Tax Prep Checklist

posted 3/13/2015 in General

Have you put off filing your taxes until now? The deadline of April 15 is getting closer and closer every day. If you haven’t started because you feel intimidated or confused about what all you need to get your taxes filed, Lincoln Savings Bank can help with that.

Our Tax Prep Checklist can help you get the proper documents organized. From individuals and couples to business owners and those who own rental property, give the guide below a quick read to see the major items you need to file your taxes.*

Tax Items for Everyone

These documents apply to everyone, married or single:

  • Any W-2s

  • 1099 forms for independently contracted work or other income

  • Your Social Security number

  • A copy of last year’s taxes

  • Records of any charitable contributions

  • Records of any medical expenses

  • Any health insurance payments

Items for Those Who Own a Personal Residence

If you own a home, apartment, condo or other personal residence you should have the following for your taxes:

  • Mortgage interest

  • Insurance premiums

  • Real estate taxes paid

  • Closing documents if you purchased a home

  • Receipts from an energy efficient upgrades you completed

Documents for Those Who Own a Rental Property

You should have the following items if you own a rental property:

  • Mileage for repairs, inspections, etc.

  • Receipts for all repairs, upgrades, utilities, etc.

  • Rental income

  • Real estate taxes paid

  • Insurance premiums

  • Mortgage Interest

Items for Business Owners

Business owners need to also have the following items on hand when filing taxes:

  • Your tax ID

  • Mileage logs

  • Health insurance premiums

  • A list of capital assets & equipment

  • Business income and expenses

Miscellaneous Costs or Expenses

  • IRA and HSA Contributions

  • Adoption Expenses

  • FEMA Assistance

  • Education expenses (loan interest, tuition, etc.)

  • Sales tax from a vehicle purchase

We hope our Tax Prep Checklist gives you a better idea of what you need to file your taxes on time this year. Organize your paperwork and file your federal and state taxes today to ensure you get in before the April 15 deadline. Good luck!

*This is not a complete list. Lincoln Savings Bank is not a tax accounting firm. Please consult with your tax advisor about the specific documents you need.

Lincoln Savings Bank, member FDIC

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