5 Must-Do Tax Preparation Tasks That Should Not Be Ignored!

April 6, 2016

Events, Featured, Money

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tax 1040 snappaHere we go again!  Tax season for most Americans is in full swing here in the US and taxes are due on April 18th (you have 3 days of reprieve this year).  Are you stressed out trying to gather everything you need to do your taxes yourself or have a tax professional help you?  Are you trying to figure out what you need to gather for tax preparation?

Screen shot 2016-04-07 at 12.05.38 PMTax Preparation Checklist If you are like me and have a tax preparation checklist handy to use, planning and preparing your taxes becomes a much easier task and relieves worry.  Our “Tax Preparation” pre-done checklist is available for FREE this week on the Checklist Mom app under the “Managing Money” template. As an additional perk we have also prepared a free downloadable PDF Version for you to make sure you have everything you need handy. Click here to get it now

Read below to find out my five must-haves that I’ll make sure to have checked off my checklist and available for my accountant:

  1. Get the tax preparation checklist to avoid forgeting something important.

    Checklist Mom Tax Preparation

    Identification – It’s important to have your driver’s license, social security ID number, and any additional identification details you might need for the rest of the family. The bottom line is that you will need this to have your identity verified by your tax professional and government authorities.

  2. Copy of previous tax filing documents – Your previous year’s returns will help your accountant make calculations faster and easier. If your accountant has done your taxes in the past, they should have that handy.
  3. Income statements – If you’re employed, you’ll normally receive an income statement (W-2)  from your job. If they forget to give it to you, you’ll need to remind them of it before the deadline. If you’re self-employed you’ll need to bring evidence of income received through the year.  It’s important that you bring a profit and loss statement in the case you have a business.
  4. Expenses and Donations – Certain expenses are deductible or eligible for tax credits.  Bring your mortgage interest statements. In case you, your spouse or your kids are students then bring along your education expenditures and your student loan interests. If you have any of the above expenditures, it’s likely that you might qualify for credits when you file your returns.Your charity and church donations as well as doing things for the greater good can be tax-deductible, therefore, reporting them might certainly lower the amount you’ll be filing.  So bring receipts of these donations.
  5. Dental, medical and optical expenses – High medical expenses are really good deductibles. Make sure to check them off of your checklist as your compile your prescriptions, health insurance and medicals bills to share with your tax professional.

These are only a few of the things that I’m addressing on my checklist, click HERE to download our more comprehensive Checklist Mom “Tax preparation checklist.”  Using a checklist will ensure that you are better prepared to provide your accountant with all the details he or she needs to accurately file your tax documents .

Click Here And Download our Checklist Mom “Tax Preparation Checklist.”

Wishing you the best of luck during tax season and many happy returns!
Marc Paul

Marc Paul - Checklist Mom founder

Marc at 7 years old.

Marc Paul is the CEO and Founder of Checklist Mom. Marc is married to Efua (a child psychologist) and father of Cleo, age 7, and Noah, age 5.  Marc is a technology entrepreneur who is passionate about organization, parenting and creating better tools to enable moms and dads to be the best that they can be so that they and their families can thrive. Marc is a motivational speaker, entrepreneur, real estate investor and a technology geek. You can colntact Marc at [email protected]

 

Disclaimer – Remember that our Checklist Mom blogs and checklists are designed to make you aware of, and to remind you of, options you may have available to you. They are put on this website with the understanding that Next Generation Mobile Inc. (TheChecklistMom.com) is not engaged in rendering legal, medical, tax or financial advice,

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5 Responses to “5 Must-Do Tax Preparation Tasks That Should Not Be Ignored!”

  1. beth kelley Says:

    What a great list. The idea of doing taxes is overwhelming. This helps a lot.

    Reply

  2. K. Wayne Says:

    Thanks. Your list helps take some of the stress out of tax time.

    Reply

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