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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.