Tax Deduction checklist

 

• Form 1098, or your mortgage statement.

 

• Form 1098 if you purchased a home in previous tax year, and prior tax return if you refinanced in prior year and are deducting points on that loan over its life,

 

• Investment interest expense: Brokers' statements showing any margin interest paid and loan statements for loans taken out to purchase investments

 

• Losses due to theft etc. with description of property and insurance reports showing reimbursement or any cancelled checks showing value of property.

 

• Charitable donations: bills receipts or cancelled checks for cash donations, mileage records for charitable purposes, receipts from charitable agency with estimated value in the case of property donations, prior years' tax returns for any unused charitable contributions.

 

• All work related expenses : Reimbursement check stubs or reports from employer, union dues, receipts bills or invoices for supplies, gifts to clients, any uniforms or special clothing, seminars attended, professional publications and books. Travel information including invoices receipts etc for transportation, lodging, restaurants, parking etc. Any job search expenses and job related educational expenses.

 

• Misc. deductions like Tax preparation fees, cost of income tax return preparation software and books, Safe deposit box rental fees from bank. IRA custodial fees, investment advice costs.
 
• Last year's state income tax return, Forms W-2 and any cancelled checks for state estimates you've paid.

 

• Medical and dental expenses including Form SSA-1099, year-end pay stub for premiums paid through your after tax wages Mileage records for trips to the doctor, clinics, etc.

 

• Real estate tax collector bills or cancelled checks and Form 1098 or closing statement if you bought, sold, or refinanced property in the tax year.

 

• Any tax bills or cancelled checks for personal property tax like automobiles etc.

 

• Employee SSN and wages paid during tax year to any household employees.

 

• Records showing any estimated tax payments or overpayments for prior years.

 

• If you want your refund to be deposited into your bank account you need the Routing number and Bank account number.

 

• Any foreign bank account information with name, location account number and account value.

You could save huge in tax preparation fees by being a bit organized. You can save a lot of time by getting all your required documents in order before you go to a tax preparer or start your tax return online.

See here for a complete Checklist for Tax Preparation.

Ron Robson is a management consultant. Visit his website exclusively devoted to TaxTime at Tax-Easy.com

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