Ultimate Tax Preparation ✅list

It’s a new year! I hope everyone had a wonderful holiday and brought it in with a bang. 💥

I know, it’s the first Sunday of the year so I don’t want to bore too much while you get back into the groove of your regular everyday routine, but have you thought about tax season? Now is the best time to start preparing, it’s right around the corner!

I make it easy for you with this 2019 tax preparation checklist. My first #ChikasTaxTip of 2019: Follow this and you’ll have a breeze getting everything in order before the deadline.

Personal information & Income :

  • Social Security & tax ID numbers
  • Last year’s taxes
    • Federal
    • State (if applicable)
    • Local (if applicable)
  • W2 Forms
  • 1099 Forms

Deductions  (Select all that apply):

This is where keeping records and receipts of all of your expenses all year will come in handing. If you have proof of all of the costs you had this year, it will help you reduce your overall payment to the IRS. The organization is key! Here are some examples to jog your memory:

  • 1098 forms
  • Retirement account contributions.
  • Educational expenses.
  • Medical bills.
  • Property taxes and mortgage interest.
  • Charitable donations.
  • Classroom expenses.
  • State and local taxes
  • Records of all expenses if self-employed, including credit card statements and receipts
  • Records of expenses for rental homes
    Records of expenses related to investments
  • Real estate and property tax records
    Charitable donations, including non-cash and mileage driven for charitable purposes
  • Records of medical expenses, including payments made to doctors, dentists, clinics, or hospitals
  • Self-employed health Insurance premium payments
  • Childcare expenses, including daycare and babysitters
  • Any scholarships or fellowships received
  • Qualifying educational expenses
  • Interest on student loans
  • Job-related vehicle expenses
  • Classroom expenses for K-12 educators
  • Relocation expenses not covered by employer
  • State and local taxes paid excluding withholding
  • An invoice showing any sales tax paid on a vehicle
  • Any contributions made towards retirement
  • Expenses related to natural disaster losses, rebuilding, and repairs

Credits (Select all that apply)

Credits can reduce the amount you owe to the IRS but each has specific eligibility  – make sure you know them so you don’t miss anything. Here is information on credit eligibility for individuals and for businesses.

  • Earned income credit
  • Child and dependent care credit
  • Homebuyer credit
  • Energy credit
  • Savers credit
  • Adoption credit
  • Child credit
  • Credit for the elderly/disabled
  • American opportunity credit
  • Lifetime learning credit

Whew! That was a lot. It may seem overwhelming but if you make sure you maintain little organizational habits throughout the year, tax season should go much smoother for you than perhaps in the past.

Do you think you’re prepared for tax season? Hit REPLY and let me know what some of your biggest stressors are this time around!

With love,

Chika

P.S. Looking for a supportive community of boss women entrepreneurs? Join my Facebook group where we share and connect.

Catch me doing all the things: follow me on Instagram @chikaobihcpa 🙂

Leave a Reply

Your email address will not be published. Required fields are marked *