YOUR 2023 TAX CHECKLIST

1. Your name exactly as it appears on your Social Security card

2. Date of birth

3. Social Security number

4. Home address

5. Copy of last year’s federal and state tax returns

6. Bank account number and routing number to receive your refund by direct deposit

7. Dependents’ name (as it appears on their Social Security card), dates of birth, and Social Security numbers (or tax ID numbers)

8. Form 8332 if your dependent child’s custodial parent is releasing their right to claim the child as a dependent

9. W-2s from your employer(s)

10. 1099-G forms for unemployment income and state or local tax refunds

11. 1099-INT, 1099-DIV, and 1099-B for interest, dividends, and stock sales

12. 1099-R and SSA-1099 for retirement plan distributions and Social Security benefits

13. 1099-S for income from the sale of your residence or other property

14. 1099-MISC for income from a rental property

15. 1099-Q for distributions from a 529 plan or Coverdell ESA

16. 1099-SA for distributions from a health savings plan (HSA)

17. Schedule K-1 for income from a pass through business

18. , trust, or estate

19. Alimony received (if your divorce or separation agreement is dated on or before December 31, 2018)

20. Records of any transactions involving cryptocurrency

21. Information on other sources of income, such as gambling winnings, jury duty pay, cancellation of debt, etc.

22. 1099-NEC or 1099-K showing income earned as an independent contractor

23. Records of all business income and expenses

24. Self-Employment and Business Records

25. Documentation for home office expenses, including square footage of home and square footage of area used exclusively for business.

26. Dollar amount to be reported as income

27. Records for business assets to be depreciated, including cost and date placed in service

28. Miles traveled for business purposes

29. Deductions

Deductions can reduce your taxable income, lowering the amount of tax you owe or increasing your refund. Generally, you can claim the standard deduction, which is a flat amount based on your filing status, or itemize deductions. If you itemize deductions, you need information on:

29.1. Out-of-pocket medical expenses

29.2. Premiums paid for long-term care insurance

29.3. Form 1098 showing any mortgage interest, mortgage insurance premiums, and points you paid during the tax year

29.4. Real estate taxes

29.5. State and local income taxes or sales taxes

29.6. Taxes paid with your vehicle registration

29.7. Charitable donations

29.8. Documentation of casualty losses (if you lived or owned property in a federally declared disaster area)

29.9. If you have any of the following deductions, known as adjustments to income, you can claim them even if you don’t itemize.

29.10. Form 1098-E for student loan interest

29.11. Records of contributions to an HSA, IRA, SEP or self-employed retirement plan

29.12. Alimony paid (for divorce or separation agreements dated on or before December 31, 2018)

29.13. For teachers, expenses paid for classroom supplies

29.14. Premiums paid for self-employed health insurance

30. Tax Credits

Tax credits are a dollar-for-dollar reduction in the amount of tax you owe. Generally, you’ll need the following documentation to claim potentially valuable tax credits.

30.1. Form 1098-T showing expenses for higher education

30.2. Child care costs and care provider’s name, address, and tax identification number

30.3. Adoption costs and Social Security number child you legally adopted during 2022

30.4. Form 1095-A if you purchase health insurance through the Health Insurance Marketplace

31. Proof of Losses

31.1. Various types of financial losses can be deductible. Bring documentation of the following losses if they apply to you in 2022.

31.2. Records for any stocks or other investments that became totally worthless or you expect to claim a loss, including date of purchase and original purchase price

31.3. Records of any non-business bad debts that are not collectible (an example of a non-business bad debt: you lend money to your friend from your personal bank account and they don’t repay it.)