Connect with us:

Getting Organized for 2014 Tax Filing

You should start gathering your tax records for 2014 to prepare for your tax return filing. Using last year’s tax return, sort your documents to match the items on your tax return. Here is a list of more common tax records for indivduals:
• Information tax forms (W-2, 1099, 1098, 1095-A, etc.) that disclose wages, interest income, dividends, and capital gain/loss activity
• Other forms that disclose possible income (jury duty, unemployment, IRA distributions, etc.)
• Business K-1 forms
• Social Security income
• Mortgage interest statements
• Tuition paid statements
• Property tax statements
• Mileage log(s) for moving, medical and charitable driving
• Medical, dental and vision expenses
• Unreimbursed employee expenses, including mileage
• Charitable receipts and documentation
• Records of any estimated tax payments
• Home sale records
• Educational expenses (including student loan interest expense)
• Casualty and theft loss documentation moving expenses
• Records of any out of state purchases that may require use tax

As a business owner, you should gather and prepare the following documents for your business income tax filing:
• Mileage logs for business driving
• Prepare bank reconciliations for all cash accounts
• Review accounts receivable and payable lists for accuracy
• Records of any asset purchases and sales
• Credit card statements
• Comparative Balance sheet and Income statement

Leave a Reply