There are a number of things you need to gather in preparation to file your next income tax return. Doing this can help you to stay organized and can ensure that you are able to effectively and accurately prepare your taxes in a timely manner. Here are the items that you should include in the different categories of your tax preparation checklist.
Your Personal Information Tax Preparation Checklist includes the following:
Your Social Security Number (SSN)
Your spouse’s Social Security Number (if married)
Social Security Numbers for any dependents
Your Income Information Tax Preparation Checklist includes the following:
Unemployment income
Rental property income
Social Security benefits
Income from local and state tax refunds from the prior year
Business income (accounting records for any business that you own)
W-2 Forms from all employers you (or you and your spouse) worked for, during the past tax year
1099 Forms if you (or your spouse) completed contract work and earned over $600
Investment income information (such as interest income, dividend income, income from foreign investments, proceeds from the sale of bonds or stocks, etc.)
Miscellaneous income (such as jury duty, lottery and gambling winnings, Form 1099-MISC for prizes and awards, etc.)
Your Income Adjustments Tax Preparation Checklist includes the following:
IRA contributions
Self-employed health insurance
Homebuyer tax credit
Mortgage interest tax deduction
Student loan interest deduction
Medical Savings Account (MSA) contributions
Green energy tax credits
Job-related moving expenses
Your Credits and Deductions Tax Preparation Checklist includes the following:
Medical expenses
Home office expenses
Education costs
Childcare costs
Adoption costs
Qualified business expenses
Charitable contributions/donations
Casualty and theft losses
Your Direct Deposit Tax Preparation Checklist includes the following:
The bank’s routing number
Your bank account number
If you are looking for a professional accountant to do your taxes in Canada, then you have come to the right place as we are tax experts in Kingston Ontario and we can help process your income tax return quickly while maximizing the tax return you will receive. Our decades of income tax filing experience can help you with your personal and business taxes in Kingston. Remove the headache from taxes and let our skilled tax consultants handle your accounting and bookkeeping to process smooth tax returns for you. Precise, Accurate Instant Tax Refunds Since 2002.
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