A simple list To prepare your taxes
With so many new rules and regulations starting this year unless you have a 1040 EZ tax return you will be facing confusing times even to prepare a basic return. With many years in practice, I still get the same question, "What do I need to bring you to prepare my taxes", Therefore, I've put together a handy little list of what you'll need to have together, and ready for when you start preparing your tax return:
NEW FOR 2015: 1095A Forms from market place providers (if purchased through market place providers) Existing health Plan information (policy number etc). Records of credits or advanced payments received from premium tax credit.
Personal Data: Social Security Numbers Including Spouse and Children, Child Care provider Data Tax ID or Social Security number
Employment & Income Data: W2 forms, all 1099 forms (ALL) , K1's
Business: If you have a small business, be sure to have a total income and a detailed expense report. It is very important that you categorize the expenses as best as you can for your type of business. This is quite important since IRS usually audits expenses for reasonableness with other business of similar type.
Homeowner Renter Data: Mortgage Interest ,1098 Second mortgage interest paid, Real State Taxes, sales taxes paid on a new vehicle, boat
Expenses: gifts to charity, (receipts for any single deduction more than $250) un-reimbursed expenses related to volunteer work, and to your regular job, Investment expenses, job hunting, Child Care, Adoption expenses, Alimony Paid, Tax return preparation and fees, Medical Savings Accounts, Medical expenses, retirement plan contributions.
This is a good start to help your personal income tax return preparation, and the most common, I hope it is helpful to you!
Sonia Narvaez CPA