Tax Preparation Tips: Year Round Checklist

Tax preparation lasts all year long!

Tax season is a stressful part of each year. Individuals and business owners must make sure that all documents and records are ready to turn in so that tax filing can proceed appropriately. Tax preparation, for your business or individual return, is an important part of filing taxes and needs to be done all year long.

Do you do your taxes yourself, or hire a professional, like Ryder and Company? Either way, important documents, records, and receipts, must be held in one place. You should also put them there as you receive them. Otherwise, you risk losing them. Once they are lost, they’re no help to you during tax time. Everything must be accounted for. Keeping all relevant items handy and organized will help your accountant complete the tax return process. When things are kept in order, it helps save time and simplifies things. There is no need to scour your home or office for receipts or documents needed to file your taxes properly.

Sometimes, it helps to have a tax preparation checklist. The checklist will help you get ready for a meeting with your accountant. That way, the CPA will have everything needed for the tax filing process.  The checklist can help you throughout the year, as well. Knowing what you need to keep, and organize, in a file will help to eliminate unneeded paperwork and other things that can get in the way of important items. The list below provides many of the common items and documentation needed in tax preparation.

Tax Preparation Checklist

Personal Info
When providing information about you, personally, be sure to double check the information you provide. Your identity information must be accurate and complete.

  • Your date of birth
  • Your spouse and/or dependents date of birth
  • Social Security Numbers- you, your spouse and/or dependents who will be on your tax return
  • Copy of the previous year’s tax return
  • The Electronic Filing Pin used on last year’s return
  • Your bank account number and routing number if you plan to direct deposit your return funds

Personal income is critical. The information must be exact and accurate, according to your W-2, 1099, or other earnings statement. You must also be sure to file any gambling winnings or monetary gifts (see miscellaneous below, for more information). Wages and earning statement(s) (Form W-2, W-2G, 1099-R, 1099-Misc) from all employers are important to hang on to and file for later use as is unemployment forms (1099-G).

Investment Income

  • Interest – savings accounts, money market accounts, mutual funds, and other accounts
  • Dividends – stocks or mutual funds
  • Capital Gains (Loss) – sales of stocks, bonds, mutual funds, real estate, collectibles, etc.
  • Undistributed Capital Gains


Tax Preparation Services for the Greater Reading, Wyomissing and Exeter, PA Areas

If you have any questions regarding which accounts, mutual funds, or other things listed under investment income, be sure to contact Ryder and Company, Inc. We will be happy to assist you with your tax preparation. Also, for a continuation of our year round  tax preparation checklist, visit back with us on our next post.

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