Tax Checklist: How to Prepare for Your First Income Tax Return Consultation

//Tax Checklist: How to Prepare for Your First Income Tax Return Consultation

Gathering all of the relevant documents and information for your income tax returns can seem like a daunting task. However, this year in particular, the new tax law has impacted certain itemizations and deductions, and perhaps leads to questions about what information and documents you should share with your trusted tax advisor.

If you’re visiting us as a new client, we have created the following checklist to help you prepare for your first consultation with the tax professionals at Lodovico & Associates. Please review the guide below prior to your visit and bring along any applicable documents.

For clients who have worked with Lodovico & Associates in the past, please refer to the Tax Organizer envelope you received in the mail to help prepare your tax-related documentation.

As always, please call our office should you have any questions. We are ready and happy to help.

Personal Information

  • Social Security numbers and dates of birth for you, your spouse and your dependents
  • Copies of last year’s tax return
  • Bank account number and routing number, if direct deposit is desired

Income Information

  • Income forms for you and your spouse including:
    • W-2
    • 1099-C for cancellation of debt
    • 1099-G for unemployment income, or state and local tax refunds
    • 1099-MISC for independent contractor work
    • 1099-R, Form 8606 for payments/distributions from IRAs or retirement plans
    • 1099-S for income from sale of property
    • 1099-INT, -DIV,-B or K-1s for investment or interest income
    • SSA-1099 for Social Security benefits received
  • Alimony received
  • Business income – profit/loss statement, capital equipment information
  • Rental property income and expenses
  • income: jury duty, gambling winnings, medical savings account, scholarships, etc.

Adjustments to Income

  • Form 1098-E for student loan interest paid
  • Form 1098-T for tuition paid (or receipts/cancelled checks)
  • For teachers: canceled checks or receipts for classroom expenses
  • IRA contribution records
  • Receipts for qualifying energy-efficient home improvements
  • Records of Medical Savings Account contributions
  • Self-employed health insurance payment records
  • Records of moving expenses
  • Alimony paid
  • Self-employed pension plans info

Deductions and Credits Info

In addition to the information above, consider the following documentation.

  • Adoption costs: SSN of child, record of legal, medical and transportation costs
  • Form 1098: mortgage interest, private mortgage insurance and points paid
  • Investment interest expenses
  • Charitable donation receipts
  • Medical and dental expenses
  • Casualty and theft losses
  • Records of union dues and employee expenses such as uniforms, supplies, seminars
  • Record of home business expenses

Background on Taxes Paid

  • State and local
  • Real estate
  • Personal property
  • Vehicle license fees

Other Information

  • For self-employed individuals, estimated tax payments made during the year
  • Prior-year refund applied to current year or any amount paid with an extension for a file
  • Foreign bank account information
2019-02-14T16:47:40-05:00