Income Tax Checklist
The first thing you need to do to make your income tax preparation process quick and simple is to gather all the data needed before you start your online income tax preparation and filing. You may want to estimate your taxes ahead of time also.
Depending on your yearly organizational skills, this can be short and sweet or, it may require some digging. My advice is to always keep all your tax related documents organized in one spot and separate out categories in envelopes so that your not running around trying to locate what you need come tax season. Organize properly and save time later...
Our Income Taxes Checklist is a limited quick list of things you may need to file your federal and state income tax returns. This can help whether you are doing it yourself through a service like TurboTax and H&R Block, or if you’re using a CPA or other tax professional. This list will help you get organized.
Income Tax Preparation Checklist for Online Tax Filing
This income tax checklist is a limited quick list and by no means covers all variables. Quality tax software program like TurboTax or H&R Block are superior tools to use as a guide to ensure you’ve got all documentation needed to file online.
Medical expense receipts for health care.
Education expenses and payments for costs such as tuition paid, student loans, books, etc
Home mortgage interest paid and loan costs (mortgage points and closing costs)
Social Security Numbers for your family and any dependant’s to be claimed on your return.
A list of the taxes you’ve paid during the year (paycheck withholdings, estimated tax payments, sales taxes, property taxes, etc.)
W-2′s and any other income tax forms including (1099′s, Schedule K-1, etc.)
IRA Contribution information and documentation
Job search and moving related expenses if you were changing jobs during the tax year.
Charitable donations and contributions receipts
Bank accounts and routing numbers for having your refund direct deposited into your account
The benefits that come with using quality online income tax preparation software programs is that your progress always saved so that you can come back to the spot you were at in your tax return preparation process at a later time if needed.
Our best tax preparation software choices that intuitively walk you step by step through your tax filing process include.
TurboTax Is the top selling brand for online income tax preparation on the market today. It includes intuitive guidance to ensure that you get the biggest refund possible, guaranteed!
H&R Block is the second best selling online income tax brand, as well as being the nations market leader for local professional tax preparation around the United States. HR Block offers great products at very competitive pricing.
When you start to receive mail that says, “Tax information included.” I know I have thought a few times, “Do I really need this?”
Our checklist of items that you may need to complete your filing is part of the organization method you need to attack to keep the stress level down.
Don’t worry, we have seen our fair share of creative organizational systems including bags, shoeboxes, briefcases and even old wine boxes.
Your specific paperwork certainly depends on your income tax filing status and occupation, but our list should help to get you organized in a hurry, and make sure your tax payments are made accurately.
- SS #'s including spouse, children, child care provider.
- Home and Rental Property Data
- Mortgage interest, equity loan interest, taxes paid, real estate sales, property income, property expenses
W-2 Forms, pensions, annuities, partnership and trust income, Jury Duty Pay, Alimony, Scholarships and fellowships, Prizes and awards, Gambling winnings.
- Financial Assets and Liabilities
- Home and Rental Property Data
- Self-Employment Data
- Expense Documentation