Links of Interest

Items Needed to Prepare Taxes

Personal Returns

  • Your W-2(s)
  • Interest Income
  • Dividend Income
  • Any stock sales - what you bought the stock for and than the 1099 gross proceeds statement from the broker
  • Real estate taxes
  • Mortgage interest
  • Any charitable contributions
  • Sales tax paid on major purchases
  • Any child care paid (also need ID # of person and address)
  • College costs paid including books
  • Expenses that you paid for your job that were not reimbursed: ie. union dues, mileage, etc
  • Medical Expenses
  • Health Insurance paid or deducted from paycheck if not pretax
  • Any social security numbers of new dependants
  • If you closed on any houses in current year, the closing statement
  • If I did not prepare your taxes in the previous year than the prior year tax return
  • I don't need receipts I only need amounts
  • If you did energy improvements to your home such as doors, windows or insulation bring those amounts
  • Let me know if you are a firefighter or EMT

Business Returns

  • Expenses added by category, I don't need receipts they are for your own records
  • Income - total self employment; be careful not to include any W-2 income in this number
  • Estimated tax payments made, Federal and State
  • Car and Truck expenses Keep mileage log with amount, time and place, date, client visited or reason, miles driven to and from. Using another person's car is deductible. If car/truck operation is expensive 100% business, keep track of gas in its own column, insurance, maintenance, registration and interest on payments can be combined. Using all the actual costs is the actual method, this is compared to the standard method (IRS rate X's bus. miles) Report to me the business mileage. Current rate for 2004: 36 cents
  • Parking & Tolls from business car travel
  • Travel - away from home, train, bus, plane, taxi and hotel (must keep receipt)
  • Office in home: Must use it 100% for business purposes, know square feet used vs. total square feet to determine business %, keep track of insurance, utilities, heat, repairs, and cost of building as separate from land
  • Interest: Charge cards from business purchases, and other bus. loans
  • Phone: cannot deduct basic service charge unless separate from personal and in business name, highlight bus. calls when bill comes in and total them by month, multiply long distance by 11% for tax
  • Meals: Overnight, Long day, and with clients, staff meals (IRS only allows 50%) Staff parties are allowed at 100%.

Other related expenses such as advertising, professional fees, supplies, liability insurance, dues and subscriptions, office supplies, answering machine for business, equipment, repairs and maintenance, commissions, professional development, laundry (i.e. uniforms), license, and bank sc. If you have an office in Home or Rent your house to your business:

  • Utilities including heat
  • Repairs and Maintenance on home (ie. mowing, plowing, small repairs)
  • Major improvements done to home
  • Homeowners insurance

Rental Property

  • The HUD statement or bank closing statement from the purchase of the property, if it is a recently purchased property.
  • Rental Income received
  • Mortgage interest
  • Real estate taxes
  • Insurance
  • Improvements done to rental properties
  • Repairs and maintenance
  • Any phone calls relating to rental property
  • Advertising costs
  • Legal costs (for eviction, etc.)
  • Mileage driven for rental property - picking up materials, meeting tenants, etc.