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Tax-Time Checklist

As Published In Smead Organomics
Tax-Time Checklist

Publicity -- Smead Organomics

Most people fear tax time because they dread having to gather up all that paperwork — certain that they will overlook something vital and mess up their bottom line. Reduce your worries by following this step-by-step organizing checklist as you begin to prepare your return.

Begin With General Information

  • number of dependents — children under age 18, college students, others you support financially
  • social security numbers for each family member
  • tax return and supporting documents from the previous year
  • tax preparation instructions for the current tax year
  • proof of IRA contributions for the year

Count Up Your Charitable Deductions

  • add up your mileage driving to and from volunteer activities
  • tally other volunteer expenses (items bought with your money and used in your charitable duties)
  • figure out your total cash donations (list the organization, donation date, and amount for each)
  • add up all qualified in-kind donations (non-cash goods & services) to approved charities
  • count mileage to drop off donations
  • gather receipts for all donations — $500 or more (cash or in-kind) requires special documentation
  • double check the IRS rules before deducting

If You Have Children

  • get your paid childcare provider’s tax ID and social security number
  • you may be able to count expenses as a deduction (nanny, babysitters, after school programs)
  • if you have adopted a child, you may be able to count adoption expenses
  • you may be able to deduct education expenses andstudent loans

Proof Of Income

  • W-2 forms from employers
  • 1099 forms from self-employment and contract work
  • alimony received
  • unemployment compensation
  • business or farm earnings
  • income from partnerships or trusts
  • income from real estate
  • federal, state, and local income tax refunds
  • income from pensions and annuities
  • interest/dividend income from investments, savings accounts
  • prize money won

Other Miscellaneous Deductions

  • you may be able to count your tax return preparation costs as a deduction
  • if you are divorced, tally up any alimony paid
  • medical and dental expenses (if you are eligible for a medical deduction)
  • mortgage interest paid on your personal or rental properties
  • moving costs (if your relocation is eligible for a deduction
  • unreimbursed employment expenses (travel, lodging, supplies)
  • taxes paid that year

If You Own A Business

  • supply and equipment expenses (you may have to depreciate large equipment expenses)
  • home office expenses — plus the allotted portion of your household utilities and rent/mortgage
  • mileage and other business travel expenses (meals, hotel, parking)
  • marketing (advertising, networking event attendance, printing, mailing)
  • administrative and outsourcing costs
  • payroll and employment expenses
  • sales tax paid
  • payroll and employment expenses
  • professional development and continuing ed (classes, workshops, manuals)
  • automobile loan or lease if the car is used exclusively or primarily for business
  • other professional and business expenses

Talk To Your CPA

This information is not meant to replace qualified legal advice. You may not be eligible for all of these deductions — but a CPA can tell you which deductions to take, and advise you as to any limits on your deductions. Always have a qualified CPA prepare or review your return to prevent errors.

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