We encourage all of our clients to plan for their taxes. To help with that process we have listed some tips below that will help you with that process. (Note: Tax law is complicated. The items below are listed for discussion points only. To find out if any of the items will reduce your taxes, please give us a call).

Federal and State income tax laws and regulations are constantly changing. Credits and deductions taken in prior years may be discontinued, at the same time new credits and deductions may become available. Also businesses and personal lives continue to change. That is why we encourage our clients to keep in contact with us all year long. Usually all it takes is a quick phone call to our office to find out if any changes will significantly affect taxes paid.

Checklist We have listed below a “Tax preparation check list” and a specific list of items that are needed to prepare your taxes. This information will allow our CPAs to ferret out each and every tax reduction opportunity available. We will also use this information to help establish future tax saving strategies.

To print these out click HERE for the personal checklist and HERE for the Business checklist.

Tax preparation check list.

Personal Checklist
  • Did your marital status or address change?
  • Did you have any dependents over 19 years of age or older at the end of the year?
  • Did you sell or exchange any stocks, mutual funds or bonds?
  • Did you take any IRA or retirement distributions?
  • Did you fund a retirement account or want to contribute to an IRA?
  • Did you rollover any retirement accounts?
  • Did you receive any 1099 MISC forms?
  • Did you have income from another state besides Idaho?
  • Did you receive any unemployment benefits?
  • Was any debt or credit cards cancelled?
  • Did you have any miscellaneous income such as gambling winnings or jury duty?
  • Did you have health insurance or long term care insurance?
  • Did you have a Heath Savings Account?
  • Did you make a college savings plan contribution?
  • Did you pay any student loan interest?
  • Did you pay any education expenses including tuition, books or fees?
  • Did you adopt a child or host an exchange student?
  • Did you pay a housekeeper or landscaper?
  • Did you have significant medical expenses?
  • Did you have any purchase any large dollar items ie; car, boat, motorhome etc?
  • Did you pay property taxes on your home or investment property?
  • Did you pay any mortgage interest or interest on an investment?
  • Did you refinance a mortgage?
  • Did you pay any mortgage insurance premiums?
  • Did you make any cash or non-cash donations?
  • Did you drive your car for charity work?
  • Did you contribute to Idaho schools, libraries, public TV or youth rehabilitation groups?
  • Did you have any unreimbursed employee expenses?
  • Did you have any dependent care expenses that allowed you to work or attend school?
  • Did you make any energy improvements to your home or buy a new alternative motor vehicle?
  • Do you have any foreign bank accounts?
Business Checklist
  • Did you start a new business, change entity type or purchase a rental?
  • Did you have health insurance?
  • Did you provide health insurance to your employees?
  • Did you employ a spouse or dependent?
  • Did you purchase any machinery or make significant improvements to existing machinery or buildings?
  • Did you convert a personal asset to business use?
  • Did you sell any machinery or other assets?
  • Did you have a home office?
  • Does your business manufacture a product?
  • Do you have a comprehensive listing of all your income and expenses?
  • Did you make any estimated tax payments?
  • Do you have a succession plan?
  • Do you want to review your business entity choice?
If you used a vehicle for business, please record the mileage summary below:
  • Make & Model
  • Business mileage
  • Other mileage
  • Total mileage

Tax appointment check list

  • Forms W-2 (Wages)
  • Forms 1099 (Interest, Dividends, Miscellaneous, State tax refunds)
  • IRA or pension distributions
  • Brokerage statements (Stock, Bond or other investment activity)
  • Rental income and expenses
  • Schedules K-1 (Income/ loss from partnerships, S Corporations)
  • Unemployment compensation
  • Social security statements
  • Closing statements (Real Estate Transactions)
  • Educator expenses (Unreimbursed classroom expenses)
  • Health savings accounts
  • Moving expenses
  • IRA or other retirement contributions
  • Student loan interest
  • Self-employed health insurance
  • Medical expenses (Include health and long-term care insurance)
  • Medical miles driven
  • State income taxes paid
  • Real estate taxes paid
  • Sales tax paid on large items (Cars, boats, aircraft etc.)
  • Points and mortgage interest (primary and secondary home)
  • Mortgage insurance premiums (paid on post 12-31-06 contracts)
  • Investment interest paid
  • Casualty losses (Fair market value before and after loss)
  • Contributions (cash and non-cash)
  • Un-reimbursed employee expenses
  • Tax preparation fees, safe deposit and investment expenses.
  • Union or professional dues, Uniform expense
  • Child and dependent care expenses
  • Education expense (Tuition, books and fees)
  • Energy improvements made to your home (Insulation, exterior windows & doors, new heating and cooling systems).
  • A year end balance sheet and profit & loss statement for the company. If you have QuickBooks software bring a back-up copy on a flash drive or CD.
  • Year end statements for each checking account and the accompanying bank reconciliations, if prepared.
  • Year end statements for all investment accounts
  • 1099’s received for interest, dividends, and sales of securities.
  • Year end statement for all loans and financed leases. These include lines of credit, equip loans, auto loans etc.
  • Form 1098’s received from lenders for interest paid during the year.
  • Originating documents for all new loans and leases acquired during the year.
  • All payroll tax returns filed for the year: These include Federal form 940, Forms 941, State Withholding tax forms and state Unemployment tax forms
  • Employer’s annual wage reports (W-2’s and wage report transmittal (form W-3).
  • End of the year sales tax reports.
  • End of the year inventories valued at cost.
  • For all large assets purchased, please provide a copy of the invoice and/or a list of new assets showing the date acquired, purchase price, and description.
  • Business miles driven for each car and truck.
  • S-Corps only: Medical insurance premiums paid for shareholders and their dependents are required to be included in gross wages and shown as a taxable fringe benefit on their W-2’s. These amounts are also included in Medicare and Social Security wages, but only if paid on a discriminatory basis. Please make sure that your or payroll tax preparer include these amounts in wages and on your W-2. If you need assistance, please call us.

Contact us for a Consultation:

We accelerate success for our clients by taking a proactive approach in helping them make their businesses more profitable.