What records are required for 2017 returns?
.Although every situation is different, here’s a checklist of some common income items to gather:
- W-2 forms showing wages
- 1099 forms for investments, bank accounts and side jobs
- Business income of pass-through entities (e.g., K-1 forms) and sole proprietors
- Other investment income information (e.g., carryover capital losses)
- Other business income information (e.g., QuickBooks entries)
- Statements of state and local tax refunds
- Rental property income
- Social Security benefits received
- Other miscellaneous income items, including unemployment compensation, jury duty pay, prizes and awards and gambling income
Take a look at the list below. Records are usually required to claim deductions and credits for the following:
- Charitable contributions
- Mortgage interest
- State and local taxes
- Medical and dental expenses
- Miscellaneous expenses (e.g., unreimbursed employee business expenses)
- Casualties and theft losses
- Self-employed health insurance
- Self-employed business expenses (e.g., home office expenses)
- IRA contributions
- Job-related moving expenses
- Childcare costs
- Adoption costs
- Higher education costs
- Student loan interest
Before you hand over documents to Dye and Whitcomb’s accountants, verify their accuracy. For instance, make sure that contributions to IRAs and qualified retirement plans (like a Simplified Employee Pension (SEP) for a self-employed taxpayer) reflect the appropriate tax year. Double-check Social Security numbers — it’s easy to make a mistake.
Finally, if you’re requesting direct deposit of a refund, there are two more numbers you must provide: Your bank account number and the bank’s routing number. That is the fastest way to get a refund for your 2017 taxes.
Contact our office if you have questions about preparing your 2017 tax return, or if you’d like to set up an appointment.