Your Safe Tax Longwood Check List

Your Safe Tax Preparation ChecklistGather all required documents now to ensure a fast, accurate, and maximized refund.Understanding Income Reporting (W-2 vs. 1099)W-2: Wages (Traditional Employee)1099: Non-Employee Compensation (Self-Employed)Status: Traditional employee (on the payroll).Taxes: Income, Social Security, and Medicare taxes are withheld by your employer.Status: Independent contractor, freelancer, or business owner.Taxes: You are fully responsible for paying your own income and self-employment taxes (estimated tax payments).1. Personal & Financial EssentialsDriver’s License or Official ID: Required for you and your spouse (if filing jointly).Social Security Cards: Required for you, your spouse, and every dependent.Bank Account Details: Your Bank Account Number and Routing Number for direct deposit.Past Two Tax Returns (Optional):Having copies of your last two returns provides an invaluable reference point for our professionals.2. Annual Income ReportingW-2 Forms: Wage income from an employer.Profit and Loss (P&L) Statement: Required if you have business/self-employment income.List of Key 1099 & Investment Forms1099-NECNon-Employee Compensation (Income from independent contract, freelance, or gig work).1099-INT / 1099-DIV / K-1Income from Investments, interest, or dividends.1099-RIncome from Pensions, IRAs, Annuities, or profit-sharing distributions.1099-GUnemployment Income and state tax refunds.SSA 1099Social Security Benefits received during the year.1099-MISCMiscellaneous income, including rents or royalties.3. Adjustments, Deductions, and Tax CreditsThese documents help reduce your taxable income or your final tax liability.Documents for Income Adjustments (Reduces Taxable Income)Form 1098-E: Records for Student Loan Interest paid.IRA or MSA Contributions: Documentation for contributions made to these accounts.Records of Self-Employed Health Insurance Payments and Pension Plans (Keogh, SEP, SIMPLE).Estimated Tax Payments made during the year.Documents for Tax Credits (Reduces Tax Bill Dollar-for-Dollar)Child Tax Credit: Information verifying dependent eligibility.Child Care Costs (Dependent Care Credit):You must have your provider’s name, address, Tax ID, and the total annual expense amount.Higher Education Costs: Form 1098-T (Tuition) and receipts for educational expenses.Charitable Donations: Written acknowledgment required for cash or property contributions of $250 or more.Retirement Savings: Contributions to 401(k) or IRA (to claim the Saver's Credit).