Putting Together Your Tax Information: The “Short List” for Businesses and Individuals

 
For smooth and thorough preparation of your tax returns, collect the following information for your accountant — and please be careful not to throw away any tax documents you get in the mail!

Business

• Year-end bank reconciliations
• Year-end bank statements
• Physical inventory records with costing,if applicable
• W-3, W-2s and 940
• Year-end commercial loan statements
• Invoices for new equipment purchases made during the year
• Loan documents for new loans
• List of bad debt write-offs
• Broker statements, if the business has investments

Individuals

• W-2s
• 1099s as follows:
      1. 1099-B, Proceeds from sale of stock
      2. 1099-INT, Interest income
      3. 1099-R, Pension distributions
      4. 1099-G, Unemployment compensation
      5. 1099-DIV, Dividend income
      6. 1098, Mortgage interest expense
• K-1s from other businesses
• Contributions—cash and noncash
• Tax estimates—federal, state and local
• Child/day care information
• Medical expenses as follows:
      1. Health insurance premiums
      2. Payments to doctors, dentists & hospitals
      3. Prescription drug expenses
• Miscellaneous deductions as follows:
      1. Safe deposit box fees
      2. Investment expenses
      3. Unreimbursed business expenses
• Changes that occurred during the year, i.e., new baby, change in marital status, or purchase of new home
• Settlement sheets from purchases and/or sales of property

Newsletter Summary Page »

To ensure compliance with requirements imposed by the IRS, please note, any advice contained in this publication was not intended, or written, to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. This publication is distributed with the understanding that the publisher and distributor are not providing legal, accounting or other professional advice and assume no liability whatsoever in conjunction with the information contained within this publication.