Personal Information: This is the basic information the Internal Revenue Service (IRS) needs on you and your spouse (if you have one). This information will include your date of birth, name, address, dependent data and other personal information.
Sources of Income: Your income source(s) is the next item you need have available for use when preparing your taxes. This will include your income, which should be listed on your W-2 form provided by your employer. If you are self-employed then you will need different forms to complete section of the tax return. Any income you earned, inherited, or won during the past year needs to be documented and recorded on the tax forms.
Types of Deductions: There are is number of deductions that are allowed by the government to lower your tax burden. These can include child care cost, charitable donations, educational costs, and medical expenses, just to name a few. This portion of tax preparation can be tedious, especially if you have not kept good records throughout the year. No matter the case you need to really spend your time gathering all the necessary information to reduce your tax burden and increase your chances of a tax return.
Additional Information: Depending on your situation there may be other information you need to provide to complete your tax preparation. This information should be discussed with a tax professional.
Keep good documentation of previous taxes paid throughout the year can help you from paying more taxes then you need to. Typical examples of taxes you may have paid include real estate taxes (if you own a home), personal property taxes (like your vehicle), and income taxes, just to name a few. Again keeping good records is an important aspect of making sure you have paid your fair share.
Below is a brief checklist, but for a more detailed checklist visit our tax preparation checklist page or go to the our Tax Resource Center page and click on the tax preparation checklist link.
- Personal Information
- Social Security Number
- Sources of Income
- Employed (Forms W-2)
- Unemployment, State tax refund (1099-G)
- Types of Deductions
- Charitable Donations
- Medical Expenses
- Health Insurance
- Additional Information
- Copies of Previous Tax Return Documents
The above checklist is only an overview, so visit our tax preparation checklist page for a detailed list. Also feel free to contact one of our tax professionals to get all your questions answered and help you get the maximum tax refund possible.