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Tax day is near

Here’s a checklist of what you’ll need before heading to your CPA

Our duty to file our tax returns is upon us once again. Your tax filing agony is diminished when your data is organized and you let your certified public accountant, CPA, prepare it for you. Go through a basic checklist before meeting your CPA for the assurance of reporting all your income and claiming all the expenses you are entitled to take.



Most types of income are taxable, unless the law specifically excludes it. Most income is reported to the IRS on annual forms that you will also receive. The following is a list of taxable income of the most occurring types.

  • Form 1099-B (Proceeds from Broker and Barter Exchange Transactions)
  • Form 1099-C (Cancellation of Debt)
  • Form 1099-DIV (Dividends and Distributions)
  • Form 1099-G (Certain Government Payments including Unemployment Compensation)
  • Form 1099-INT (Interest Income)
  • Form 1099-MISC (Miscellaneous Income)
  • Form 1099-R (Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans)
  • Form 1099-S (Proceeds from Real Estate Transactions)
  • Form 1099-SA (Distributions from HAS, Archer MSA, or Medicare Advantage MSA)
  • Form SSA-1099 (Social Security Benefit Statement)
  • Form W-2 (Wage and Tax Statement)
  • Form W-2G (Gambling Winnings)
  • Schedule K-1 (Form 1065) (Partner’s Share of Income, Deductions, Credits)
  • Schedule K-1 (Form 1120-S) (Shareholder’s Share of Income, Deductions, Credits)
  • Schedule K-1 (Form 1041) (Beneficiary Filing)

For the small unincorporated business and rental property owners, you will need to maintain adequate records to prove your income. Your income is not always reported on a Form 1099-MISC. For sales of real estate, you will need the purchase and sale HUD statements and cost of improvements to determine the gain or loss on your sale.



Expenses and deductions come in different forms and these forms are not always automatically provided to you. You may have to contact the payee and request the proper documentation or create the documentation yourself (e.g auto mileage). The expenses and deductions most used are as follows.

  • Form 1095-A (Health Insurance Marketplace Statement)
  • Form 1095-B (Health Coverage)
  • Form 1095-C (Employer-Provided Health Insurance Offer and Coverage)
  • Form 1098 (Mortgage Interest Statement)
  • Form 1098-E (Student Loan Interest Statement)
  • Form 1098-T (Tuition Statement)
  • Form 5498 (IRA Contributions)
  • Business Expenses – Invoices and payments and mileage log
  • Child Care Expenses – Statement from Daycare Provider
  • Charitable Cash Contributions – Bank record or letter from charity if $250 or more
  • Fair Market Value of Non-cash Contributions – Special rules apply if >$5000 or autos
  • Gambling Losses – Diary, receipts and statements
  • Household Employees – Total wages paid, W-2
  • Investment Expenses and Safe Deposit Box – Invoices and payments
  • Medical Expenses including Medical Insurance Premiums – Invoices and payments
  • Moving Expenses – Mileage, receipts and payments
  • Personal Property Tax – Bill and payment
  • State Taxes Paid with Last Year’s Return – Voucher and payment
  • Real Property Taxes – Receipt of payment unless paid through escrow
  • Rental Expenses – Invoices and payments
  • Tax Preparation Fees – Invoice and payment
  • Unreimbursed Expenses Related to Volunteer Work – Receipts and payments
  • Unreimbursed Expenses Related to Your Job – Receipts and payments

Some of these expenses are itemized deductions, meaning that you must meet the threshold for your filing status in order to benefit any tax savings.



The following information is essential for completing your tax return.

  • Copy of last year’s tax return
  • Social Security number for you, your spouse and your dependents
  • Birth dates of you, your spouse and your dependents
  • Routing transmit and bank account numbers for direct deposit/debit
  • Estimated tax payments made including last year’s tax overpayment applied to this year

As thorough as you may be in organizing your tax information, you should still have a conversation with your CPA concerning your taxes. Tax requirements and threshold amounts change every year which could make you now eligible for a deduction that you may not have been entitled to in the past. Likewise, your hobby may have changed into a business or vise verse, making a big difference to your reporting of income and expenses.


For more information, call Tina Perkins, CPA, at 228.392.2991 at Tina Perkins, CPA, P.A., 4048 Popps Ferry Rd., D’Iberville, MS 39540. By appointment only.

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