I have been browsing through my file of must keeps and just thought – why haven’t I shared this valuable list of “Tax Information Checklist”. When I first started online tax season was approaching as 2010 came upon us quickly – I had no idea what I needed or how I was going to fill for my brand new business. I was online and found this amazing list and printed it off – of course I have no idea who to thank for this – so I hope it will help someone else out whether you are just starting or been making money online for years!

Required Information

1. Your name, address, social security number, birth date
2. Spouse name, address, social security number, birth date
3. Dependents: Name, address, birth date, how many months lived with you during year.

Reportable Income

1. W-2′s
2. 1099′s or other income
3. Interest income from banks, money markets, credit unions, etc.
4. Dividends from stock
5. Miscellaneous Income, Prizes, Awards, Etc.
6. Unemployment
7. Social Security Income
8. Pension distributions, rollovers, etc.
9. Stock sales
10. Rental Income
11. Business Income
12. Jury duty, election judge, etc.
13. Sale of a home (bring settlement statement and info on the cost)
14. Sale of property

Deductible Personal Expenses

1. Student loan interest
2. Educator Expenses paid but not reimbursed
3. Payments to an IRA, SEP or Keogh
4. Health Insurance Premiums
5. Other medical: prescriptions, co-pays, eyeglasses, dental, mileage to doctor
6. Property taxes paid on residence
7. Property taxes paid on other properties
8. Sales taxes paid for automobile or other major purchases
9. Automobile tabs
10. Medical expenses – health insurance, prescriptions, glasses, medical equipment
11. Mortgage interest
12. Charitable Contributions – cash
13. Charitable Contributions – non-cash (need date given, value and description of the item if more than $500 given)
14. Job Hunting Expenses
15. Union Dues
16. Un-reimbursable Job related expenses
17. Tuition payments – identify for whom and what year of school
18. Other school related expenses that were not reimbursed
19. Casualty losses
20. Payments to IRA’s, SEP’s or other retirement plans
21. Estimated tax payments to federal and state governments
22. Education expenses for underage children-tuition, supplies, tutoring, music lessons, instruments, etc.
23. Childcase – Provide name, address, tax id number and amount
24. Rental property – income, repairs, cleaning, mortgage interest, taxes, etc.
25. Settlement Statements for the sale or purchase of property
26. Costs and dates for rental property improvements or appliances
27. Travel incurred to rental properties

Reportable Business Income

1. Sales Income
2. Service Income
3. Sales Returns
4. Interest Income
5. Less Cost of Goods Sold
1. Inventory Additions (Purchases to Resell)
2. Ending Inventory
3. Cost of Freight

Deductible Business Expenses

1. Advertising
2. Bank fees
3. Business Mileage
1. Year and Make of Vehicle
2. Is it Leased or Owned?
3. Total Commuting Miles Used During the Year
4. Total Commuting Business Miles (must have written records)
4. Commissions/fees
5. Contract labor
6. Depreciation of assets
7. Employee benefits
8. Insurance (other than health)
9. Internet subscription
10. Interest from loans or business credit cards
11. License/Permits
12. Loan closing fees
13. Professional services (accounting/payroll fees/legal fees, etc)
14. Professional development (workshops, training, memberships)
15. Postage
16. Office expense
17. Rent or lease
18. Repairs and maintenance
19. Supplies – non-office
20. Taxes and license
21. Telephone (home-line & cell)
22. Travel, meals & entertainment (keep separate)
23. Utilities
24. Wages

Home Office Deduction Calculations

1. Total Square Footage of Home & Storage Space
2. Total Square Footage of Office Space – calculate %
3. Annual cost of Association Dues – %
4. Annual cost of Home Utilities – %
5. Annual cost of Home Security – %
6. Annual cost of Rubbish Removal – %
7. Annual cost of Home Insurance – %
8. Annual cost of Home Improvements – %
9. Annual cost of Home Repairs – %

Miscellaneous Business Information Needed

1. Cost of Business Equipment Purchased During the Year
2. Date Purchased Equipment
3. Shareholders
1. Name, address, social security numbers of Shareholders
2. List of Capital Contributions during year
3. Dividends or other payments to Shareholders (aside from salary)
4. Salaries
4. Payroll Records
5. Know your Standard Industrial Code

Is there anything else that you prepare for your taxes? Please share!