Tax Deduction Checklist

“What should I bring with me to do my tax preparation?”

JUST W-2s:

• W2’S, 1099’S, ANY INTEREST ON CHECKING/SAVINGS ACCOUNT; STOCK SALES, GAMBLING WINNINGS, AND ANY OTHER INCOME YOU HAD DURING THE YEAR
• NAMES, DATES-OF-BIRTH, AND SOCIAL SECURITY NUMBERS OF YOUR DEPENDENTS

IF YOU ITEMIZE YOUR DEDUCTIONS:

• PERSONAL PROPERTY TAX
• REAL ESTATE TAX
• MORTGAGE INTEREST
• CHARITABLE CONTRIBUTIONS
• OFFICE IN THE HOME, WHEN YOU ARE A W-2 EMPLOYEE
  (THIS DEDUCTION IS ONLY ALLOWED IF YOUR HAVE A DEFINED OFFICE SPACE IN YOUR OWN HOME, AND YOUR EMPLOYER REQUIRES YOU TO HAVE IT.)
• NEED SQUARE FOOTAGE OF ENTIRE HOME & OFFICE SPACE
• UTILITIES FOR THE ENTIRE HOME, INCLUDING:
1. ELECTRIC & GAS
2. WATER, SEWER, TRASH
3. INTERNET AND TELEPHONE
4. CABLE/SATELLITE
• REPAIRS & MAINTENANCE TO THE ENTIRE HOME FOR THE ENTIRE YEAR
• PURCHASE PRICE OF HOME
• ANY GAMBLING LOSSES YOU SUSTAINED IN RELATION TO ANY GAMBLING WINNINGS YOU HAD

BUSINESS EXPENSES

• MATERIALS & SUPPLIES
• CELL PHONE
• BANK CHARGES
• DUES & SUBSCRIPTIONS
• OFFICE EXPENSES
• MILEAGE ON ANY VEHICLES USED FOR COMPANY
• ADVERTISING
• EQUIPMENT RENTAL
• EQUIPMENT PURCHASES
• INTEREST ON YOUR VEHICLE LOANS
• UTILITIES EXCLUSIVELY FOR COMPANY
• TRAVEL EXPENSES
• MEALS & ENTERTAINMENT EXPENSES
• SUPPLIES
• SEMINARS
• INTEREST ON VEHICLE LOANS
• CREDIT CARD INTEREST
• OFFICE-IN-THE-HOME EXPENSES:
1. RENT PAID IF YOU ARE RENTING YOUR HOME, AND HAVE AN OFFICE IN THE HOME
2. SQUARE FOOTAGE OF ENTIRE HOME
3. SQUARE FOOTAGE ON OFFICE SPACE IN THE HOME
4. UTILITIES FOR ENTIRE HOME
5. HOMEOWNERS / RENTERS INSURANCE
6. REPAIRS/MAINTENANCE TO ENTIRE HOME
7. PURCHASE PRICE OF HOME

RENTAL PROPERTIES

• RENTAL INCOME
• MILEAGE TO AND FROM THE RENTAL UNIT/PROPERTY
• REAL ESTATE TAXES
• MORTGAGE INTEREST
• CLEANING & MAINTENANCE
• REPAIRS & SUPPLIES
• ORIGINAL PURCHASE PRICE OF THE RENTAL UNIT
• ANY PURCHASES MADE TO IMPROVE THE PROPERTY
• ANY ADDITIONS MADE TO THE PROPERTY

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