Start Your Checklist for Uncle Sam

tax planning checklist
Photo: TeroVesalainen

Now that Santa’s checked off his list, it’s time to start your checklist for Uncle Sam.

Here’s What to Gather for the Upcoming Tax Season

Welcome to the post-holiday downtime. The week between Christmas and New Year’s Day tends to be quiet from a professional standpoint. Unless you’ve arranged for an incredible trip to a warm locale, it may be a good time to settle in and prepare your documentation for the upcoming tax season.

So, vacuum up the pine needles, pack away the menorah, and put that pesky Elf-on-the-Shelf back where he belongs (in the attic!).

Invest a little time now, and you will be thankful in 2020!

Here’s the checklist of what to gather:

  • Last year’s tax return
  • Social Security numbers for yourself, your spouse and all dependents
  • Prepare a folder for incoming W-2’s and 1099 forms
  • Retirement account contributions
  • Educational expenses. Students can claim a deduction for tuition and fees they paid, as well as for interest paid on a student loan
  • Medical bills (only tax savings if they total more than 10% of adjusted gross income for most taxpayers)
  • Property taxes and mortgage interest
  • Charitable donation receipts
  • Classroom expenses. If you’re a school teacher or other eligible educator, you can deduct up to $250 spent on classroom supplies
  • State and local taxes payments (up to $10,000, including property taxes)
  • American Opportunity and Lifetime Learning Credit documentation
  • Child Tax Credit documentation
  • Retirement savings contributions documentation
  • Federal and state estimated tax payments made throughout the year

It’s a sure way to shake off those post-holiday blues! Well, maybe not. 😉

But it is a great time to get your 2020 tax “housekeeping” in order!

Contact C&B Accounting for any further information or advisement.