Tax Deduction checklist - To Do List for Tax Deduction

Information you need to do your taxes

• Personal data

Your and your family Social Security numbers

• Employment and income data

Partnership and trust income, pensions and annuities, alimony received, lottery winnings,fellowships, state and local income tax refunds

• Homeowner and renter data

Residential address, sale of your home or other real estate, real estate taxes paid, rent paid during tax year

• Financial assets

Dividend income statements , tax refunds and unemployment compensation, miscellaneous income, retirement plan distribution

• Financial liabilities

Auto loans and leases, student loan paid, penalties and other time deposits

• Self-employment data

Receipts or documentation for business-related expenses, farm income

• Deduction document

Federal, state and local estimated taxes paid for current year, estimated tax vouchers, cancelled checks and other payment records

Small business tax deduction

• Bank charges

Any charges connected with the bank or through a credit card processing company

• Auto expenses

Actual miles driven for business, for personal purposes, receiptsexpenses like repairs and gasoline

• Taxes

State income taxes, real estate taxes, sales taxes, employment taxes

• Ongoing business costs

Telephone and Internet charges, travel expenses, office and equipment repairs, advertising and marketing payments, software charges, rental payments

• Business purchase

Office furniture and equipment, writing materials, vehicles

• Business gifts and premiums

Rewarding arrangements, corporative parties and trips, bonuses, etc

• Business-related education

Seminars, exhibitions, classes, tapes and CD's

• Charitable contributions
• Uninsured looses

Property damages, thefts, frauds

• Moving expenses, travelling costs during the business trips
• Professional fees

Accountants, lawyers, consultants and so on

• Staff medical examinations
• Parking fees
• Uniforms or other work clothing
• Health insurance, like medical, life, and dental.