Janet Behm's Updated Tax Preparation Checklist for 2019

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"Right actions in the future are the best apologies for bad actions in the past." - Tyron Edwards

With all of the changes every year (and, of course, that's especially true THIS year), filing your taxes on your own is not for the faint of heart. That's even with nice-looking software on the market which purports to make it easy for you.

But that's what we're here for. Let us make it easy for you.

Below is a list of what you will need during the tax preparation process. Not all of them will apply to you -- probably MOST will not. Nonetheless, it's a useful checklist.

Before you get overwhelmed: yes, this is a long list -- but it's the unfortunate reality of our tax code that it's not even comprehensive. But these items will cover 95% of our clients. Really, this is for ensuring that we're able to help you keep every dollar you can keep under our tax code.

Also note: Certain deductions went away this year, that we're used to handling on behalf of our clients. And some that you might be used to as well. This list has changed a little, and I've notated additional changes coming down the pike.

But again ... we will be your guide. That's what we're here for.

Even if for some strange reason you won't be using our cost-effective services this year, feel free to use this list as a handy guide...

Personal Data
Social Security Numbers (including spouse and children)
Child care provider tax I.D. or Social Security Number

Employment & Income Data
W-2 forms for this year
Tax refunds and unemployment compensation: Form 1099-G
Miscellaneous income including rent: Form 1099-MISC
Partnership and trust income
Pensions and annuities
Alimony received
Jury duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
Unemployment compensation

Health Insurance Information
NOTE -- Despite the passage of tax reform that changes this information for future tax years, we still need it for 2018 taxes.
All 1095-A Forms from Marketplace providers (if you purchased insurance through a Marketplace)
Existing plan information (policy numbers, etc.)
If claiming an exemption, your unique Exemption Certificate Number
Records of credits and/or advance payments received from the Premium Tax Credit (if claiming)

Homeowner/Renter Data
Residential address(es) for this year
Mortgage interest: Form 1098
Sale of your home or other real estate: Form 1099-S
Second mortgage interest paid
Real estate taxes paid
Rent paid during tax year
Moving expenses (note: only applies if you were in the armed forces in 2018)

Financial Assets
Interest income statements: Form 1099-INT & 1099-OID
Dividend income statements: Form 1099-DIV
Proceeds from broker transactions: Form 1099-B
Retirement plan distribution: Form 1099-R
Capital gains or losses

Financial Liabilities
Auto loans and leases (account numbers and car value) if vehicle used for business
Student loan interest paid
Early withdrawal penalties on CDs and other fixed time deposits

Automobiles
Personal property tax information
Department of Motor Vehicles fees

Expenses
Gifts to charity (receipts for any single donations of $250 or more)
Unreimbursed expenses related to volunteer work
Investment expenses
Job-hunting expenses
Education expenses (tuition and fees)
Child care expenses
Medical Savings Accounts
Adoption expenses
Alimony paid (note: this deduction will no longer be in place in 2019)

Self-Employment Data
NOTE -- We will want access to detailed transaction logs for your business.
Estimated tax vouchers for the current year
Self-employment tax
Self-employment SEP plans
Self-employed health insurance
K-1s on all partnerships
Receipts or documentation for business-related expenses
Farm income

Other Deduction Documents
State and local income taxes (note: $10,000 limit on these for 2018)
IRA, Keogh and other retirement plan contributions
Medical expenses
Other miscellaneous deductions

An important thing to understand is that we will guide you through the process, and that although much has changed this year, we are on top of these changes on your behalf.

BE THE ROAR not the echo!

Warmly,

Janet Behm

(801) 278-2700

Utah Real Estate Accountants



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