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Are you prepared? Tax Filing Checklist

Need help putting together your tax documents?  The tax checklist below will help you to compile the necessary documents.

Personal Information

  • Your social security number or tax ID number
  • Your spouse’s full name and social security number or tax ID number

Dependent(S) Information

  • Dates of birth and social security numbers or tax ID numbers
  • Childcare records (including the provider’s tax ID number) if applicable
  • Income of other adults in your home
  • Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent (if applicable)

Sources Of Income

  • Employed
  • Forms W-2
  • Unemployed
  • Unemployment, state tax refund (1099-G)
  • Self-Employed
  • Forms 1099-MISC, Schedules K-1, income records to verify amounts not reported on 1099s
  • Records of all expenses — check registers or credit card statements, and receipts
  • Business-use asset information (cost, date placed in service, etc.) for depreciation
  • Office in home information, if applicable
  • Record of estimated tax payments made (Form 1040ES)
  • Rental Income
  • Records of income and expenses
  • Rental asset information (cost, date placed in service, etc.) for depreciation
  • Record of estimated tax payments made (Form 1040ES)

Retirement Income

  • Pension/IRA/annuity income (1099-R)
  • Traditional IRA basis (i.e. amounts you contributed to the IRA that were already taxed)
  • Social security/RRB income (1099-SSA, RRB-1099)

Savings & Investments or Dividends

  • Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)
  • Income from sales of stock or other property (1099-B, 1099-S)
  • Dates of acquisition and records of your cost or other basis in property you sold (if basis is not reported on 1099-B)
  • Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC)
  • Expenses related to your investments
  • Record of estimated tax payments made (Form 1040ES)

Other Income & Losses

  • Gambling income (W-2G or records showing income, as well as expense records)
  • Jury duty records
  • Hobby income and expenses
  • Prizes and awards
  • Trusts
  • Royalty Income 1099 Misc.
  • Any other 1099s received
  • Record of alimony paid/received with Ex-spouse’s name and SSN

Types of Deductions

Home Ownership

  • Forms 1098 or other mortgage interest statements
  • Real estate and personal property tax records
  • Receipts for energy-saving home improvements
  • All other 1098 series forms

Charitable Donations

  • Cash amounts donated to houses of worship, schools, other charitable organizations
  • Records of non-cash charitable donations
  • Amounts of miles driven for charitable or medical purposes

Medical Expenses

  • Amounts paid for healthcare insurance and to doctors, dentists, hospitals

Health Insurance

  • Form 1095-A if you enrolled in an insurance plan through the Marketplace (Exchange)
  • Form 1095-B and/or 1095-C if you had insurance coverage through any other source (i.e . an employer, insurance company, government health plan such as Medicare, Medicaid, CHIP, TRICARE, VA, etc.)
  • Marketplace exemption certificate (ECN) if you applied for and received an exemption from the Marketplace (Exchange)

Childcare Expenses

  • Fees paid to a licensed day care center or family day care for care of an infant or preschooler.
  • Wages paid to a baby-sitter.
    Don’t include expenses paid through a flexible spending account at work.

Educational Expenses

  • Forms 1098-T from educational institutions
  • Receipts that itemize qualified educational expenses
  • Records of any scholarships or fellowships you received
  • Form1098-E if you paid student loan interest

Job Expenses & Tax Prep Fees

  • Employment related vehicle expenses (tolls, mileage, gas, maintenance, license, property tax, interest expense, parking)
  • Receipts for classroom expenses (for educators in grades K-12)
  • Employment-related expenses (dues, publications, tools, uniform cost and cleaning, travel)
  • Job-hunting expenses
  • Record of moving expenses not reimbursed by employer
  • Amount paid for preparation of last year’s tax return

State & Local Taxes or Sales Tax

  • Amount of state/local income tax paid (other than wage withholding), or amount of state and local sales tax paid
  • Invoice showing amount of vehicle sales tax paid

Retirement & Other Savings

  • Form 5498-SA showing HSA contributions
  • Form 5498 showing IRA contributions
  • All other 5498 series forms (5498-QA, 5498-ESA)
  • Federally Declared Disaster
  • City/county you lived/worked/had property in
  • Records to support property losses (appraisal, clean-up costs, etc.)
  • Records of rebuilding/repair costs
  • Insurance reimbursements/claims to be paid
  • FEMA assistance information
  • Check FEMA site to see if my county has been declared a federal disaster area

2018 Federal Income Tax Brackets

Wondering about the new changes for 2018.  The following is a list of Federal Income bracket changes from 2017 to 2018:

2017 vs. 2018 Federal Income Tax Brackets
Single Taxpayers
2018 Tax Rates – Standard Deduction $12,000 2017 Tax Rates – Standard Deduction $6,350
10% 0 to $9,525 10% 0 to $9,325
12% $9,525 to $38,700 15% $9,325 to $37,950
22% $38,700 to $82,500 25% $37,950 to $91,900
24% $82,500 to $157,500 28% $91,900 to $191,650
32% $157,500 to $200,000 33% $191,650 to $416,700
35% $200,000 to $500,000 35% $416,700 to $418,400
37% Over $500,000 39.60% Over $418,400
Married Filling Jointly & Surviving Spouses
2018 Tax Rates – Standard Deduction $24,000 2017 Tax Rates – Standard Deduction $12,700
10% 0 to $19,050 10% 0 to $18,650
12% $19,050 to $77,400 15% $18,650 to $75,900
22% $77,400 to $165,000 25% $75,900 to $153,100
24% $165,000 to $315,000 28% $153,100 to $233,350
32% $315,000 to $400,000 33% $233,350 to $416,700
35% $400,000 to $600,000 35% $416,700 to $470,700
37% Over $600,000 39.60% Over $470,700
Married Filling Separately
2018 Tax Rates – Standard Deduction $12,000 2017 Tax Rates – Standard Deduction $6,350
10% 0 to $9,525 10% 0 to $9,325
12% $9,525 to $38,700 15% $9,325 to $37,950
22% $38,700 to $82,500 25% $37,950 to $76,550
24% $82,500 to $157,500 28% $76,550 to $116,675
32% $157,500 to $200,000 33% $116,675 to $208,350
35% $200,000 to $500,000 35% $208,350 to $235,350
37% Over $500,000 39.60% Over $235,350
Head of Household
2018 Tax Rates – Standard Deduction $18,000 2017 Tax Rates  – Standard Deduction $9,350
10% 0 to $13,600 10% 0 to $13,350
12% $13,600 to $51,800 15% $13,350 to $50,800
22% $51,800 to $82,500 25% $50,800 to $131,200
24% $82,500 to $157,500 28% $131,200 to $212,500
32% $157,500 to $200,000 33% $212,500 to $416,700
35% $200,000 to $500,000 35% $416,700 to $444,500
37% Over $500,000 39.60% Over $444,500
Estates & Trusts
2018 Tax Rates 2017 Tax Rates
10% 0 to $2,550 15% 0 to $2,550
24% $2,550 to $9,150 25% $2,550 to $6,000
35% $9,150 to $12,500 28% $6,000 to $9,150
37% Over $12,500 33% $9,150 to $12,500
N/A N/A 39.60% Over $12,500
FICA (Social Security & Medicare)
FICA Tax 2018 2017
Social Security Tax Rate: Employers 6.20% 6.20%
Social Security Tax Rate: Employees 6.20% 6.20%
Social Security Tax Rate: Self-Employed 15.30% 15.30%
Maximum Taxable Earnings $128,400 $127,200
Medicare Base Salary Unlimited Unlimited
Medicare Tax Rate 1.50% 1.50%
Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) 0.90% 0.90%
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) 3.80% 3.80%
Education Credits & Deductions
Credit / Deduction 2018 2017
American Opportunity Credit (Hope) 2500 2500
Lifetime Learning Credit 2000 2000
Student Loan Interest Deduction 2500 2500
Coverdell Education Savings Contribution 2000 2000
Miscellaneous Provisions
2018 2017
N/A – No longer exists N/A Personal Exemption $4,050
Business expensing limit: Cap on equipment purchases $2,500,000 Business expensing limit: Cap on equipment purchases $2,030,000
Business expensing limit: New and Used Equipment and Software $1,000,000 Business expensing limit: New and Used Equipment and Software $510,000
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2018 tax liability Prior-year safe harbor for estimated taxes of higher-income 110% of your 2017 tax liability
Standard mileage rate for business driving 54.5 cents Standard mileage rate for business driving 53.5 cents
Standard mileage rate for medical/moving driving 18 cents Standard mileage rate for medical/moving driving 17 cents
Standard mileage rate for charitable driving 14 cents Standard mileage rate for charitable driving 14 cents
Child Tax Credit $2,000 Child Tax Credit $1,000
Unearned income maximum for children under 19 before kiddie tax applies $1,050 Unearned income maximum for children under 19 before kiddie tax applies $1,050
Maximum capital gains tax rate for taxpayers with income up to $51,700 for single filers, $77,200 for married filing jointly 0% Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket 0%
Maximum capital gains tax rate for taxpayers with income above $51,700 for single filers, $77,200 for married filing jointly 15% Maximum capital gains tax rate for taxpayers above the 15% bracket but below the 39.6% bracket 15%
Maximum capital gains tax rate for taxpayers with income above $425,800 for single filers, $479,000 for married filing jointly 20% Maximum capital gains tax rate for taxpayers in the 39.6% bracket 20%
Capital gains tax rate for unrecaptured Sec. 1250 gains 25% Capital gains tax rate for unrecaptured Sec. 1250 gains 25%
Capital gains tax rate on collectibles 28% Capital gains tax rate on collectibles 28%
Maximum contribution for Traditional/Roth IRA $5,500 if under age 50 $6,500 if 50 or older Maximum contribution for Traditional/Roth IRA $5,500 if under age 50 $6,500 if 50 or older
Maximum employee contribution to SIMPLE IRA $12,500 if under age 50 $15,500 if 50 or older Maximum employee contribution to SIMPLE IRA $12,500 if under age 50 $15,500 if 50 or older
Maximum Contribution to SEP IRA 25% of eligible compensation up to $55,000 Maximum Contribution to SEP IRA 25% of eligible compensation up to $54,000
401(k) maximum employee contribution limit $18,500 if under age 50 $24,500 if 50 or older 401(k) maximum employee contribution limit $18,000 if under age 50 $24,000 if 50 or older
Estate tax exemption $11,200,000 Estate tax exemption $5,490,000
Annual Exclusion for Gifts $15,000 Annual Exclusion for Gifts $14,000