Thanks to the accounting folks at BConnect Inc, here is a straight forward tax preparation checklist that will save you time when you file with your accountant or before you start using tax software for self-filing. Tax preparation is faster, easier and more stress-free if you take a little time to get organized first and have this information ready when it’s time to file (feel free to print and use the checklist)
A – PERSONAL INFORMATION
- Tax Returns from the last 2 years
- Contact Phone Numbers – Cell and Home
- Birth Date and Occupation
- Change of Address (if any)
- Bank name, Routing and Account No.( for refund deposit)
- Dependent – Name and SSN
- If married in 2009 – Spouse name and SSN
- Need to apply for TIN ( If spouse has no SSN)
B – INCOME
- All W2s and 1099 for Compensation
- All 1099 Interest (all CDs), 1099 Dividends, 1099 Miscellaneous, 1099C-Cancellation of Debt, 1099G-Unemployment Compensation, 1099R-Distribution from IRA, 401K etc [If applicable, your financial provider should have mailed you these forms by now]
- Last years state tax refund
- Business Income (K1), Rental Income,
- Capital Gains from the sale of stocks, bonds or other assets
- Last Years Capital Loss C/F, Investment Loss C/F, Credit Payback
- Any other income you can think of that you earned (e.g side hobbies, tips etc)
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C – DEDUCTIONS
- Health Care Costs that are greater than 7.5% of AGI
- State and Local income tax, Car Sales Tax
- 1098 Mortgage Interest, Equity Line interest & Points
- Real Estate Tax
- Charitable Contribution Cash/Checks/Items
- Theft and Casualty Losses
- Non-reimbursed Employee Expenses
- Safe Deposit Box, Investment/ Custodial Fees
- Home office Deduction
D – ADJUSTMENT TO INCOME
- IRA or Contribution to pension plan (see IRA/401K limits)
- Student Loan Interest
- Moving Expenses
- Student Tuition Fee (American opportunity Credit)
- Medical or Health Savings Account
- Expenses from the rental of personal property
E – 2009 STIMULUS CREDITS
- Estimated Federal and State Tax Payment
- Recovery Rebate (see details)
- First time Home Buyer Credit (see details)
- Residential Energy Credit (see details)
- Foreign tax Credit
- Credit for Child and Dependent Care Expenses (see details)
- Education Credit
- Child Tax Credit/ Adoption Credit
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