Form 1099-DIV

Proceeds from broker transactions: Form 1099-B

Retirement plan distribution: Form 1099-R

Capital gains or losses

Financial Liabilities

Auto loans and leases (account numbers and car value) if vehicle used for business

Student loan interest paid

Early withdrawal penalties on CDs and other fixed time deposits

Automobiles

Personal property tax information

Department of Motor Vehicles fees

Expenses

Gifts to charity (receipts for any single donations of $250 or more)

Unreimbursed expenses related to volunteer work

Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions)

Investment expenses

Job-hunting expenses

Education expenses (tuition and fees)

Child care expenses

Medical Savings Accounts

Adoption expenses

Alimony paid

Tax return preparation expenses and fees

Self-Employment Data

Estimated tax vouchers for the current year

Self-employment tax

Self-employment SEP plans

Self-employed health insurance

K-1s on all partnerships

Receipts or documentation for business-related expenses

Farm income

Deduction Documents

State and local income taxes

IRA, Keogh and other retirement plan contributions

Medical expenses

Casualty or theft losses

Other miscellaneous deductions

Guest Post by:

Richard Brown
RichardBrown1@allstate.com
Office: 404-377-0636

The Tamra Wade and Partners team hopes that this guest post will help our readers as you prepare for tax season. The “Homeowner/Renter Data” list will help both homeowners and renters know what real estate information is needed to gather for your annual taxes. Why not create a real estate tax file for all your real estate records needed at tax season? It will help you each year to be more prepared and know that your real estate records are all in one place. Make sure to keep track of all real estate sales and purchases, mortgage interest, moving expenses and rent paid during tax year. For more specific information and questions, reach out to your tax accountant or CPA.