Papers Please! Your Tax Information Checklist to Make the Process Easier


If there's one thing that's certain in life, it's that tax time is stressful. You have a whole dictionary of form numbers, acronyms and other tax-specific information to process, as well as a wide range of other information and documents you'll need to get the job done right.

Fortunately, we've developed a handy checklist to help make the process go more easily.

Identification: You'll need full names, social security numbers and the address for family members who are being claimed on your taxes.

Income: Whether you've received W-2s, 1099s or business income, you'll need to have documentation of this income for the preparer.

Child-related items: Are you claiming a dependent child on your tax return? If so, you'll need to have documentation of child-related expenses as well as a form 8332 if you're the non-custodial parent but will be claiming the child on your taxes.

Business expenses: Did you run a business? If you did, you'll need to have documentation of the different expenses you've paid over the course of the past year, as well as which expense categories they fit into. Don't forget home office expenses if applicable.

Mileage: Did you use your personal vehicle for business, charitable or medical purposes? If you did, make sure you've recorded that mileage before going to the tax preparer. The mileage rate is going up this year.

Retirement: If you paid money into or received money from an IRA, 401K or other retirement account, make sure you bring the documentation with you so that the preparer can determine whether it is taxable or not. Don't forget any Social Security income.

Documentation of payments to the IRS: Did you have withholdings or quarterly payments for your job or small business income? If you did, you'll need to have that documentation with you so the tax preparer can determine how much your payment or refund will be.

By organizing this information in a single binder, folder or accordion organizer, you can quickly access it when it's time to do your taxes. If you'd like additional help getting your taxes put together, the accounting professionals at AccountRely are here to help. Please feel free to contact us today and see what a difference our dedicated team can make for your tax accounting needs.

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