April 15th is the deadline for filing federal and state individual income tax returns. Many people often forget which documents are required in order prepare a timely and accurate return. The best way to ensure that you have everything is to look at your prior year's return. The following list summarizes the general items normally included on a Form 1040. We suggest you print this sheet out and use to help you gather your information.
We will need the original or copies of the following items in order to verify the accuracy and make sure all of the information is captured properly. Please do not list them out.
W-2s
1099s for interest, dividend, pension, and social security income
Year end brokerage statements showing the gains and losses of all stocks sold
throughout the year. Many brokerage firms do not provide the gain/loss information
without asking. They only provide the total proceeds.
K-1s from any partnerships, trusts or corporations that you are involved with
1098s from banks showing the mortgage interest you have paid
Real estate taxes paid on your primary residence as well as any other properties
you own
For these items, we only need a listing. Please do not send originals or copies of any of the receipts.
Summary of medical expenses by categories
Summary of cash charitable contributions in which you have either a receipt issued
by the charity, a cancelled check, or credit card receipt to support the deduction if
audited. Again, a list is sufficient. We do NOT need to see the actual receipt or
letter.
Listing of non-cash charitable contributions including a description of the item
donated, donee's name and address and proposed value. For a guideline of values
Summary of unreimbursed business expenses by category
Listing of the dates and amounts you may have paid in estimated tax payments to
the IRS and your state
If you had a small business or rental property, we will need a summary of the
income collected and the expenses paid out
If we prepared your return last year, a personalized "organizer" is available for you that lists out all of the items on your prior return. We would still however want you to follow the procedures above. If you would like us to mail that to you, please contact
Robin Campbell in our office and she will send this out to you the same day you request it.
If we did
not prepare your return last year, but you like the concept of an "organizer", please open and review this
blank organizer. In this case, when submitting your documents (as listed above) to us, we will also need a
copy of your prior year federal and state tax returns if you have not already given it to us.
When you have all of the above prepared, please either email/fax/mail your documents to the
partner you are working with by February 15th. This is the date by which you should have all documents from your banks, etc. If you feel you will be later than this date, please contact us to let us know.
