What Tax Documents Do You Need?

You may feel like you are swimming in papers and envelopes this time of year and it is heard to keep track.




Here is a quick rundown of the basic documents you should make sure you have based on what you plan to claim:


SOURCES OF INCOME - W-2 if you are an employee, 1099s if you make money in rent / royalties or non-employee compensation, 1099-G for unemployment income, 1099-DIV for dividend income, 1099-INT for interest, 1099-R for investment income


BUSINESS INFO - Your P&L and Balance Sheet, EIN, Shareholder information, payroll returns and estimated tax payments, Form K-1 from any partnerships or corporations


RENTALS - Income and expenses related to rental property, purchase price of property, when it was purchased


ITEMIZED DEDUCTIONS - Letters for charitable donations, forms for real estate and property taxes paid, out-of-pocket medical expenses, mortgage interest paid


VEHICLE - Your total business miles driven, your total miles driven in the whole year, your actual vehicle expenses (repairs, maintenance, lease/loan payments, insurance, registration, gas, parking and tolls)


HOME OFFICE - the square footage of your office space used exclusively and principally for business, the total square footage of your home, the actual costs of your home (mortgage, rent, insurance, utilities, maintenance, repairs, etc.)


HEALTHCARE - Evidence of healthcare coverage for the year, any HSA contributions


RETIREMENT - Any contributions to or distributions from a retirement account


This is not a complete list as there are plenty more items based on what is applicable to you, but this should provide a good start.


Any questions? Text me: 860-609-6374