Tax Preparation Checklist

Don’t leave money on the table at tax time! Make sure you have everything you need to file your taxes right, minimize your tax bill, and/or optimize your refund.

Leave it to the professionals. Schedule Your Tax Preparation with BATS Xpress!

Most people will need:

Personal information

These are the basic who, what and where that tell the IRS about you and where they will deposit a refund, if there is any money to be refunded.

☐ Social Security numbers and birthdates for you, your spouse and dependents

☐ Copies of last year’s tax return for you and your spouse (helpful, but not required)

☐ Bank account number and routing number, if depositing your refund directly into your account

Income Documentation

☐ W-2 forms for you and your spouse

☐ 1099-C forms for cancellation of debt

☐ 1099-G forms for unemployment income, or state or local tax refunds

☐ 1099-MISC forms for you and your spouse (for any independent contractor work)

☐ 1099-R, Form 8606 for payments/distributions from IRAs or retirement plans 1099-S forms for income from sale of a property

☐ 1099-INT, -DIV, -B, or K-1s for investment or interest income

☐ SSA-1099 for Social Security benefits received

☐ Business or farming income

• profit/loss statement

• capital equipment information

☐ Rental property income and expenses

• profit/loss statement

• suspended loss information

☐ Prior year installment sale information

• forms 6252

• principal and interest collected during the year

• SSN and address for payer

☐ Alimony received

☐ Miscellaneous income

• jury duty

• gambling winnings

• Medical Savings Account

• scholarships

• other

Income Adjustments

These following items can help reduce the amount of your income that is taxed, which can lower the amount you owe, or increase your return.

☐ Form 1098-E for student loan interest paid (or loan statements for student loans)

☐ Form 1098-T for tuition paid (or receipts/canceled checks for tuition paid for post-high school)

☐ For teachers: include canceled checks or receipts for expenses paid for classroom supplies, etc. Records of IRA contributions made during the year

☐ Self-employed health insurance payment records

☐ Self-employed pension plans such as Keogh, SEP, and/or SIMPLE

☐ Receipts for any qualifying energy-efficient home improvements (solar, windows, etc.)

☐ Records of Medical Savings Account (MSA) contributions

☐ Records of moving expenses

☐ Alimony paid

Deduction Documentation

The government offers a number of deductions and credits to help lower the tax burden on individuals, which means more money in your pocket. You’ll need the following documentation to make sure you get all the deductions and credits you deserve: 

☐ Child care costs: provider’s name, address, tax ID, and amount paid

☐ Education costs: Form 1098-T, education expenses

☐ Adoption costs: SSN of child; records of legal, medical and transportation costs

☐ Forms 1098:

• mortgage interest

• private mortgage insurance (PMI)

• points you paid

☐ Investment interest expenses

☐ Charitable donations:

• cash amounts

• official charity receipts

• canceled checks

• value of donated property

• miles driven

• out-of-pocket expenses

☐ Medical and dental expense records
Casualty and theft losses: amount of damage, insurance reimbursements

☐ Records/amounts of other miscellaneous tax deductions:

• union dues

• unreimbursed employee expenses (uniforms, supplies, seminars, continuing education, publications, travel, etc.)

☐ Records of home business expenses, home size/office size, home expenses

☐ Rental property income/expenses:

• profit/loss statement

• rental property suspended loss information

Taxes Paid

☐ State and local income taxes paid Real estate taxes paid

☐ Personal property taxes

☐ Vehicle license fees based on value of vehicle

Other Information

☐ Prior-year refund applied to current year and/or any amount paid with an extension to file

☐ Estimated tax payments made during the year (self-employed)

☐ Foreign bank account information

• Location

• name of bank

• account number

• peak value of account during the year

These recommendations provide generalized financial tips, they do not give personalized tax or accounting recommendations. Connect with us directly to get guidance specific to your unique financial situation. Schedule your tax prep appointment with BATS Xpress today!