Here’s what you need for your 2017 tax return

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.