So yes … you run a business.
Which affords you some massive opportunities not available to Southern Oregon wage employees on your PERSONAL taxes (depending, of course, on how everything is set up for you).
So that likely means that you have a couple different tax returns to wade through each year (and maybe more, depending on the number of active entities you’re managing).
Want to get a jump on things? Yes, or yes?
The IRS just started accepting electronically-filed returns on Monday (the 27th), which means that things are starting to get real around here. And even if you do NOT have all of your documentation yet available, we can still get the ball rolling for you.
So, to that end, I’m here today with a large checklist that you can work from for your personal income taxes, understanding that every person’s situation is a little different. Every Southern Oregon business will have different requirements as well.
On the business side, much will be determined by the state of your books, expense documentation, and other such factors. We can dive into your books for what is needed, if it comes to that.
As I said, this is meant to be informational for you, and as something you can hold on to over the following weeks as you begin the process of excavating your financial files. There may be certain situations where we’ll need other documentation to get you even more deductions. But, of course, we’ll let you know about that, should the situation arise.
So … here we go.
Brian Manthe’s 2019 Personal Income Tax Documents List
“Don’t wait. The time will never be just right.” – Napoleon Hill
Filing your taxes on your own is not for the faint of heart. That’s even with nice-looking softwares on the market which purport 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…
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
Jury duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
Health Insurance Information
NOTE — As it says on the IRS health insurance information page, form 1040 will not have the “full-year health care coverage or exempt” box and Form 8965, Health Coverage Exemptions, will no longer be used. You need not make a shared responsibility payment or file Form 8965, Health Coverage Exemptions, with your tax return if you don’t have minimum essential coverage for part or all of 2019.
* All 1095-A Forms from Marketplace providers (if you purchased insurance through a Marketplace)
* Records of credits and/or advance payments received from the Premium Tax Credit (if claiming)
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 (if in active military, and moving for new orders)
Reimbursements for moving (counts as ordinary income)
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
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
Personal property tax information
Department of Motor Vehicles fees
Gifts to charity (receipts for any single donations of $250 or more)
Unreimbursed expenses related to volunteer work
Education expenses (tuition and fees)
Child care expenses
Medical Savings Accounts
Estimated tax vouchers for the current year
Self-employment SEP plans
Self-employed health insurance
K-1s on all partnerships
Receipts or documentation for business-related expenses
State and local income taxes (note: $10,000 limit, as last year)
IRA, Keogh and other retirement plan contributions
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.
We’re here to help. Let me know if you have any questions.
I’m grateful for our chance to serve you and your business — and we are dedicated to its success, in every measure.
Feel free to forward this article to a business associate or client you know who could benefit from our assistance. While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for families and business owners.