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10 Must Know Check List Items When Filing Your Taxes

As the tax filing season draws near tension fills the air and many people tend to get stressed. If you plan your tax filing exercise you can undertake filing of tax returns without getting into a flap.

To ease the process of filing tax returns H & R Block have designed a check list that will not just save time but ensure that you make no mistakes in filling out the tax forms. Keep the list on your PC and use it through the year to stay organized.

To breeze through the tax form filling and filing you need:

1. Personal data:

a. Social security details of the family, yourself, spouse, as well as children and other dependants.
b. Child care provider: Name, address and tax ID as well as Social Security number.
c. Alimony paid: Social Security number.

2. Employment and Income:

  • W-2 forms for the current year.
  • Unemployment compensation: Forms 1099-G.
  • Miscellaneous income including rent: Forms 1099-MISC.
  • Partnership, S Corporation, & trust income: Schedules K-1.
  • Pension and annuities: Forms 1099R.
  • Social Security/RRI benefits: Forms RRB-1099.
  • Alimony Received.
  • Jury Duty Pay.
  • Gambling and lottery winning.
  • Prizes and Awards:
  • Scholarships and fellowships:
  • State and local income tax refunds: Form 1099-G.

  • 3. Homeowner/Renter data

  • Residential addresses for this year.
  • Mortgage interest: Form 1098.
  • Sale of your home or other real estate: Form 1099-S.
  • Second Mortgage interest paid.
  • Real Estate taxes paid.
  • Rent paid during tax year.
  • Moving expenses.

  • 4. Financial Assets :

  • Interest Income Statements: Form 1099-INT & 1099-OID.
  • Dividend Income Statements: Form 1099-DIV.
  • Proceeds from Broker Transactions: Form 1099-B.
  • Retirement pan Distribution: Form 1099-R

  • 5. Financial Liabilities

    * Auto loans and leases (account numbers and car value) for business vehicles.
    * Student loan interest paid
    * Early withdrawal penalties on CDs and other time deposits

    6. Automobiles

    * Personal property tax information

    7. Expenses

    * Gifts to charity (qualified written statement from charity for any single donations of $250 or more)
    * Un-reimbursed expenses related to volunteer work
    * Un-reimbursed expenses related to your job (travel expenses, uniforms, union dues, subscriptions)
    * Investment expenses
    * Job-hunting expenses
    * Job-related education expenses
    * Child care expenses
    * Medical Savings Accounts
    * Adoption expenses
    * Alimony paid
    * Tax return preparation expenses and fees

    8. Self-employment Data

    * Business income: Forms 1099-MISC and/or own records
    * Partnership SE income: Schedules K-1
    * Business-related expenses: Receipts, other documents & own records
    * Farm-related expenses: Receipts, other documents & own records
    * Employment taxes & other business taxes paid for current year: Payment records

    9. Miscellaneous Tax Documents

    * Federal, state & local estimated income tax paid for current year: Estimated tax vouchers, cancelled checks & other payment records
    * IRA, Keogh and other retirement plan contributions: If self-employed, identify as for self or employees
    * Records to document medical expenses
    * Records to document casualty or theft losses
    * Records for any other expenditures that may be deductible
    * Records for any other revenue or sales of property that may be taxable or reportable

    Tax filing can be made easy if you are organized. Make life easy by using tax software. Find out about IRS Free File software providers. In case of expected problems or delays file for an extension, the IRS normally grants around 6 months.

    About Author:

    Barry Allen is a freelance writer for Online Tax Firm, the premier website to find tax, return tax, tax software, free tax filing, sales tax, services tax,income tax, property tax and many more.

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