Tax Checklists

Tax Checklist

This easy to follow checklist is provided to make sure you have all documentation needed to complete your tax return.

General

Prior year’s federal and state tax returns (new clients)
Income/wage statements:
  o W-2s
  o 1099s
  o Alimony received or paid
  o Commissions received statement
  o Brokerage year-end statements
  o ESPP statements
  o Stock options sale papers
  o Rental property income & expenses
  o Partnership or S Corp statements
  o Pension/retirement statements
  o Social security income statement
  o Unemployment income statement
  o State income tax refund statement
  o Lottery winnings/losses

Car, motor home, and boat registration

Donation receipts
IRA contributions
Child care expenses & provider info
Medical expenses
State taxes paid
Unreimbursed employment expenses
Job-related educational expenses
Casualty or theft losses
Foreign taxes paid

Homeowners
Mortgage interest year-end statement
Home equity year-end statement
Property tax information\

If you sold your home:
o purchase information
o home improvement info / receipts

Businesses
Income and expense reports (P&L and Balance Sheet)
Mileage logs for autos
Receipts for business asset purchases (Fixed Assets)

Students
Tuition and education fees
Student loan information
Grants and scholarship information

Managing Your Tax Information

Storing Documents and Computer Files

Create separate file folders for documents you need to keep long-term, such as home purchase and improvement documents, Federal and State taxes, and business records. You should also regularly back up your electronic documents by copying them to a CD, DVD, hard disk drive or flash drive. You may also print out this information quarterly or annually. Critical information should be stored in a secure location, outside your home home or business, or in a fire safe.

Maintaining Logs and Records

Business or work expenses such as automobile deductions and travel and entertainment expenses are likely to require that you keep logs showing usage and expenses. For automobile usage, you should track mileage, trip dates and locations, and the business purpose of the trip.

Maintaining Receipts

Original receipts are always best, to verify the purchase of an item you wish to include on your tax forms. You may also wish to keep cancelled checks, credit card slips, as well as credit card statements for additional reference. These may prove useful if you have lost your original receipt. Do not falsify or forge any documents.

Document Retention

To be safe, keep Federal and State tax returns for seven years. You can be audited up to three years after your taxes are due, so keep all records a minimum of three years. Records that support business assets need to be kept for a minimum of three years afer an asset is fully depreciated.