Tax Infrmatin Needed T Prepare Yur 2017 Returns This incme tax preparatin checklist is divided int relevant categries t help yu rganize yur tax infrmatin. As yu receive r lcate an item, check it ff f the list. Persnal Infrmatin Scial Security Numbers and dates f birth fr new custmers nly Yurs Yur Spuse's Dependents' Yur hme, wrk and cell phne numbers Yur Driver s license Number State issued Date issued Expiratin Date Childcare Csts Childcare prvider's name and amunt paid Prvider's address and phne number Prvider's 9 digit EIN tax ID r Scial Security number Educatin Csts Receipts fr tuitin bks and fees fr pst-high schl educatin Tuitin statement frm Frm 1098-T Incme Infrmatin Frms W-2 frm all emplyers fr yu and yur spuse
Investment Incme Interest incme - Frm 1099-INT Dividend incme - Frm 1099-DIV Prceeds frm the sale f stcks, bnds, etc. - Frm 1099-B Brkers' statements t ascertain cst basis fr all stcks, etc., that yu sld Schedule K-1 (Frm 1065) frm investments in partnerships Schedule K-1 (Frm 1120S) frm investments in S Crpratins Schedule K-1 (frm 1041) frm trust incme Incme frm freign investments: Amunt f freign taxes paid (yu can find this n the brkers' statements) Incme frm stck ptin exercises and sales: Stck ptin agreement (shwing type f ptins yu received) Stck ptin statement shwing exercise prices f ptins Frm 1099-B fr prceeds frm stck sales Sale f emplyee stck purchase plan shares: Frm 1099-B fr prceeds frm stck sales Stck price n grant date Stck price n purchase date If the stck sale ccurred befre qualifying perid began, Frm W-2 shwing "cmpensatin incme" frm a disqualifying dispsitin If yu bught stck in January 2017 that yu sld in December 2017 please bring in the cnfirmatin statements since it may be a wash sale which will affect yur basis. Incme frm State and Lcal Incme Tax Refunds Frm 1099-G frm state r lcal gvernments State incme tax return frm 2015, if any City r lcal incme tax return frm 2015, if any Alimny Received Divrce Decree and recrd f depsits made in 2017 Business Incme if yu are Self Emplyed r Incrprated Grss Receipts Jurnal listing annual Grss Revenue and including credit card sales listed separately n frm 1099-K and all frm 1099-Misc received Payrll recrds frms W-3 and all W-2 s 2
In additin yu will need: Invices fr majr purchases f machinery, equipment, furniture Lgs r ther recrds listing date, vehicle mileage and clients visited If yu are self-emplyed r have an LLC r S-Crpratin list the ttal spent n the fllwing expense categries brken dwn as fllws: Accunting, legal and prfessinal fees; Advertising; Car expense need ttal miles driven, business miles plus parking and tlls including business lg with date, miles driven, business purpse and destinatin r ttal miles driven, actual fuel invices, insurance, repairs and ttal miles driven and business miles plus parking & tlls; Fixed Asset - If yu bught a vehicle, cmputer, equipment, ffice furniture r placed it in service during the tax year, even if yu already wned it, bring in the purchase invice s we can expense it under IRC Sec. 179; W-3 Salaries that yur cmpany paid t thers. List fficer and sharehlder salary separately, It als has the emplyer share f emplyment taxes like FICA and FUTA; Cmmissins r fees paid t ther cntractrs, Get them t fill in W-9 if nt incrprated s we can issue them a 1099; If yu already issued them a 1099, bring in the 1096 - shwing ttal independent cntractrs paid. Insurance but list health insurance separately; Supplies; Materials r Purchase f inventry fr resale; Travel, Htel, Airfare and Car Rental; Meals (need date, place, persn entertained and business purpse) Only need receipt if yu pay mre than $75.00 and have a day timer, If yu d nt have a day timer r digital calendar (such as Outlk r Ggle Calendar) then yu need a receipt fr everything; Telephne include lcal, lng distance, fax and mbile; DSL, cable and internet charges; 3
Pstage; Cntinuing educatin and business seminars and cnferences; Interest expense paid n business lans and prvide year end balances; Rent fr ffice space r equipment; Utilities like electricity, il, water r gas. 1099-G Prir Year Lcal r State Incme Tax paid; Ttal state sales tax paid if yu included it in grss sales receipts. If Yu Use Yur Hme fr Business Ttal rent paid, if hme is rented Invices fr repairs and maintenance n yur huse Utility bills IRA/Pensin Distributins Frm 1099-R fr payments frm IRAs r retirement plans Accunt summary frm fr the year fr yur IRA accunts 2017 cntributin recrds If yu received a distributin frm an IRA accunt, the mst-recently filed Frm 8606 (if yu made cntributins in prir years t IRAs that weren't deductible n yur incme tax return) Rental Prperty Incme Prfit and lss statements frm yur prperty manager, r Frm 1099-MISC r ther recrds fr rental incme fr each prperty Mrtgage interest and PMI reprted n Frm 1098 fr each prperty Prperty tax payments frm 1098 r tax assessr's bill r cancelled checks Recrd f suspended rental lsses frm prir years. Breakdwn f rental expenses by categry including repairs, insurance, utilities, supplies, landscaping, telephne and travel. Unemplyment Incme Frm 1099-G frm yur state unemplyment agency 4
Scial Security Benefits Frm SSA-1099 Incme Frm Sales f Prperty If the prperty was sld in 2017: Sales prceeds frm Sales Agreement r settlement sheet Cst f the prperty yu sld frm Settlement sheet Imprvements t the prperty including cnstructin cntracts and repair bills If the prperty was sld at a prfit befre 2017 n the installment basis: Frm 6252, Installment Sales frm previus tax year s return Miscellaneus Incme Jury duty pay recrds Frm(s) W-2G fr gambling and lttery winnings Receipts fr all gambling lsses r lss reprt frm Casin Frm 1099-MISC fr prizes and awards yu received Frm 1099-MSA fr distributins frm medical savings accunts Schlarship recrds (if yu used the mney fr anything ther than tuitin, bks, and supplies) Directr's fees receipts fr serving n a crprate bard f directrs Frm 1099-C Frgiveness f Debt incme Adjustments IRA Cntributins Year-end accunt summary r bank statements t see what traditinal IRA cntributin was. Nte if yur AGI exceeds $184,000 if yu married filing jintly yu shuld cntribute t a nn-deductible IRA if yu are cvered by a pensin plan at wrk and cnvert t a Rth IRA in 2017. Student Lan Interest Frm 1098-E shwing interest paid Medical Savings Accunt Cntributins Accunt statements r Cancelled checks fr emplyee cntributins 5
Mving Expenses Invices frm mving cmpanies and temprary Ldging Paycheck stub fr mving expense reimbursements Miles frm ld hme t new place f wrk Self-emplyed Health Insurance Insurance premium bills, r Cancelled checks ttaled SEP, SIMPLE, and Other Self-emplyed Pensin Plans Year-end accunt summary shwing 2017 cntributins, r Cancelled checks ttaled Alimny Paid Cancelled checks and scial security number f the spuse yu paid Educatr Expenses Cancelled checks fr expenses paid fr classrm supplies, etc. Itemized Tax Deductins Interest Yu Paid Hme mrtgage interest and pints: Frm 1098 Pints Yur settlement sheet (HUD -1) if yu refinanced yur hme and are deducting pints and taxes paid at settlement. Investment interest expense: Frm 1099 r Year-end Brkers' statements shwing margin interest paid Lan statements fr lans taken ut t purchase investments Charitable Dnatins Cash dnatins: Charity receipts, letter frm yur church r cancelled checks 6
Recrds f the mileage incurred fr charitable purpses (such as By Scuts). Dnatins f Prperty: Receipts frm charitable agency shwing the estimated value f prperty given Prir years' tax returns if yu have unused charitable cntributins (carryvers) frm earlier years. December 31 Year-end paycheck stub if dnatins were paid thrugh yur emplyer Casualty and Theft Lsses Descriptin f prperty damaged r stlen Receipts r cancelled checks shwing cst f prperty Insurance plicy and insurance reprts shwing reimbursement Appraisal fees if applicable Jb Expenses Reimbursement check stubs r reprts frm yur emplyer Unin dues year end paycheck stub fr autmatic withdrawals Gifts t clients - receipts shwing date, cst, and descriptin limited t $25 per client per year Supplies - receipts r bills Prperty purchased fr use in yur wrk - invices, receipts Unifrm and special clthing csts - bills r paycheck stubs shwing deductins Seminar fees - receipts r invices Prfessinal publicatins and bks - receipts r invices Receipts fr small tls and supplies yu purchased Jb travel infrmatin: Mileage recrds per vehicle used Htel bills Restaurant tickets shwing name and address f establishment Parking and tll receipts Jb search expenses: Lng-distance call bills Resume csts (printing, mailing, resume service, etc.) Transprtatin bills and mileage recrds Emplyment agency fees and Career cunseling csts Jb-related educatinal expenses - Tuitin, fee, and bk receipts fr educatin that maintains r imprves yur present skills including Transprtatin receipts Ldging receipts if yu take classes away frm hme 7
Other Miscellaneus Tax Deductins Tax return preparatin fees - invices r cancelled checks fr 2015 tax return paid in 2017 Cst f incme tax return preparatin sftware and bks - receipts r cancelled checks Safe depsit bx rental fees frm bank invice r statement IRA custdial fees (if paid frm a nn-ira accunt) Payrll recrds fr ffice wrkers managing yur investments Investment advice csts: invices r bills Medical and Dental Expenses Medical bills r cancelled checks ttaled fr 2017 Frm SSA-1099 fr Medicare premiums paid frm yur scial security benefits Year-end pay stub if premiums were paid thrugh yur wages but nly if the deductins were after-tax Payments fr Lng Term Care Insurance are deductble as a medical expense based n yur age. If yu r anyne in yur husehld enrlled in a health plan thrugh the Health Insurance Marketplace in 2017, yu ll get Frm 1095-A. If yu d nt have the frm yu can call the Marketplace at 1-800-318-2596. If yu d nt have health insurance and d nt have a waiver yu will have t pay a penalty tax based n yur incme. Taxes State and Lcal Incme Taxes Last year's state and lcal incme tax returns Frms W-2 Cancelled checks fr quarterly state estimates paid Last year s lcal incme tax return Real Estate Taxes Tax cllectr bills and cancelled checks if applying fr PA Prperty Tax Rebate Frm 1098, and clsing statement if yu bught, sld, r refinanced prperty in the current year Persnal Prperty Taxes Tax bills and cancelled checks Autmbile licensing bills, if fees are charged annually based n value Infrmatin n Husehld Emplyees 8
Wages paid during 2017 frm W-3 Emplyee's Scial Security number Tax Payments Quarterly estimated tax payments - Recrds shwing the date paid and amunt paid fr bth federal and state. If yu applied a tax verpayment frm 2015 t 2017 frm yur 2015 tax return If yu filed r plan n filing extensins fr yur 2017 tax return - Cancelled checks fr payments yu made with the extensin Direct Depsit Infrmatin - If yu want yur tax refund depsited directly int yur bank accunt, yu need 2 things: 1. Ruting number frm the lwer left side f yur check 2. Bank accunt number NOW TO THE UPDATE ON AN OFFICE-AT-HOME DEDUCTION Beginning in 2013, the Internal Revenue Service rlls ut a simplified ptin that many wners f hme-based businesses and sme hme-based wrkers may use t figure their deductins fr the business use f their hmes. The new ptinal deductin is capped at $1,500 per year based n $5 a square ft fr up t 300 square feet. The new ptin prvides eligible taxpayers an easier path t claiming the hme ffice deductin as ppsed t ding cmplex calculatins f allcated expenses, depreciatin and carryvers f unused deductins. Thugh these hmewners using the new ptin cannt depreciate the prtin f their hme used in a trade r business, they can claim allwable mrtgage interest, real estate taxes and casualty lsses n the hme as itemized deductins n Schedule A. These deductins need nt be allcated between persnal and business use, as is required under the regular methd. 9