Tax Documents Checklist

Tax Documents Checklist

Be Sure to Include:

ALL Income: W2’S or Wage/Income Statements/1099’s, pensions and annuities, Unemployment income, Alimony received, Business income and expenses, rental real estate income and expenses, farm income and expenses, social security benefits, etc. Interest and ordinary dividend statements from your bank or credit union. Information on sale of stocks or bonds. Include Profit and Loss statement from your broker.

Self employment, income and expenses: Tools, mileage, type of vehicle and year, advertising, office expenses, materials, supplies, insurance, telephone, business interest paid etc. If it is related to the operation of your business it probably can be used as an expense. Publication 334 which is available on the IRS website explains in detail income and expenses from self employment.

College expenses: Tuition and fees, books, materials, computers and supplies. (Include 1098-T form)

Alimony Paid

Educator expenses: Educator expenses reimbursed up to $250.00. 

Estimated or Quarterly income Taxes paid

Student Loan Interest Deduction

Contributions to 529 Education Plans

Child and dependent care expenses: Day care, summer programs. Providers name and social security number are required.

This list is not all inclusive. If you think something may apply to your return, email or call me and we can talk about it. Tax laws change often. It could be a deduction. Lets talk about it. 

Standard Deductions for 2021

Standard Deductions are now $12,550 for Single and $25,100 for Married.

Unless your itemized deductions, listed below, will exceed the
Standard deduction, you will not have to keep track of these expenses.

Medical Bills: Premiums Paid, Co-Pays Paid, other Out of Pocket Expenses, mileage to appointments.

Real Estate Taxes Paid: Primary Home, other property.

Interest Paid: Home Mortgage Interest Statement 1098 or other documents. Student loan interest.

Charitable Contributions: List of contributions, church, school, scouts. You must have documentation if the IRS asks for it. Charitable work mileage.

If you have high real estate taxes and high medical bills you might manage to exceed the Standard Deduction. If not, the Standard Deduction will apply.