What do you need to gather?
The key to taking the stress out of tax preparation is staying organized. Easier said than done, I know.
You can download a tax organizer here.
What you have to think about is what do you do during the year that the Internal Revenue Service will want to know about? Everything….
Types of Income
- Wages
- Interest (taxable & tax-exempt)
- Dividends
- Tax Refunds
- Alimony received
- Business Income (for business owners)
- Capital gains and losses
- Retirement Plan & IRA (distributions)
- Pension & Annuity payments
- Rental Property income and expenses
- Unemployment compensation
- Social Security payments
- Any other income
Deductions to Income
- Educator expense (for teachers)
- Health Savings Accounts
- Moving Expenses
- Self-Employment Tax (deductible part only)
- Self-Employed Qualified Plans deductions
- Self-Employed Health Insurance deduction
- Penalties on early withdrawals fo savings
- Alimony paid
- IRA Deductions
- Student loan interest
- Tuition and fees
- Domestic Production Activites