Tax Preparation Checklist
This is a detailed listing of the forms and information that
is needed to prepare all types of individual tax returns. Not every one will have all of the
information listed, so please use the checklist as a reminder to gather the
items that apply to your tax situation.
Automobiles::
1. Car registration
renewal form
2. If new car, need first registration
form (usually from dealer).
Employment & Income:
1. W-2 Forms,
2. Alimony received,
if any (also social security number for ex)
3. Unemployment
compensation (1099-G)
4. Miscellaneous
income (1099-MISC),
5. Jury duty
pay stub
6. Scholarships
and fellowship totals received
7. State and
local income tax refund amounts
8. Prizes,
awards, lottery and gambling winnings (W-2G forms)
9. State income
tax refunds from the previous year (1099-G)
Financial Asset Income:
1. Interest
income (1099-INT, 1099-OID)
2. Dividends (1099-DIV),
3. Proceeds
from broker transactions (1099-B)
4. Retirement
plan income, pensions and annuities (1099-R)
5. Social
security or railroad pension income (SSA or RRB 1099s),
6. Passive
income from a partnership or S-Corporation (K-1 forms)
Financial Liabilities:
1. Student loan
interest paid
2. Early
withdrawal penalties on CDs or other time deposits
3. Educator
expenses
4. Federal and
state estimated tax paid during the year (records)
Deductible Expenses:
1. Unreimbursed
medical expenses paid by you (records)
2. State income
taxes paid or sales taxes (if more than state income tax paid)
3. Mortgage
interest (1098 forms)
4. Charitable
amounts (include receipts from charitable organizations)
5. Unreimbursed
casualty or theft losses (records)
6. Unreimbursed
employee business expenses, travel, union dues, job hunting expenses
7. 2011 taxpreparation fees, investment management and planning fees
8. Uniforms,
safety gear required for your job but not paid for by your employer
9. Education
required for your job, professional licenses, journals, memberships.
10. HSA/MSA
contributions.
Homeowner/Renter Information:
1. Your current
address, and phone number
2. Total rent
paid if you rent your home
3. Real estate
taxes paid
4. Sale
5. Moving
expenses
6. New home closing
costs, - settlement form
7. Can you claim an energy savings credit (new
windows or doors, solar power, new furnace, water heater or air conditioner,
insulation or roof replacement)
8. Did you claim the first time homebuyers
credit in 2008? If so, what is your
repayment amount?
Personal Information:
1. New
Clients: Social Security numbers and
birthdates for taxpayers and dependants Bring all Social Security cards to your
appointment. Also bring driver’s
licenses or other picture ID (for primary taxpayers – not needed for
dependents).
Returning
Clients: Your Social Security and
identification information is on file.
Only bring Social Security cards for new taxpayers added to your tax
returns (ie. If you were married in the last year) and new dependents.
2. Any alimony
paid (include ex-spouse’s Social Security number)
3. Childcare provider information (name,
address and Tax Identification or Social Security number and amounts paid for
each child).
4. Adoption expenses
5. Did you or your dependent attend
college in 2012? Please provide tuition
and expense details and amounts.
6. IRA contributions?
Any other information
related to your tax returns.
If you are a new
client, please provide a copy of your last tax return.
Self Employment Information
Use this checklist to gather small business and self
employment information for your tax return.
Basic Information:
1. Business name and address and type of
business ie. Photography, florist, childcare, hairdresser, etc.
2. Tax
identification number
Business Income:
1. Gross
receipts or sales total
2. Returns and
allowances
3. Inventory at
beginning of year
4. Cost of
merchandise purchased during the year
5. Labor costs
for employees
6. Materials
and supplies used in production
7. Other costs
8. Inventory at
end of the year
Business Expenses:
1. Advertising
costs
2. Car/truck
expenses/mileage – beginning miles, business miles, ending miles
3. Commissions/fees
4. Depreciation
information
5. Insurance
costs
6. Interest
7. Legal/professional
fees
8. Office
expense (postage, supplies)
9. Rental
equipment/vehicle information
10. Rental
information for office, buildings or warehouses
11. Repairs/maintenance
12. Supplies not
included in inventory
13. Taxes and
licenses
14. Overnight
travel expenses
15. Meals/entertainment
16. Utilities
(water, electricity, gas, phones)
17. Other
expenses
Startup costs:
1. Legal fees
2. Consulting
fees
3. Market
survey costs
4. Expenses
incurred to secure suppliers, distributors, etc.
Office in Home Information
In-Home office space must be used exclusively and regularly
as your principal place of business.
It may be a room or designated part of a room. If your business qualifies, then a percentage
of your home expenses based on square footage are deductible.
Equipment such as computers, desks, work tables, etc. are
depreciable as part of your business.
You must keep complete records of date placed in service, purchase
price, freight, sales tax, installation charges and repair costs.
Please use the checklist below to gather the information
needed to prepare your tax return.
Basic Information:
1. Area of home
in square footage, used for business
2. Total square
footage of your home
Expenses: if the expense was for your business only
then that amount will be used on your tax return, however if the expense was
for the whole house, then a percentage can be claimed as a business
expense.
1. Electricity
– total home amount
2. Heating –
total home amount
3. Insurance
– both business only and total home
amount
4. Repairs
– both business only and total home
amount
5. Rent – both business only and total home amount
6. Painting/decorating
– business amount only
7. Other – business
amount only
Depreciation:
1. Equipment – If you purchased new
equipment in the current tax year, we will need the date acquired, purchase
price and associated costs such as sales tax, shipping, installation costs, etc.
2. Furniture, desks, cabinets, etc.
purchased in current tax year – need the date acquired, purchase price and
associated costs.
3. Vehicles –
date acquired, purchase or lease price, and associated costs.
4. Home improvements made for business – need description, the cost and the date
completed.
5. For depreciation of the part of your
home used for business, we will need the date the home was bought, the cost or
basis at the time of purchase and the value of the land.
6. For all
depreciable items please note the percentage of business use
If you have
depreciation schedules from the previous tax year, please provide a copy of
each.
Rental Income Tax Prep Checklist
Separate records should be kept for each rental property and
if you have a second home that you spend vacation time at as well as rent out,
keep track of the days that you use the home as well as the days that it is
rented out during the year. Below are
the items that are needed to prepare your tax return.
Basic Information for
each rental:
1. Address
2. Type of
property – single family residence, multi-family residence, vacation or
short-term
rental, commercial rental, land or other rental property
3. Total days rented
during the year
4. Total
personal use days during the year
5. Total
merchant card and third party payments
6. Total payments
made by other means (check, cash, repairs made by renters)
Expenses for each
rental:
1. Advertising
costs
2. Mileage for
rental property management (need total mileage for the year, business
mileage and
personal mileage)
3. Cleaning and
maintenance costs
4. Commissions
5. Insurance
6. Legal and
other professional fees
7. Management
fees
8. Mortgage
interest paid on rental property
9. Other
interest
10. Repairs
11. Supplies
12. Taxes
13. Utilities
14. Depreciation
15. Other –
please list
For Depreciation
Calculation – Please provide a copy of the prior year’s worksheet.
1. Month and
year placed in service
2. Basis
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