2021 Tax Preparation

TAX DOCUMENT CHECKLIST

PERSONAL INFORMATION FOR EACH FAMILY MEMBER

• Name

• Date of Birth

• Social Security Card Last Year’s Tax Return

• Valid Driver’s License

INCOME AND TAX INFORMATION

• W-2’s

• Interest (1099-INT or substitute)

• Dividend (1099-DIV or substitute)

• Stock Sales (1099-B or Broker Statement)

• Self-Employment Income (1099-MISC or record of payments)

• Sale of a Personal Residence

• Rental Income

• Sale of any Business Assets

• Gambling or Lottery Winnings

• State Income Tax Refund

• Pension Income (1099-R)

• Estimated Taxes Paid

• Social Security or Railroad Retirement

• IRA or 401(k) Distribution (1099-R)

• Unemployment Compensation DEDUCTIONS/ADJUSTMENTS

• Medical Expenses

• Real Estate and/or Personal Property Taxes

• Mortgage Interest

• Charitable Contributions

• Employee Business Expenses

• Gambling Losses

• Moving Expenses

• Traditional IRA Contributions

• Certain Education Expenses TAX CREDITS

• Child Care Provider/Address and Social Security Number or Employer Identification#

SELF-EMPLOYED OR BUSINESS EXPENSES DEDUCTIONS

Here is a list of various expenses you may claim if you are self-employed or own a business. This lists is not all encompassing and you might have other expenses based on your profession. * denotes a more detailed explanation below

• Vehicle Expenses (you are allowed to claim mileage or actual expenses*, whichever is greater. Mileage Cannot include personal travel or commuting to and from regular job)

• Meals and Entertainment*

• Travel Expenses (airfare, auto rental, bus, shuttle, taxi, meals, lodging, laundry)

• Home Office*

• Advertising

• Commissions and Fees

• Contract Labor

• Dues and Publications

• Employee Benefit Programs

• Equipment - with useful life of less than one year

• Equipment - other (this will be depreciated)

• Freight

• Gifts

• Insurance (not health)

• Internet Service

• Legal and Professional

• Licenses

• Office Expenses

• Rent - Equipment

• Rent - Other

• Repairs

• Supplies

• Taxes (payroll, sales, property)

• Telephone

• Utilities

• Wages

*VEHICLE OPERATING EXPENSES (actual expenses include)

• Fuel

• Maintenance, Tires, Batteries and Repairs

• Insurance

• Vehicle Licenses

• Lease Payments

• Loan Interest

• Taxes

• Wash & Wax

*MEALS AND ENTERTAINMENT

Business expense deductions must be based on a log and/or other receipts and records. Actual receipts are required for expenditures of $75 or more and for all lodging expenses. The combination of records should document: the business purpose, date and time, place and amount. For business meals and entertainment, you must also document that (1) you discussed business during the meal, or (2) you had a substantial bona fide business discussion or activity before or after the meal/entertainment, or (3) you ate alone while out-of-town. You must also record the name and business relationship of each person entertained.

*HOME OFFICE EXPENSES

To qualify, an "office in the home” must be used exclusively and on a regular basis (a) as your principal place of business, or (b) by patients, clients, or customers in meeting and dealing with you in a normal course of business. A home office will qualify as your principal place of business if: 1) You use it exclusively and regularly for the administrative or management activities of your trade or business, and 2) You have no other fixed location where you conduct substantial administrative or management activities of your trade or business. If you are an employee, the home office use must also be for the convenience of the employer. Enter 100% of home taxes and mortgage interest.

REAL ESTATE RENTAL INCOME & EXPENSES

• Advertising

• Cleaning & Maintenance

• Commissions

• Insurance

• HOA fees

• Legal & Professional Fees

• Management Fees

• Repairs

• Supplies, hardware, etc

• Taxes (property, payroll)

• Utilities (electric, gas, water, garbage, etc)

• Wages

• Condo or management Fees

• Telephone

• Improvements & Replacements