Here's a list of the items what we will need:
To prepare your personal taxes, you'll typically need a variety of documents and information to accurately report your income, deductions, and credits. Here's a list of common items needed for personal tax preparation:
1. Personal Information:
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for yourself, your spouse, and dependents.
- W-2 Forms: These show your wage and salary income from your employer(s).
- 1099 Forms: These report various types of income, including interest, dividends, freelance or contract work, and self-employment income.
- Investment Income Statements: Statements for income from investments, such as interest, dividends, and capital gains/losses.
3. Deduction and Credit Information:
- Documentation for itemized deductions (if applicable), including receipts for medical expenses, mortgage interest, property taxes, and charitable contributions.
- Proof of eligible tax credits, such as education credits or child tax credits.
- Records of deductible expenses related to self-employment or business activities (if applicable).
4. Retirement and Investment Account Information:
- Statements for retirement accounts (e.g., 401(k), IRA) showing contributions and withdrawals.
- Brokerage or investment account statements for capital gains and losses.
5. Health Insurance Information:
- Forms 1095-A, 1095-B, or 1095-C, which provide information about your health insurance coverage, if applicable.
- Mortgage interest statements (Form 1098).
- Records of property taxes paid.
- Records of home improvements or energy-efficient home upgrades (if eligible for tax credits).
7. Education Expenses:
- Tuition statements (Form 1098-T) for higher education expenses.
- Records of student loan interest paid (Form 1098-E).
8. State and Local Tax Information:
- State and local income tax statements or returns.
- Receipts for state and local sales taxes paid (if itemizing deductions).
9. Self-Employment and Business Income:
- Income and expense records for self-employment or business activities.
- Records of estimated tax payments made during the year.
10. Records of Estimated Tax Payments:
- Documents showing any estimated tax payments made during the year, such as quarterly estimated tax payments.
- Bank statements and records of interest earned.
- Records of any financial account transactions that may affect your tax liability.
12. Miscellaneous Documents:
- Any other relevant financial documents, such as alimony received or paid, rental property income and expenses, and gambling winnings.
**Keep in mind that the specific documents you need can vary depending on your individual financial situation, deductions, and credits.
