Tax season 2019 is inexorably moving forward. We now have less than two months before personal federal taxes are due. Which, of course, means that it’s time to get started if you haven’t yet done so already.
I’m here today with a large checklist that you can work from, understanding that every person’s situation is a little different. Every Inland Empire business will have different requirements as well.
Much of the list below relates to your personal income taxes. On the business side, much will be determined by the state of your books, expense documentation, and other such factors. We can dive into your books for what is needed, if it comes to that.
As I said, this is meant to be informational for you, and as something you can hold on to over the following weeks as you begin the process of excavating your financial files. There may be certain situations where we’ll need other documentation to get you even more deductions. But, of course, we’ll let you know about that, should the situation arise.
And one more thing…
Per last week, if you have filed your taxes with us before, would you:
A) Write about how our team has helped you in the past? You can find us on Google, and we’d love to have your feedback.
If you haven’t filed your taxes with us before…
Find us on that platform to read about client experiences in the past. The proof is in the internet-review-pudding. We’d love for you to be next in line.
(And if for some reason you weren’t satisfied with our service, please head over to our Contact page and reach out to me. I will do everything within my power to make it right, and will make it a priority, even this week.)
B) Would you share this post with anyone you think would benefit from help with their taxes? Especially if it’s someone you think would prefer to file with a personable touch.
You can let him or her know we are willing to review their tax return to make sure that everything was done right for them. They can call us anytime at (951) 679-2610 and mention you referred them.
Now, onto that list…
Ursula Garrett’s Updated Tax Preparation Checklist for 2019
“Right actions in the future are the best apologies for bad actions in the past.” – Tyron Edwards
With all of the changes every year (and, of course, that’s especially true THIS year), filing your taxes on your own is not for the faint of heart. That’s even with nice-looking software on the market which purports to make it easy for you.
But that’s what we’re here for. Let us make it easy for you.
Below is a list of what you will need during the tax preparation process. Not all of them will apply to you — probably MOST will not. Nonetheless, it’s a useful checklist.
Before you get overwhelmed: yes, this is a long list — but it’s the unfortunate reality of our tax code that it’s not even comprehensive. But these items will cover 95% of our clients. Really, this is for ensuring that we’re able to help you keep every dollar you can keep under our tax code.
Also note: Certain deductions went away this year, that we’re used to handling on behalf of our clients. And some that you might be used to as well. This list has changed a little, and I’ve notated additional changes coming down the pike.
But again … we will be your guide. That’s what we’re here for.
Even if for some strange reason you won’t be using our cost-effective services this year, feel free to use this list as a handy guide…
Social Security Numbers (including spouse and children)
Child care provider tax I.D. or Social Security Number
Employment & Income Data
W-2 forms for this year
Tax refunds and unemployment compensation: Form 1099-G
Miscellaneous income including rent: Form 1099-MISC
Partnership and trust income
Pensions and annuities
Jury duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
Health Insurance Information
NOTE — Despite the passage of tax reform that changes this information for future tax years, we still need it for 2018 taxes.
* All 1095-A Forms from Marketplace providers (if you purchased insurance through a Marketplace)
* Existing plan information (policy numbers, etc.)
* If claiming an exemption, your unique Exemption Certificate Number
* Records of credits and/or advance payments received from the Premium Tax Credit (if claiming)
Residential address(es) 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 (note: only applies if you were in the armed forces in 2018)
Interest income statements: Form 1099-INT & 1099-OID
Dividend income statements: Form 1099-DIV
Proceeds from broker transactions: Form 1099-B
Retirement plan distribution: Form 1099-R
Capital gains or losses
Auto loans and leases (account numbers and car value) if vehicle used for business
Student loan interest paid
Early withdrawal penalties on CDs and other fixed time deposits
Personal property tax information
Department of Motor Vehicles fees
Gifts to charity (receipts for any single donations of $250 or more)
Unreimbursed expenses related to volunteer work
Education expenses (tuition and fees)
Child care expenses
Medical Savings Accounts
Alimony paid (note: this deduction will no longer be in place in 2019)
NOTE — We will want access to detailed transaction logs for your business.
Estimated tax vouchers for the current year
Self-employment SEP plans
Self-employed health insurance
K-1s on all partnerships
Receipts or documentation for business-related expenses
Other Deduction Documents
State and local income taxes (note: $10,000 limit on these for 2018)
IRA, Keogh and other retirement plan contributions
Other miscellaneous deductions
An important thing to understand is that we will guide you through the process, and that although much has changed this year, we are on top of these changes on your behalf.
Garrett & Associates, CPA