Precision Tax & Accounting Services, Inc.

Tax Preparation Checklist

Take a look at the checklist. This should assist us all in your tax preparation process. Not all items pertain to all taxpayers.

PERSONAL DATA

Social Security Numbers and dates of birth for you and all your dependents
Child care provider: Name, address and taxpayer identification number of day care provider and amount paid in the calendar year
Alimony paid: Social Security Number of recipients if prior to December 31, 2018
Driver’s licenses or State issued ID cards (Front and Back please)

EMPLOYMENT AND INCOME DATA

FINANCIAL ASSETS

Interest income statements from all banks and brokerage houses: Form1099-INT
Dividend income statements from brokerage houses: Form 1099-DIV (All pages)
Any information about Crypto Currencies purchases and sales.
Proceeds from broker transactions: Form 1099-B (along with original cost basis and holding period of any stocks or bonds sold)
Property Tax Rebate Amounts
529 Contributions to qualified plans - NY allows deductions of $5,000 per taxpayer on the return (Not dependents). Some other but not all states also allow deductions.

HOMEOWNER/RENTER DATA

o Mortgage Interest Paid: Form 1098 for First Mortgage, Home Equity Lines of Credit and Second Mortgages as well as interest for second homes, time shares, etc. We also need date of mortgage – beginning and ending principal for the year if over $750,000. For all mortgages that have a principal balance over $750,000, I will need the starting principal balance and the ending principal balance to determine the deductibility of interest paid.
Real estate taxes paid during calendar year
Rent paid during tax year (Deductible for certain states and home office expenses)
Points paid on a new purchase or refinancing (Include HUD-1 form from Closing)
1099S for Sales of any Properties

FINANCIAL LIABILITIES

Auto loans and leases if vehicle is used for business
Student loan interest paid (usually available online)
Cancellation of Debt income from credit cards or auto loans/leases – Form 1099 C

EXPENSES

Gifts to charity and all not-for-profit agencies including, checks, cash, clothing, cars, household items, mileage, etc.
Unreimbursed expenses related to volunteer work
o Unreimbursed business expenses (travel expenses, entertainment, professional memberships, cellular telephone bills, subscriptions, etc.) (Possible state deduction)
Investment expenses including fees for IRA and brokerage accounts and managed accounts (Possible state deduction)
Job-hunting expenses including resumes, newspapers, mailings (Possible state deduction)
Job-related education expenses (Possible state deduction)
College tuition expenses for yourself or dependents - The 1099T is available usually on the student’s portal.
Adoption expenses
Tax return preparation expenses and fees (Possible state deduction)
Legal Fees for Wills, Divorces (where tax deductions are concerned), estate planning, etc. (Possible state deduction)
HSA Withdrawals and Contributions

SELF-EMPLOYMENT DATA

Business income: Forms 1099-MISC and your own records of income received
Business-related expenses: List of Expenses, receipts and other documents from your own records including automobile, home office supplies, telephone expenses, internet expenses, etc.
Employment taxes and other business taxes paid for current year
Self-employed insurance premiums including Medicare premiums, etc.

MISCELLANEOUS TAX DOCUMENTS

Federal, state, and local estimated income tax paid for current year including payments made in January for the prior year
Purchase of a new car may allow an additional sales tax deduction if itemizing
Purchase of Electric cars and other Efficiency household items.
IRA, SEP, and other retirement plan contributions which shows the type of plan
Records to document medical expenses (Deductible limited to amount of 7.5% of AGI) including HSA Withdrawals
Records to document casualty or theft losses
(Only if in a Federal Disaster area)
Records for any other revenue or sale of property that may be taxable or reportable including form 1099S
Foreign taxes withheld on foreign source income (usually on the brokerage statement)
Form 1095 if on State sponsored health insurance

COLLEGE CREDITS FOR YOU AND YOUR DEPENDENTS

Please have all 1099 T’s available for proper tuition deductions and payment information. The student does not always get them mailed to them but can download them from the student’s school portal. Also have all payment records available whether it be cash, check, credit card or loan.

Energy Efficient Home Improvement Credit