Tax Documents Organizer
Tax Time is here again. Time to organize your financial affairs, financial data and financial documents for the purpose of filing your tax return.
It is always better to organize your all relevant information and documents to avoid delay in tax filing or omitting important data. Due to lack of documents/data, accountants are filing for extensions resulting in extra interest payments and high chances of omitting tax benefits.
We have designed this data organizer very helpful to organize basic information/documents, before you start working on tax preparation. We are sure, the organizer will help you a lot in organizing your documents/data, and to file your taxes on timely basis.
This organizer & Check list sheet is only for general help to organize your papers, and it is not necessary that all the boxes apply on you or you will be eligible for those benefits.
Check List for Taxpayer Personal Information:
- Your Last Name:
- Your First Name:
- Your Middle Name:
- Your Spouse Last Name:
- Your Spouse First Name:
- Your Spouse Middle Name:
- Birth Dates of your and your spouse:
- Social Security Number of your and your spouse.
- Current Mailing Address: This is important, because if we are using data from previous tax return, your previous address may not be valid currently.
- List of all dependents, Full Names, Last, First, Birth Dates, Social Security Numbers, their relations to your, number of months residing with you.
- Personal Information of you, your spouse, all dependents should match with Social Security Cards.
- Check List of IRS Documents.
- W2-(Your) from all employers.
- W2 (Your spouse)- from all employers.
- W-2 (Your working children)- from all employers.
Note: You are supposed to receive W2 by end of January, and if you did not receive any, better to contact your employer. Check if all the information, name, SS#, Wage etc is correct. If not contact your employer for correction to issue W2-C.
- 1099-Misc: Issued for your misc. and self-employed income.
- 1099-INT: Issued by Banks for interest income on your savings/ CDs.
- 1099-DIV: Issued by corporations for your dividend/investment income.
- I1099-R: Issued for payment of different Retirement & Pensions Plans/Accounts.
- 1098 : Mortgage Interested Statement-issued by your Mortgage company.
- 1098-T: Issued by University/College for Tuition Fee Received, to Claim education Credits.
- 1098-E: Student Loan interest Statement.
- Last Year Tax Return:
Details of estimated taxes paid:
- Real Estate Taxes: Assessed & Paid.
- Amount Deposited in IRA
- Total Out of State Purchases for Use Tax Payments.
- Total Child Care Payments-with receipt letter
Schedule “A” Filers:
- Total un-reimbursed Medical Expenses.
- State & Local Taxes
- Real Estate Taxes
- Personal Property Taxes
- Home Mortgage Interest/Points.
- Investment Interest
- Total Cash Charitable Contributions.
- Total in kind contribution-with letter of receipt.
- Amount of State Refund Received for Previous Year.
- Amount & details of any casualty & theft.
Job related expenses, those are not reimbursed by the employer:
- Traveling-Total Mileage: Business, Comminuting, Personal, Kind of Auto, Year & Make.
- Professional Books
- Training & Seminars
- Tools & Subscriptions
- Tax Preparation Fee
- Other Miscellaneous deductions allowable.
- Record Keeping: IRS may question your tax return , therefore, it is better to retain your supporting documents/receipts for sufficient time required by law.
Schedule “C” Filers
- Amount of Gross & Net Sale/Receipts.
- List of Business Expenses:
- Details of Assets used in Business
- Auto Expenses-details
- Cost of Goods Sold & Supplies.
- Commissions & Fees
- Employees Wages & Benefits.
- Legal/Professional Fee
- Office Supply
- Detail of Rental Income & Expenses:
Things to Check Before Mailing Your Tax Returns:
- All calculations, computations & totals are correct, matching with your tax documents.
- Return is signed and dated by both, if filing a joint return.
- Your occupation and phone number is written.
- If mailing with tax payment, your social security number, tax form, tax year is written on the check and check is payable to US TREASURY.
- Mailing & Return addresses are correct.
- Postal stamps (preferably Certified Mail) are sufficient.
- All the required documents W2s.Schedules are stapled properly.
Courtesy Service by Keshav Lal CPA