Tax Extension Procrastination Prevention Checklist
April 12, 2018 by Gordon Advisors
You did it again. You found 200 other things that were more important to do with your free time than get your taxes done and now the April 17th deadline is almost here. If you know you cannot get prepared in time, the smart thing to do is file for an automatic six-month extension with the Internal Revenue Services (IRS) on the Free File website.
Once you have done that however, it’s time to get serious about organizing your tax records and making an appointment with your CPA or tax professional. If you’re confused about how the new tax law changes will impact your 2017 taxes, don’t be. Those changes don’t kick in until the 2018 tax year. Until then it’s taxes as usual, but you still need to bring your complete collection of tax documents to your appointment. Here’s a handy list of the most common things to include.
Personal and family tax information:
- Social security numbers for yourself, your spouse and dependents.
- Bank account numbers/routing numbers if you prefer direct deposit.
- Copies of your 2016 tax returns (federal, state, local).
- Real estate and personal property taxes paid.
- Fees paid for vehicle licenses.
- Foreign bank account information.
- State and local income tax payments.
Forms received concerning health care including:
- Form 1095-A, Health Insurance Marketplace Statement.
- Form 1095-B, Health Coverage.
- Form 1095-C, Employer-Provided Health Insurance Offer and Coverage.
Income-related forms and information:
- W-2 forms for all wage earners.
- All 1099 forms (MISC, C, G, R, SSA, etc.).
- Information regarding income from business, farming, and rental property.
- Information about any miscellaneous income (i.e., lottery/gambling winnings, medical savings accounts, scholarships, etc.)
- Amount of any alimony you received.
- Information and Form 6252 for any prior year installment sale.
Information about adjustments to gross income that may include things like:
- Pension plans for the self-employed.
- Form 1098 for student loan interest paid and tuition.
- Medical savings account contributions.
- Alimony payments.
- IRA contributions.
- Qualified energy-efficiency upgrades to your home.
- Receipts for teaching supplies purchased by teachers.
If you will itemize, you should also bring the following:
- Cost of child care including records showing the provider’s name, address, tax ID number, and amount paid.
- Cost of adopting a child including social security number, and records of costs related to transportation and legal and medical and assistance.
- Form 1098 detailing mortgage interest, private mortgage insurance (PMI), and any points paid.
- Investment interest expenses.
- Rental property expenses/income records.
- Receipts for charitable donations including miles driven and any related incidental expenses.
- Medical and dental expenses.
- Proof of any casualty/theft losses: amount of damage and any subsequent insurance reimbursements.
- Proof of payment for any unreimbursed work-related expenses such as for travel, continuing education classes, seminars and workshops, union dues, uniforms, etc.
If you have a home-based business, you will need to bring:
- Home business expense records including the size of your home/office space, business related expenses, etc.
- Records of estimated tax payments made during the tax year.
This is not an exhaustive list, but it will help you get organized for your appointment. Meanwhile, if you have questions or concerns, don’t hesitate to contact Gordon Advisors. We’re here to help!
