We are now in the midst of tax season, meaning people from all over America are busy compiling their records and receipts and preparing their income tax return paperwork. This can be quite a stressful time of year, especially if you are not entirely sure what types of paperwork and materials you need to organize to best prepare yourself for filing your income taxes.
Fortunately, we have prepared a tax preparation checklist that covers most people’s needs for their individual or joint tax returns.
Here is that checklist, organized by several different categories. If you would like more personalized information or advice about your specific tax situation, we encourage you to contact us today at MCG Solutions and we will be happy to provide you with advice.
Income information
- Income you’ve earned from jobs, as evidenced on forms W-2
- Income earned from investments, using various forms 1099, K-1s, stock option info and more
- Alimony income
- Income from businesses or farming (profit/loss statements, capital equipment information)
- Home office expenses and the size of your home office space
- Distributions from IRAs and pensions (forms 1099-R, 8606)
- Social Security benefits (form SSA, 1099)
- Income and expenses associated with rental properties (profit/loss statements, suspended loss information)
- Prior year installment sale info (SSN/address of payer, form 6252)
- Miscellaneous income (gambling winnings, scholarships, health savings account, lottery)
Income adjustments
The below factors can reduce your taxable income, which can either increase your tax refund or lower your owed money.
- Energy credits
- Student loan interest
- Moving costs
- HAS contributions
- Health insurance payments (if self-employed)
- Alimony payments
- IRA contributions
- Educator expenses
- SIMPLE or other self-employed pension plans
Deductions
- Childcare costs
- Education costs (form 1098-T)
- Advance Child Tax Credit
- Adoption costs
- Investment interest
- Charitable donations
- Casualty/theft losses
- Home mortgage interest and points paid (form 1098)
- Medical and dental expenses
- Miscellaneous tax deductions (union dues, seminars, continuing education, uniforms, business travel)
Paid taxes
- State and local income taxes
- Real estate taxes
- Personal property taxes (vehicle license fee)