To help you
prepare for your upcoming tax appointment, here's some advice on organizing your tax records and some specific items
to bring with you:
1.
Keep all your tax records in one spot; create and maintain
a current spreadsheet of expenses and deductions
2. Prepare
and organize your documentation a couple of weeks before your appointment to minimize last minute scrambling for receipts,
etc.
What To
Bring
Income Documents:
* All your W-2s. Keep them together as you receive them
*
Form 1099-INT of interest statements from banks
* Form 1099-DIV from investments
* Form 1099-B from transaction
statements from stock/bonds sold during the year. Make sure to bring the original purchase price and date of purchase.
*
Form 1099-G for any unemployment insurance received
* Schedule K-1 received from partnership, estate, or S-Corporation
*
Social Security statements
* Any additional income (or debts) such as miscellaneous income from jobs, gambling
winnings/losses, and alimony paid/received
Deduction Documents:
* Form 1098 for mortgage interest
* Mortgage points on a
new home or a refinance
* Real estate taxes
* Vehicle taxes and license tab fees
* College and educational
expenses for you and dependents
* Interest paid on student loans
* Amount paid for child
care providers (also bring the provider's tax ID number)
* Money spent for job-related travel, tools, clothing for which you were not reimbursed
*
Contributions to an IRA and other savings plans
* Expenses paid for medical items such as co-pays, prescriptions, hospitalizations,
eye exams or glasses, mileage for medical appointments
* Donations to charities
and churches (bring receipts)
* Home improvements for energy efficiency and medical reasons
* Closing costs for real estate you bought or refinanced during the year
Business Records (if
you have your own business):
* Spreadsheet with categorized expenses/income
* Mileage log of driving done
for business. Make sure to include the date, location driven, and miles.
* Percentage use of items such
as internet and cell phone/tablet for business-related expenses
* Names of contractors, addresses, SSN and monies paid
* Health insurance premiums
For in-home businesses, you are
eligible to deduct proportional expenses of your utilities, repairs and improvements. However, these deductions are complicated
and can carry fees when you sell your home later.