We provide an annual checklist (see below) and newsletter to communicate any changes to the tax laws.
This will get you started. We will take it from here.
1. W-2's, dividend 1099’s, interest 1099’s, including tax exempt interest.
2. Total social security benefits received for the year, if applicable.
3. Any other income – K-1’s from partnerships, unemployment, alimony (Pre-2018 agreements), state tax refunds, self-employed income, gambling winnings and losses, etc.
4. All retirement distributions (IRA or pension) received and the amounts rolled over to other IRAs or plans.
6. Contributions to traditional and Roth IRA’s for the 2020 year. Also student loan interest paid for the year.
7. Real estate taxes and interest on mortgage of personal residence or 2nd homes.
8. Non-reimbursed medical expenses including medical premiums, long term care premiums, hospitals, doctors, dentists, therapists, chiropractors, prescription drugs, hearing aids, optical, medical supplies, and medical mileage.
10. Charitable contributions including non-cash contributions and mileage for volunteer work.
11. Margin interest expense from brokerage accounts.
12. All completed security transactions for securities sold during 2020, including date bought and sold, purchase price and selling price.
13. Rental income and expenses and number of days rented if not the full year, if you have business rental property.
14. Estimated federal, state taxes paid for 2020.
15. The names of dependent children, and any other dependents to be claimed, and their social security number and date of birth.
16. Names and ID numbers of all childcare providers and amount paid if claiming the childcare credit.
17. Please provide the breakdown, by individual, of all post-secondary education expenses. (Form 1098T)
18. For self-employed people - If you work out of your home and self-employed, be prepared with the square footage of your office compared to the total square footage of your home. Include all costs incurred to maintain your home including utilities, telephone, etc. (other option simplified method)
19. If you purchased or sold a home during 2020, please bring the closing statement with you. There are numerous expenses to deduct.
20. Form 1095(A) if you purchased health insurance through the marketplace.
21. For business owners – please provide, total income, expenses by category, bank balance as of 12/31/20 and inventory at 12/31/20 if applicable.
22. If you file a state that has income tax, bring business expenses and investment costs as they are deductible on the state return.