Quick Easy Checklist for Year-End Taxes
Can you believe that 2011 has already come to a close? We know this means you have a lot on your mind, but don’t forget that the time has come to start gathering tax documents so you’ll be ready to file on time!
Whether you prepare your own taxes or hire someone to do them for you, keep this handy list available as you gather everything you’ll need for the most accurate, beneficial tax return possible:
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A copy of your 2010 tax return.
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Form(s) W-2 (wages, etc.)
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Form(s) 1099 (including interest income, dividend income, Misc, Income, and others)
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Schedule(s) K-1 (income/loss from partnerships, S corporations, etc.)
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Form(s) 1098 (Including mortgage interest, student loan interest, Higher Ed. Tuition paid, etc.)
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Property tax statements. Sales tax paid on large purchases (Vehicles, etc.)
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Brokerage statements from stock, bond, or other investment transactions
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Form(s) 1099-K (Merchant Card and Third Party Network Payments)
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Any notices received from the IRS or other taxing authorities.
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Income and expense summary if you own a business or a rental property.
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Contribution statements from non-profit charities or churches.
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Non-cash contribution statements from thrift stores, if you donated clothes, household items, etc.
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Year-end statement from Childcare providers that also includes the providers Tax ID#.
Please note: These are just some of the more common items needed to prepare a tax return. There may be more in addition to this, depending on your unique situation. You’ll want to keep a copy of these “source documents” on file for 3 to 4 years after you’ve filed your income tax return. That could help to protect you from possible future tax liabilities and audits.
Overwhelmed? Don’t worry! Whether you’re looking to hire someone, or just have a question regarding your taxes, we would love to help. Feel free to give us a quick call or stop by our office, conveniently located in downtown Coeur d’ Alene.
