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Mardo, Lachapelle & Palumbo, LLC

Mardo, Lachapelle & Palumbo

Certified Public Accountants

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Organizing Your Tax Records

January 6, 2021 by Melissa Johnson
Tax Time

Tax Time

As the new tax year approaches, it’s time to start sorting all tax documents.

Here are some tips to make sure your tax preparation is efficient and smooth this year.

Keep all tax documents in one place. This seems obvious, but we all find ourselves looking for charitable donation receipts or 1099’s after we have received it.

Sort all documents. To make things easier, sorting the documents by type usually helps us understand what we are missing if anything.

  1. Income
    • Wages (W-2)
    • Alimony
    • Business Income (1099’s, K-1’s)
    • Interest Income (1000-INT)
    • Dividends (1099-DIV)
    • Investments (1099-B)
    • Social Security
    • Winnings (W-2G, 1099-G)
    • Other Income
  2. Income Adjustments
    • Tuition & Fees deductions
    • Alimony Paid
    • Student Loan Interest
    • IRA Contributions
    • HSA/MSA Contributions
    • Educator Expenses
    • Other Education Expenses
  3. Deductions (Itemized)
    • Charitable Contributions
    • Taxes paid
    • Interest Expense
    • Medical/Dental Expenses
    • Casualty/Theft Losses
    • Investor/Other Expenses
  4. Credit Information
    • Adoption Expenses
    • Education Expenses
    • Child & Dependent Care Expenses
    • Other Credit-Related Expenses
  5. Rental/Business
    • Rental Income/Expense (By Unit)
    • Business Income/Expenses
    • Other Business/Hobby Income/Expenses

If there are tax items that your receive that are not on this list, include it with the documents and we will review it.

  • Common miscellaneous required items: 
    • Estimated Federal/State Taxes Paid
    • Business Mileage
    • Charitable Mileage
    • medical Mileage
    • Moving Mileage
    • Non-Cash Charitable Contributions
    • Certain Business Expenses

There may be items required not on this list. This list serves as a form of organizing towards preparing for the new tax season.

Category: TaxationTag: Preparation, Tax

AICPA News

  • IRS reduces user fee for estate tax closing letters
  • Reconciliation bill clears committee on second try
  • AICPA endorses some Ways and Means tax provisions, signals concern for others
  • Ways and Means approves proposed TCJA extensions and tax changes
  • Revenue agents who conduct audits lead IRS job losses

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