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A Complete Checklist for Filing your Taxes

Rand Holyoak   | 

personal bookkeeping Orem Utah

At Holyoak & Company, we understand that filing your taxes can be overwhelming. Filing taxes can be viewed as a stressful or laborious task, but with a little preparation, you can handle your taxes quickly and easily.

As experts in tax filing, we’ve created a handy checklist to help you complete your taxes with as little stress as possible. Follow our checklist to get your taxes accurately filed on time so that you can get back to the important things in life.

1. Provide details.

Use as much detail as possible to ensure your returns are clear. Include a tax return copy of the previous year.

2. State your sources of income.

a. Your sources of income such as W-2 if employed, Unemployment, or state tax refund.

b. If you are self-employed, you may have 1099-MISC, K-1, a record of expenses, business assets information, home office information, any estimated tax payment you made.

c. If you own a rental property don’t forget the income and expenses incurred.

d. If you are retired, social security, IRA, pensions, annuities, income from interest, dividends, stock sale, property, all other income such as gambling, trusts, awards, hobby income, etc.

3. List your deductions.

List any deductions you have. These include mortgage interest, real estate tax, energy-saving home improvements; charitable donations - cash and non-cash donations; medical expenses; health insurance; child care expenses; educational expenses including student loan interest; state and local sales tax; job search expenses; tax preparation fees, etc.

4. Keep your accountant updated.

Ensuring your accountant is in the know about changes in your life is imperative, Life changes such as marriage, divorce, birth of children, adoption, moving or a change in a job are critical and must be told to your accountant.

If you have any concerns about filing your taxes or you’re looking for an accounting firm to help simplify the process, reach out to Holyoak & Company, a leading accounting firm in Lindon, Utah. As your business’s profit growth experts, we’re a one-stop shop for all of your accounting needs—from bookkeeping and tax preparation to payroll and consulting. We can help you lower your taxes, grow your business, reduce your expenses, and manage your company.

To learn more about our services, please click here. Have a question? We’d love to hear from you. Contact us here.