Getting Organized for Taxes

Whether you are preparing your taxes on your own or have a CPA do it for you, it helps to start gathering and organizing your documents now. Here is a short list of some of the most common documents you will need to complete your taxes. What you will need will vary depending on your situation and whether or not you plan to itemize.  

PERSONAL DATA

  • Childcare provider
  • Alimony paid
  • Health Insurance documentation
  • Valid Drivers License

EMPLOYMENT & INCOME

  • W2 forms
  • 1099 forms
  • Unemployment compensation
  • Pensions and annuities
  • Social Security / Benefits
  • Alimony received
  • Gambling and lottery winnings

SELF-EMPLOYMENT DATA

  • Business income 
  • Partnership self employment income
  • Business-related expenses
  • Employment taxes and other business taxes paid 
  • Profit & Loss Statement 
  • Balance Sheet

HOMEOWNER/RENTER DATA

  • Mortgage interest
  • Property taxes paid
  • Moving expenses
  • Rent paid 

EXPENSES

  • Gifts to charity
  • Unreimbursed expenses related to your job
  • Investment expenses
  • Job-hunting expenses
  • Childcare expenses

MISC TAX DOCUMENTS

  • Financial assets
  • Financial liabilities
  • IRA or other tax retirement plan contributions
  • Records of medical expenses
  • Records for any other revenue or sale of property that you may need to report

Remember, laws change yearly, so be sure to consult with a tax professional to discuss any questions you may have. If you need one, contact us and we’ll be happy to make a recommendation to some great CPA’s. 

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