Tax Return Check List

When you're getting ready to file your income taxes, having a checklist of all your needed documents will make the process easier. One of these lists will help you organize all of your paperwork, not to mention ensure that you have all the necessary material to begin the tax process. Nothing is worse than being in the middle of your taxes and having to stop because you don't have all the required information.

Personal Information

There are a few forms and information you will need to have on hand regarding your personal information. Staring off, you will need to know your social security number. In addition, if you have child care services you will need to have your child care provider's tax ID or social security number. Also, make sure you have form 8332 (if you have gone through a divorce). This form will provide the needed information regarding where your child lives and the frequency of your kid's visits to your house.

Employment Information

Before you can start your taxes you will need to have the W-2 forms from all your employers. You will either receive these via the mail or from the office. The other forms you may need are your partnership and trust income form, pensions and annuities (describing any pension you have made from your job), the amount of alimony received, gambling winnings, award money, scholarships, jury duty pay, as well as your state and local income-tax refunds (you do not need your federal return information).

Residential Information

Whether you own a home or are renting, there is some information you will need to know. This includes the moving expenses you paid when moving (you will be able to write these off if you moved in the current tax year), rent paid during the tax year, real-estate taxes paid, your mortgage interest, as well as the sale of your home (the profit you made from it)

Financial Information

In addition to the paperwork required from your employers, you will need a few other pieces of financial information. This includes your interest and dividends on your income, tax refunds and unemployment compensation, your retirement-plan distribution and income you may have made off of freelance work. In addition, you should have the amount paid on an auto loan, as well as your student loan interest paid and any early withdrawal penalties on deposits on hand.

Self employment

If you are working from home and are self employed there are a few different documents you will need. These include the K-1 partnership forms and receipts on all business expenses.

Deductions

Possibly one of the most important areas to document thoroughly are your deductible expenses. This is money you can write off which may increase your tax return. However, because the government will have to pay it out, you will need to be prepared in case they want to double check your deductions.
The paperwork you will want to have are for gifts to charities, sales-tax expenses (yes you can claim your sales tax), alimony paid, adoption expenses, unreimbursed expenses for volunteer work, travel expenses (retaining to work), education expenses, medical savings accounts and child-care expenses.