The Ultimate Tax Preparation ✅List

With the July 15th tax deadline around the corner, stress is not far behind.  Leave the stress behind and enjoy this checklist.  It breaks down the documents you’ll need to gather to file your taxes. 

You may not even be thinking about half the items on this list.  Don’t worry, I’m making it easy for you so you won’t forget the important stuff.  Follow this 2019 Tax Preparation Checklist to make it a breeze to gather your tax documents. That way, you’ll be sure to file before the deadline!

General Information & Income:

• Social Security & tax ID numbers
• 1099 forms
• W2 Forms
• Last year’s taxes
  • Federal
  • State (if applicable)
  • Local (if applicable)
• Other income
• Business Profit & Loss Statement
• Receipts of quarterly estimated tax payments made

Deductions (Check all that apply):

This is where keeping records and receipts of all of your expenses all year will come in handy. If you have proof of all of the costs you had this year, it will help you reduce your overall payment to the IRS. 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
• Premium Tax Credit Health Insurance Form
• 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
• Qualified Business Income Deduction

Credits (Select all that apply):

Credits can reduce, dollar for dollar, 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
• Premium Tax Credit
• Credit for the elderly/disabled
• American opportunity credit
• Lifetime learning credit

Whew! That was a lot. Do you feel prepared to file your taxes? Or have you already filed and moved on to other pressing matters? Hit REPLY and let me know what some of your biggest stressors are when it comes to your taxes.  

With love,

Chika