What Items Are on a Checklist for Tax Preparation?


Quick Answer

Items on an individual's tax-preparation checklist include her Social Security or tax identification number, information about dependents, a W-2 or a Form 1099 if she is self-employed, and other income, according to H&R Block. A small business tax-preparation checklist includes items categorized under income or expenses.

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Full Answer

Individuals who are divorced and paying alimony need the amount they paid that year and their ex-spouse's name and Social Security number, states H&R Block. If they have dependents, such as children or elderly parents, they must have their Social Security numbers, dates of birth and income. Other income they must report includes interest, dividends, Social Security and other retirement income, money from the sale of assets, and unemployment. Their checklist also lists possible deductions and tax credits, such as child care expenses, medical expenses, mortgage interest and contributions to charity.

Small businesses must report income and assets such as gross receipts of sales, inventory, returns, allowances and interest from bank accounts, explains H&R Block. They can deduct many business expenses on their return, such as advertising, travel, commissions and wages, depreciation of assets, and the costs of an office. Other expenses eligible for deduction include employee benefits, insurance, and travel and transportation expenses.

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