{"id":17920,"date":"2019-05-31T14:13:04","date_gmt":"2019-05-31T14:13:04","guid":{"rendered":"https:\/\/www.process.st\/templates\/tax-preparation-checklist\/"},"modified":"2024-02-28T23:02:23","modified_gmt":"2024-02-28T23:02:23","slug":"tax-preparation-checklist","status":"publish","type":"post","link":"https:\/\/www.process.st\/templates\/tax-preparation-checklist\/","title":{"rendered":"Tax preparation checklist"},"content":{"rendered":"<section id=\"introduction\">\n<h2>Introduction:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/pfCD1LelatLN2vOyuTdAPA.png\" alt=\"Process Street - Tax Preparation Checklist\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/pfCD1LelatLN2vOyuTdAPA.png\"> <\/a><figcaption>\n     Process Street - Tax Preparation Checklist<br \/>\n   <\/figcaption><\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p><strong><a href=\"https:\/\/www.process.st\/?source=adwords-search-1&amp;gclid=EAIaIQobChMIn8eK29CO4gIVQcAYCh0oXARAEAAYAiAAEgKPKfD_BwE\" rel=\"nofollow\">Process Steet<\/a>\u2019s Tax Preparation Checklist has been designed to guide you through the preparation of your individual tax accounts and the preparation of your business tax accounts as required.&nbsp;<\/strong><\/p>\n<p><span>The Tax Preparation Checklist is designed to be <strong>used by individuals and small business owners<\/strong>, to be completed in advance of the tax due date.<\/span><\/p>\n<p><span><a href=\"https:\/\/www.process.st\/?source=adwords-search-1&amp;gclid=EAIaIQobChMIn8eK29CO4gIVQcAYCh0oXARAEAAYAiAAEgKPKfD_BwE\" rel=\"nofollow\">Process Steet<\/a>\u2019s Tax Preparation Checklist has <strong>simplified the preparation of your individual tax accounts and your business tax accounts<\/strong> into the below series of tasks:<\/span><\/p>\n<ul>\n<li><span>Individual Tax Preparation&nbsp;<\/span>\n<ul>\n<li><span>Enter Personal Information&nbsp;<\/span><\/li>\n<li><span>Income<\/span><\/li>\n<li><span>Homeowners<\/span><\/li>\n<li><span>Education&nbsp;<\/span><\/li>\n<li><span>Family&nbsp;<\/span><\/li>\n<li><span>Donations&nbsp;<\/span><\/li>\n<li><span>Tax Deductions&nbsp;<\/span><\/li>\n<li><span>Other Deductible Expenses<\/span><span><\/span><\/li>\n<\/ul>\n<\/li>\n<li><span>Business Tax Preparation Checklist&nbsp;<\/span>\n<ul>\n<li><span>Analysis Of Current And Past Financial Data<\/span><\/li>\n<li><span>Benefits, Loans And Transactions Documents&nbsp;<\/span><\/li>\n<li><span>Payroll Data<\/span><\/li>\n<li><span>Expense Details&nbsp;<\/span><\/li>\n<li><span>List of Assets And Depreciation<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span>Final Forms&nbsp;<\/span><\/li>\n<\/ul>\n<p><span><a href=\"https:\/\/almanac.upenn.edu\/archive\/v48\/n28\/AncientTaxes.html\" rel=\"nofollow noopener\" target=\"_blank\">3000-2800 BC dates<\/a> the first known system of taxation, developed in Ancient Egypt.<\/span><\/p>\n<p><span>Taxation systems have advanced since the BC age, with the aim to support <a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/general\/how-are-federal-taxes-spent\/L6kinGuUt\" rel=\"nofollow noopener\" target=\"_blank\">common resources and services<\/a>&nbsp;for the formation of a&nbsp;<\/span><a href=\"https:\/\/www.brookings.edu\/research\/effects-of-income-tax-changes-on-economic-growth\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>positive, productive, and principled economy<\/span><\/a>.&nbsp;<\/p>\n<p><a href=\"https:\/\/worldhappiness.report\/faq\/\" rel=\"nofollow noopener\" target=\"_blank\">The World Happiness Report<\/a> rated Scandinavian countries such as Finland and Denmark to be unsurpassable when it comes to happiness.<\/p>\n<p>But why so happy?&nbsp;<\/p>\n<p>When you consider the taxation system of these countries, Denmark citizens pay the highest amount of tax, <a href=\"https:\/\/data.oecd.org\/tax\/tax-revenue.htm\" rel=\"nofollow noopener\" target=\"_blank\">averaging around 45% of Denmarks GDP from 2000-2016<\/a>. This means the <a href=\"https:\/\/www.thrillist.com\/travel\/nation\/why-scandinavians-are-happiest-people-in-the-world\" rel=\"nofollow noopener\" target=\"_blank\">basic needs for the people are met<\/a> with the services and resources taxation provides.&nbsp;<\/p>\n<p>Citizens of Denmark state that they feel looked after, secure and safe knowing their basic needs will always be met.<\/p>\n<p>Hence there is an obligation<strong>&nbsp;to support the economy, to take the time and accurately prepare your own, and\/or your business taxes.&nbsp;<\/strong><\/p>\n<p>Tax preparation can be a daunting process, as it involves <strong>many steps with&nbsp;obligatory guidelines and regulations put in place by the IRS<\/strong>.<\/p>\n<p>Failure to follow the required guidelines, or the complete omission of your tax payment entirely, will result in&nbsp;<a href=\"https:\/\/www.irs.gov\/newsroom\/eight-facts-on-late-filing-and-late-payment-penalties\" rel=\"nofollow noopener\" target=\"_blank\">both fines and penalties and can be punishable by law<\/a>.<\/p>\n<p><strong>The aim of <a href=\"https:\/\/www.process.st\/?source=adwords-search-1&amp;gclid=EAIaIQobChMIn8eK29CO4gIVQcAYCh0oXARAEAAYAiAAEgKPKfD_BwE\" rel=\"nofollow\">Process Steet<\/a>\u2019s Tax Preparation Checklist is to assure the required guidelines are followed&nbsp;during the tax preparation for both individuals and small businesses.<\/strong><\/p>\n<p><span>By adopting <a href=\"https:\/\/www.process.st\/?source=adwords-search-1&amp;gclid=EAIaIQobChMIn8eK29CO4gIVQcAYCh0oXARAEAAYAiAAEgKPKfD_BwE\" rel=\"nofollow\">Process Steet<\/a>\u2019s checklist approach, the <a href=\"https:\/\/hbr.org\/2010\/01\/using-checklists-to-prevent-fa\" rel=\"nofollow noopener\" target=\"_blank\">complexity of tax preparations is removed<\/a> and the <a href=\"https:\/\/hbr.org\/2010\/01\/using-checklists-to-prevent-fa\" rel=\"nofollow noopener\" target=\"_blank\">completion of critical steps is ensured<\/a>.<\/span><\/p>\n<p><span>In this template, you will be presented with specialized questions given as form fields. Different form fields are used, such as subtasks, dropdown menus, short answers, long answers, date, file upload, and weblinks. <\/span><\/p>\n<p><span>You can populate each form field with your own specific data.&nbsp;<\/span><\/p>\n<p><span>In addition, our&nbsp;<\/span><a href=\"https:\/\/www.process.st\/help\/docs\/stop-tasks\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>stop task<\/span><\/a><span>&nbsp;feature has been used to enforce task order when needed.&nbsp; <\/span><\/p>\n<p><span>Our&nbsp;<\/span><a href=\"https:\/\/www.process.st\/help\/docs\/conditional-logic\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>conditional logic<\/span><\/a><span>&nbsp;feature has been used when required to guide you through the correct process path specific for your entered data.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"state-assistance-needed\">\n<h2>State Assistance Needed<\/h2>\n<div class=\"text-content\">\n<p><span>In this Tax Preparation Checklist, you will be presented with the following form fields, which you are required to populate with your own specific data. More information is provided for each form field via linkage to our help pages:<\/span><\/p>\n<ul>\n<li><a href=\"https:\/\/www.process.st\/help\/docs\/how-subtask-work\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>Subtasks&nbsp;<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/help\/docs\/form-fields\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>Dropdown<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/help\/docs\/form-fields\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>Short Text<\/span><\/a>&nbsp;<\/li>\n<li><a href=\"https:\/\/www.process.st\/help\/docs\/form-fields\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>Date<\/span><\/a><\/li>\n<li><span><a href=\"https:\/\/www.process.st\/help\/docs\/using-email-widget\/\" rel=\"nofollow noopener\" target=\"_blank\">Email widget&nbsp;<\/a><\/span><\/li>\n<li><a href=\"https:\/\/www.process.st\/help\/docs\/form-fields\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>Entering email address&nbsp;<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/help\/docs\/form-fields\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>Website&nbsp;<\/span><\/a><\/li>\n<li><span><a href=\"https:\/\/www.process.st\/help\/docs\/file-widget\/\" rel=\"nofollow noopener\" target=\"_blank\">File Upload<\/a>&nbsp;<\/span><\/li>\n<\/ul>\n<p><span>To begin the Tax Preparation Checklist, enter the required details into the form fields below.<\/span><\/p>\n<p><span>The dropdown form field is a<strong> conditional step<\/strong>.&nbsp;Selecting 'Yes' or 'No' from the dropdown menu will lead you to the relevant pathway in your active checklist.<\/span><\/p>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Do you require assistance to prepare your own tax accounts? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Do you require assistance to prepare your business tax accounts? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"record-tax-advisoraccountant-contact-details\">\n<h2>Record tax advisor\/accountant contact details<\/h2>\n<div class=\"text-content\">\n<p><span>Record the&nbsp;<\/span><strong><span>contact details<\/span><\/strong><span>&nbsp;of the individual who is<\/span><strong><span>&nbsp;responsible for reviewing and delivering final tax documentation to the IRS.<\/span><\/strong><span>&nbsp;This will enable you to easily contact them via email upon completion of the checklist.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Tax advisor\/accountant - First name <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Tax advisor\/accountant - Last name <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"individual-tax-preparation\">\n<h2>Individual Tax Preparation:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/k-s27twRytBYViCAyy9JpQ.jpg\" alt=\"Individual Tax Preparation:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/k-s27twRytBYViCAyy9JpQ.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p>If you feel unsure about<span>&nbsp;<\/span><strong>how the individual tax preparation<\/strong>&nbsp;<strong>process works<span>&nbsp;<\/span><\/strong>or<strong><span>&nbsp;<\/span>why it's a must-do<\/strong>,<span>&nbsp;<a href=\"https:\/\/www.thebalance.com\/how-to-file-a-tax-return-4147226\" rel=\"nofollow noopener\" target=\"_blank\">find out more before getting started.&nbsp;<\/a><\/span><\/p>\n<p><span>Some additional resources you may find helpful are last year's&nbsp;<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1040a.pdf\" rel=\"nofollow noopener\" target=\"_blank\">1040A form<\/a>&nbsp;and a comprehensive&nbsp;<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/i1040gi.pdf\" rel=\"nofollow noopener\" target=\"_blank\">instruction guide<\/a>&nbsp;provided by the IRS.&nbsp;<\/span><\/p>\n<p><span>Lets get going!<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"enter-personal-information\">\n<h2>Enter personal information:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/nAHH1-Fet1_unRYGVElEig.jpg\" alt=\"Enter personal information:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/nAHH1-Fet1_unRYGVElEig.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p><strong>Enter your own personal data<\/strong> in the form fields below. Your personal data will be used to<strong> customize the checklist to suit your specific needs<\/strong>.<\/p>\n<p>During the 'Enter personal information' tasks,&nbsp;<a href=\"https:\/\/www.process.st\/help\/\" rel=\"nofollow noopener\" target=\"_blank\">Process Street<\/a>'s <a href=\"https:\/\/www.process.st\/help\/docs\/conditional-logic\/\" rel=\"nofollow noopener\" target=\"_blank\">conditional logic<\/a>&nbsp;has been used to ensure that your answers to the below simple questions are compiled to present you with tasks relevant to you only.<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"enter-names-address-and-other-important-details\">\n<h2>Enter names, address and other important details<\/h2>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Your name <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Spouse name (if required ) <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Are you a homeowner? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"textarea-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Home address <\/label><br \/>\n   <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Do you own high-value personal property, for example, a car? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Do you own real estate abroad? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Are you a student or recent graduate? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Do you have a family with a partner or spouse? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Have you made any charitable donations in this past year? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Are you a qualified teacher\/educator? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Have you suffered any losses due to casualty or theft? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"enter-dates-of-birth\">\n<h2>Enter dates of birth<\/h2>\n<div class=\"text-content\">\n<p><strong>Enter your date of birth<\/strong>, and is applicable, the date of births of your spouse and any dependents you may have.<\/p>\n<\/p><\/div>\n<div class=\"date-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Your date of birth <\/label> <\/p>\n<div class=\"date-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-calendar btn-icon\"><\/i> Date will be set here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"date-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Spouses date of birth <\/label> <\/p>\n<div class=\"date-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-calendar btn-icon\"><\/i> Date will be set here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"date-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> (1) Dependants date of birth (if applicable) <\/label> <\/p>\n<div class=\"date-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-calendar btn-icon\"><\/i> Date will be set here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"date-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> (2) Dependants date of birth (if applicable) <\/label> <\/p>\n<div class=\"date-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-calendar btn-icon\"><\/i> Date will be set here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"enter-social-security-numbers\">\n<h2>Enter social security numbers<\/h2>\n<div class=\"multi-select-content form-field-content\">\n<ul class=\"items\">\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       1\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Submit your own social security number (SSN).\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       2\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Submit the SSN numbers for your spouse and dependants.\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       3\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Gather your SSN numbers and have them ready to disclose.\n    <\/div>\n<\/li>\n<\/ul><\/div>\n<\/section>\n<section id=\"attach-copies-of-last-years-tax-returns\">\n<h2>Attach copies of last year's tax returns<\/h2>\n<div class=\"text-content\">\n<p>Disclose copies of <strong>last years tax returns<\/strong> for you and, if applicable, your spouse.<\/p>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Your tax return from previous year <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Spouse's tax return from previous year <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"enter-your-bank-account-and-routing-number\">\n<h2>Enter your bank account and routing number<\/h2>\n<div class=\"text-content\">\n<p>Enter your <strong>bank account and routing number<\/strong> if you would like your refund to be transferred via direct deposit.<\/p>\n<p>This is a stop task, you cannot continue with this checklist until this task is complete.<\/p>\n<\/p><\/div>\n<div class=\"multi-select-content form-field-content\">\n<ul class=\"items\">\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       1\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Enter your bank account number\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       2\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Enter your routing number\n    <\/div>\n<\/li>\n<\/ul><\/div>\n<\/section>\n<section id=\"income\">\n<h2>Income:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/uvSiU5-ACvR7IFlF9F9O7g.jpg\" alt=\"Income:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/uvSiU5-ACvR7IFlF9F9O7g.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p>The next stage of filling your tax return is<strong> selecting your sources of income and disclosing them in full&nbsp;<\/strong><\/p>\n<p>This represents a big chunk of the form so be sure to take your time and get it right.<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"select-all-relevant-sources-of-income\">\n<h2>Select all relevant sources of income<\/h2>\n<div class=\"text-content\">\n<p><strong>Personal sources of income<\/strong> must be entered in this section. This includes information such as salary, rental income, investments, business income, and any other miscellaneous sources.&nbsp;<\/p>\n<p>The data entered below will be used to <strong>implement our conditional logic feature<\/strong> and present you with only tasks that are relevant to your needs.&nbsp;<\/p>\n<p>This income section represents a large portion of the individual tax preparation process, so be sure to take your time to ensure the information entered is correct.<\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Annual salary <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Did you receive unemployment compensation and\/or a state or local tax refund last year? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Have you received any income from investments? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Have you received any income from a pension of annuity? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Have you received rental income? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Have you received income as a business, freelancers or contractor? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Have you received any income from a farming business? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Have you received any financial benefits from health savings accounts? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Have you received any income from gambling winnings? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Have you received any alimony income from your spouse or a former spouse? <\/label><br \/>\n   <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"video-content\">\n<div class=\"iframe-container\">\n   <iframe src=\"https:\/\/www.youtube.com\/embed\/YmbSv6q8hSE?modestbranding=1&amp;showinfo=0\" frameborder=\"0\" allowfullscreen=\"true\"> <\/iframe>\n  <\/div>\n<div class=\"description\">\n    Here's a simple walkthrough of how to calculate your adjusted gross income (AGI)\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"attach-your-w2-form\">\n<h2>Attach your W-2 form<\/h2>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> W-2 form <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"text-content\">\n<p><strong>In the case that tax was withheld<\/strong>, you must also attach form(s) 1099-R<\/p>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Form 1099-R (if applicable) <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"report-your-refund-with-form-1099g\">\n<h2>Report your refund with form 1099-G<\/h2>\n<div class=\"text-content\">\n<h4><span>Report your refund with form 1099-G<\/span><\/h4>\n<\/p><\/div>\n<div class=\"text-content\">\n<p>Your local government agency would have issued you a <span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1099g\" rel=\"nofollow noopener\" target=\"_blank\">1099-G Form<\/a>&nbsp;due to you receiving unemployment compensation and\/or a state or local refund last year.&nbsp;<\/span><\/p>\n<p><span>Make sure to report the refund is your deducted your state taxes last year.<\/span><\/p>\n<p><span>To find out more information in relation to the 1099-G form, and whether this applied to you, visit the&nbsp;<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1099g\" rel=\"nofollow noopener\" target=\"_blank\">IRS website<\/a>.<\/span><\/p>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Completed Form 1099-G <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"disclose-income-from-investments\">\n<h2>Disclose income from investments<\/h2>\n<div class=\"text-content\">\n<p>In addition to any personal income, you must also disclose any income you have earned through investments. Investment income consists of:<\/p>\n<ol>\n<li><strong><span>Interest payments<\/span><\/strong><span>&nbsp;(<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/form-1099-int-interest-income\" rel=\"nofollow noopener\" target=\"_blank\"><span>Form 1099-INT<\/span><\/a><span>)<\/span><strong><span>.&nbsp;<\/span><\/strong><span>This includes savings account, money market account and mutual funds.<\/span>\n<\/li>\n<li><strong><span>Dividends<\/span><\/strong><span>&nbsp;(<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1099-div-dividends-and-distributions\" rel=\"nofollow noopener\" target=\"_blank\"><span>Form 1099-DIV<\/span><\/a><span>)<\/span><strong><span>.&nbsp;<\/span><\/strong><span>This includes dividend income and interest income from shareholdings or mutual funds respectively.<\/span>\n<\/li>\n<li><strong><span>Capital Gains (Loss)&nbsp;<\/span><\/strong><span>(<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1099b\" rel=\"nofollow noopener\" target=\"_blank\"><span>Form 1099-B<\/span><\/a><span>)<\/span><strong><span>.&nbsp;<\/span><\/strong><span>This includes the sale of stocks, bonds, mutual funds, real estate and collectibles.<\/span>\n<\/li>\n<li><strong><span>Undistributed Capital Gains -&nbsp;<\/span><\/strong><span>(<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/form-2439-notice-to-shareholder-of-undistributed-long-term-capital-gains\" rel=\"nofollow noopener\" target=\"_blank\"><span>Form 2439<\/span><\/a><span>)<\/span><strong><span>.&nbsp;<\/span><\/strong><span>This is a&nbsp;tax form provided for by the Internal Revenue Service (IRS) that informs a shareholder of any undistributed long-term capital gains<\/span><\/li>\n<\/ol>\n<p><strong><span>If any of these apply to you<\/span><\/strong><span>, be sure to download the relevant form(s),&nbsp;<\/span><strong><span>attach them below<\/span><\/strong><span>&nbsp;and to your final 1040 form.&nbsp;<\/span><\/p>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Form 1099-INT <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Form 1099-DIV <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Form 1099-B <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Form 2439 <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"disclose-rental-income\">\n<h2>Disclose rental income<\/h2>\n<div class=\"text-content\">\n<p><strong><span>Taxable rental income&nbsp;<\/span><\/strong><span>is the money you receive allowing other people to use your real estate or personal property.&nbsp;<\/span><\/p>\n<p><span>Rental expenses are allowed to be offset from your rental income.<\/span><\/p>\n<p><span>Use&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-schedule-e-form-1040\" rel=\"nofollow noopener\" target=\"_blank\"><span>Schedule E Form 1040<\/span><\/a><span>&nbsp;to disclose rental income.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Rental income <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Completed Schedule E Form 1040 <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"disclose-business-income\">\n<h2>Disclose business income<\/h2>\n<div class=\"text-content\">\n<p><span>Taxpayers with earnings from a business, freelance or contractor work are considered self-employed.<\/span><\/p>\n<p><span>Business income and expenses can be reported using <a href=\"https:\/\/www.irs.gov\/forms-pubs\/schedule-c-form-1040-profit-or-loss-from-business\" rel=\"nofollow noopener\" target=\"_blank\">Schedule C Form 1040<\/a>.&nbsp;<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Business income (freelancer or contractor) <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Completed Schedule C Form 1040 <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"disclose-farm-income\">\n<h2>Disclose farm income<\/h2>\n<div class=\"text-content\">\n<p><span>Farmers, who are considered as self-employed, should report income and expenses from their farming business on&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/schedule-f-form-1040-profit-or-loss-from-farming\" rel=\"nofollow noopener\" target=\"_blank\"><span>Schedule F Form 1040<\/span><\/a><span>.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Farm income <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Completed Schedule F Form 1040 <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"disclose-financial-benefits-from-health-savings-accounts\">\n<h2>Disclose financial benefits from health savings accounts<\/h2>\n<div class=\"text-content\">\n<p><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1099-sa\" rel=\"nofollow noopener\" target=\"_blank\"><span>Form 1099-SA<\/span><\/a><span>, titled \"Distributions From an HSA, Archer MSA, or Medicare Advantage MSA\", is given to those taxpayers who received financial benefits from health savings accounts (HSAs) or medical savings accounts (MSAs).<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Financial benefits from health savings accounts <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Completed Form 1099-SA <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"disclose-gambling-winnings\">\n<h2>Disclose gambling winnings<\/h2>\n<div class=\"text-content\">\n<p><span>Gambling winnings&nbsp;are fully taxable and must be reported on your tax returns in&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-w2g\" rel=\"nofollow noopener\" target=\"_blank\"><span>Form W-2G<\/span><\/a><span>.<\/span><\/p>\n<p><span>Gambling income comprises winnings from:&nbsp;<\/span><\/p>\n<ul>\n<li><span>Lotteries&nbsp;<\/span><\/li>\n<li><span>Raffles<\/span><\/li>\n<li><span>Horse races&nbsp;<\/span><\/li>\n<li><span>Casinos&nbsp;<\/span><\/li>\n<\/ul>\n<p><span>It also includes&nbsp;<strong>cash winnings<\/strong>&nbsp;and all prizes such as cars and trips priced at their fair market value.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Gambling winnings <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Completed Form W-2G <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"disclose-alimoney-income\">\n<h2>Disclose alimoney income<\/h2>\n<div class=\"text-content\">\n<p><strong>Alimony income<\/strong>&nbsp;is defined as payments received from a spouse or former spouse under divorce or separation instruments, and are generally taxable income.<\/p>\n<p><strong>Only cash payments, including checks or money orders, qualify as alimony.&nbsp;<\/strong><\/p>\n<p><em><span>A divorce or separation instrument is any of the following:<\/span><\/em><\/p>\n<ul>\n<li><span>A decree of divorce or separate maintenance or a written instrument incident to that decree<\/span><\/li>\n<li><span>A written separation agreement<\/span><\/li>\n<li><span>A decree or court order requiring a spouse to make payments for the support or maintenance of the other spouse<\/span><\/li>\n<\/ul><\/div>\n<div class=\"text-content\">\n<p class=\"style-warning\"><span>Report alimony income directly on your&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1040\" rel=\"nofollow noopener\" target=\"_blank\"><span>1040 form&nbsp;<\/span><\/a><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Alimony income <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"disclose-pensions-and-annuities\">\n<h2>Disclose pensions and annuities<\/h2>\n<div class=\"text-content\">\n<p><span>This is broken down into&nbsp;<\/span><strong><span>two parts (a &amp; b)<\/span><\/strong><span>. the 'a' part&nbsp;<\/span><span>reports the&nbsp;<strong>gross amount of distributions<\/strong>&nbsp;you received from pensions and annuities, while the 'b' part reports&nbsp;the&nbsp;<strong><em>taxable<\/em>&nbsp;portion<\/strong>&nbsp;of these distributions.<\/span><\/p>\n<p><span>For example, you may have received a distribution of $12,000 from your 401(k) plan, but only $10,000 of that amount was taxable. The $12,000 gross amount would, therefore, go in line 'a', and the $10,000 taxable amount would go in line 'b'.&nbsp;<strong>Line 'b' is the amount that contributes to your overall taxable income.<\/strong><\/span><\/p>\n<p><span>Distributions from the following accounts are entered on this line of your tax return:<\/span><\/p>\n<ul>\n<li><span>401(k) plans<\/span><\/li>\n<li><span>403(b) plans<\/span><\/li>\n<li><span>Civil Service Retirement System (CSRS)<\/span><\/li>\n<li><span>Federal Employees Retirement System (FERS)<\/span><\/li>\n<li><span>Foreign pension plans<\/span><\/li>\n<li><span>Governmental 457 (b) plans<\/span><\/li>\n<li><span>Thrift Savings Plan<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.thebalance.com\/pensions-and-annuities-3193176\" rel=\"nofollow noopener\" target=\"_blank\"><span>Discover more<\/span><\/a><span>&nbsp;about this section of the 1040 form if you feel unsure about what you need to do.<\/span><\/p>\n<p class=\"style-warning\"><span>Report pensions &amp; annuities directly on your&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1040\" rel=\"nofollow noopener\" target=\"_blank\"><span>1040 form<\/span><\/a><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Gross amount of distributions received from pensions and annuities (part a) <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Taxable portion of distributions (part b) <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"homeowners\">\n<h2>Homeowners:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/lc1FO_66DQJ0aZ16wI5Jbg.jpg\" alt=\"Homeowners:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/lc1FO_66DQJ0aZ16wI5Jbg.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p><span>As a homeowner, there are certain requirements that you must meet when filing your tax return. These include:<\/span><\/p>\n<ol>\n<li><span>Completing Your Mortgage Interest Statement - Form 1098<\/span><\/li>\n<li><span>Filing Your Property Taxes<\/span><\/li>\n<\/ol><\/div>\n<\/section>\n<section id=\"complete-your-mortgage-interest-statement\">\n<h2>Complete your mortgage interest statement<\/h2>\n<div class=\"text-content\">\n<p><span>If you have received&nbsp;<\/span><strong><span>$600 or more<\/span><\/strong><span>&nbsp;<\/span><strong><span>from mortgage interest<\/span><\/strong><span>&nbsp;during the year you should&nbsp;<\/span><strong><span>file&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/form-1098-mortgage-interest-statement\" rel=\"nofollow noopener\" target=\"_blank\"><span>Form 1098<\/span><\/a><span>.<\/span><\/strong><\/p>\n<p><span>Form 1098 also includes a section for you to declare&nbsp;<\/span><strong><span>mortgage insurance premiums.&nbsp;<\/span><\/strong><span>If you are paying a mortgage, chances are you are also paying mortgage insurance. Federally-backed loans, such as FHA loans, require that borrowers pay mortgage insurance, just as like private lenders and banks. Fortunately, mortgage insurance is a tax-deductible expense for most homeowners.<\/span><\/p>\n<p><span>If you are unsure about what you need to do,&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/form-1098-mortgage-interest-statement\" rel=\"nofollow noopener\" target=\"_blank\"><span>read more<\/span><\/a><span>&nbsp;about it on the IRS website.<\/span><span><\/span><\/p>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Completed Form-1098 <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"deduct-personal-property-taxes\">\n<h2>Deduct personal property taxes<\/h2>\n<div class=\"text-content\">\n<p><span>If you pay taxes on your personal property and owned real estate, they&nbsp;<\/span><strong><span>may be deductible<\/span><\/strong><span>&nbsp;from your income tax bill.<\/span><\/p>\n<p><span>You may be surprised at how much property tax you pay because a large percentage of homeowners pay it via their mortgage loan. If you fall into this category, it means you are still eligible to get a property tax deduction as the mortgage company has been paying the tax with your money.<\/span><\/p>\n<p><strong><span>Check the&nbsp;<\/span><\/strong><a href=\"https:\/\/www.irs.gov\/forms-pubs\/form-1099-int-interest-income\" rel=\"nofollow noopener\" target=\"_blank\"><span>1099-INT tax form<\/span><\/a><span>&nbsp;the mortgage company is required to send you each year. Both the amount of&nbsp;<\/span><strong><span>mortgage interest paid<\/span><\/strong><span>&nbsp;for the year and the amount of&nbsp;<\/span><strong><span>property taxes paid annually<\/span><\/strong><span>&nbsp;should be listed. Enter the amount of interest you can deduct on Line 6 of&nbsp;<\/span><a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/f1040sa.pdf\" rel=\"nofollow\"><span>Form 1040, Schedule A from the IRS<\/span><\/a><span>.<\/span><\/p>\n<p><em><span>Attach the form below once completed.&nbsp;<\/span><\/em><\/p>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Schedule A Form 1040 <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"education\">\n<h2>Education:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/jW5ThgRo4qooKDYLdGVEJA.jpg\" alt=\"Education:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/jW5ThgRo4qooKDYLdGVEJA.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p><span>For students and recent graduates, there a few ways to&nbsp;<\/span><strong><span>get some of your college expenses back in your pocket<\/span><\/strong><span>&nbsp;when filing for tax returns.&nbsp;<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"deduct-interest-paid-on-student-loan\">\n<h2>Deduct interest paid on student loan<\/h2>\n<div class=\"text-content\">\n<p><span>If you have paid any interest on your student loan, you can receive a&nbsp;<\/span><strong><span>maximum deduction of $2,500.<\/span><\/strong><\/p>\n<p><span>This max is&nbsp;<\/span><strong><span>per return<\/span><\/strong><span>, not per taxpayer, even if both spouses on a joint return qualify for the deduction.<\/span><\/p>\n<p><span>The student loan interest amount goes in<\/span><strong>&nbsp;<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1040\" rel=\"nofollow noopener\" target=\"_blank\"><span>Form 1040<\/span><\/a><span>&nbsp;- Adjustments Section.<\/span><\/strong><\/p>\n<p><span>Find out which&nbsp;<\/span><a href=\"https:\/\/www.1040.com\/tax-guide\/for-students-and-new-grads\/student-loan-interest\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>requirements you must meet<\/span><\/a><span>&nbsp;before filing.&nbsp;<\/span><\/p>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Interest paid on student loan <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"deduct-college-expenses\">\n<h2>Deduct college expenses<\/h2>\n<div class=\"text-content\">\n<p><span>There are&nbsp;<\/span><strong><span>two options<\/span><\/strong><span>&nbsp;for getting back some of the college expenses you have paid during the year. The first is the&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/credits-deductions\/individuals\/qualified-ed-expenses\" rel=\"nofollow noopener\" target=\"_blank\"><span>claim education credits<\/span><\/a><span>, and the second is&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc457\" rel=\"nofollow noopener\" target=\"_blank\"><span>tuition and fees deduction.<\/span><\/a><\/p>\n<p><a href=\"https:\/\/www.1040.com\/tax-guide\/for-students-and-new-grads\/tuition-deduction-vs-education-credit\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>Find out more<\/span><\/a><span>&nbsp;to evaluate which is most suitable for you.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"family\">\n<h2>Family:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/gxDnE6bFuyZezlWHuABABA.jpg\" alt=\"Family:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/gxDnE6bFuyZezlWHuABABA.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p><span>Making sure you get your money's worth for taking care of you and your loved ones \ud83d\ude42&nbsp;<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"claim-child-and-dependent-care-credit\">\n<h2>Claim child and dependent care credit<\/h2>\n<div class=\"text-content\">\n<p><strong><span>If you paid a daycare center, babysitter, summer camp, or other care providers&nbsp;<\/span><\/strong><span>to care for a qualifying child under age 13 or a disabled dependent of any age, you may qualify for a tax credit of up to 35 percent of qualifying expenses of $3,000 for one child or dependent, or up to $6,000 for two or more children or dependents.<\/span><\/p>\n<p><a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/family\/deducting-summer-camps-and-daycare-with-the-child-and-dependent-care-credit\/L8aAzvmjB\" rel=\"nofollow noopener\" target=\"_blank\"><span>Find out more<\/span><\/a><span>&nbsp;to see if you meet the qualification requirements<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Amount spent on childcare <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"claim-credit-for-adoption-expenses\">\n<h2>Claim credit for adoption expenses<\/h2>\n<div class=\"text-content\">\n<p><span>To claim the adoption credit or exclusion, you must complete&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f8839.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><span>Form 8839<\/span><\/a><span>&nbsp;and attach it to your Form 1040.&nbsp;&nbsp;<\/span><\/p>\n<p><span>In 2017, the&nbsp;<\/span><strong><span>maximum amount<\/span><\/strong><span>&nbsp;of tax credit for qualified adoption expenses was&nbsp;<\/span><strong><span>$13,570 per child.&nbsp;<\/span><\/strong><\/p>\n<p><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc607\" rel=\"nofollow noopener\" target=\"_blank\"><span>Find out more<\/span><\/a><span>&nbsp;about Form 8839 to see if you meet the requirements and how you can go about completing it.&nbsp;<\/span><\/p>\n<p><em><span>Attach the form below once completed.&nbsp;<\/span><\/em><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Adoption expenses <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Completed Form 8839 <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"deduct-medical-and-dental-expenses\">\n<h2>Deduct medical and dental expenses<\/h2>\n<div class=\"text-content\">\n<p><span>As is the case with Charitable Contributions, if you&nbsp;<\/span><strong><span>itemize your deductions<\/span><\/strong><span>&nbsp;for a taxable year in&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1040sa.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><span>Schedule A Form 1040<\/span><\/a>&nbsp;<span>you may be able to deduct expenses you paid for&nbsp;<strong>medical and dental care<\/strong>&nbsp;for yourself, your spouse, and your dependents.&nbsp;<\/span><\/p>\n<p><strong><span>You may deduct only the amount of your total medical expenses that exceed 7.5% of your adjusted gross income.&nbsp;<\/span><\/strong><\/p>\n<p><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc502\" rel=\"nofollow noopener\" target=\"_blank\"><span>Find out more<\/span><\/a><span>&nbsp;from the IRS website if you feel unsure about how to deduct your medical expenses.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Medical and dental expenses <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Completed Schedule A Form 1040 <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"donations\">\n<h2>Donations:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/nmnf7vZuvu_1Pmbm2c9K7A.jpg\" alt=\"Donations:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/nmnf7vZuvu_1Pmbm2c9K7A.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p><strong><span>Certain donations you've made during the year could be eligible&nbsp;<\/span><\/strong><span>for deduction from your tax bill.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"deduct-charitable-contributions\">\n<h2>Deduct charitable contributions<\/h2>\n<div class=\"text-content\">\n<p><span>If you have made any charitable donations during the year to&nbsp;<\/span><strong><span>qualified organizations<\/span><\/strong><span>, they may be deductible. They should be disclosed in the&nbsp;<\/span><em><span>\"Itemized Deductions\"<\/span><\/em><span>&nbsp;section of&nbsp;<\/span><strong><span>Section A Form 1040.<\/span><\/strong><\/p>\n<p><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc506\" rel=\"nofollow noopener\" target=\"_blank\"><span>Read more<\/span><\/a><span>&nbsp;to find out how you can get this done.&nbsp;<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Amount of charitable contributions <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"tax-deductions\">\n<h2>Tax deductions:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/jwJN2GUcYY9nogX0WSRByQ.jpg\" alt=\"Tax deductions:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/jwJN2GUcYY9nogX0WSRByQ.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p><span>There are&nbsp;<\/span><strong><span>4&nbsp;types of deductible nonbusiness taxes<\/span><\/strong><span>:<\/span><\/p>\n<ol>\n<li><span>State and local personal property taxes<\/span><\/li>\n<li><span>State and local general sales taxes<\/span><\/li>\n<li><span>State, local and foreign income taxes<\/span><\/li>\n<li><span>State, local and foreign real estate taxes<\/span><\/li>\n<\/ol><\/div>\n<div class=\"text-content\">\n<p class=\"style-blockquote\"><span>\"To be deductible, the tax must be imposed on you, and you must have paid it during your tax year. Taxes may be claimed only as an itemized deduction on&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1040sa.pdf\" rel=\"nofollow\"><span>Form 1040, Schedule A.pdf<\/span><\/a><span>,&nbsp;<\/span><em><span>Itemized Deductions<\/span><\/em><span>.\" - IRS<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-content\">\n<p class=\"style-danger\"><strong><span>NOTE:<\/span><\/strong><span>&nbsp;You&nbsp;can elect to deduct state and local general sales taxes instead of state and local income taxes, but you&nbsp;<\/span><strong><span>cannot deduct both<\/span><\/strong><span>.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-content\">\n<p><span>You can read more about deductible taxes on&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc503\" rel=\"nofollow noopener\" target=\"_blank\"><span>this IRS webpage<\/span><\/a><span>.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"deduct-personal-property-taxes-2\">\n<h2>Deduct personal property taxes<\/h2>\n<div class=\"text-content\">\n<p><span>You can deduct personal property taxes paid during the year as an&nbsp;<\/span><strong><span>Itemized Deduction<\/span><\/strong><span>&nbsp;in&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1040sa.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><span>Schedule A Form 1040<\/span><\/a><span>.<\/span><\/p>\n<p><span><strong>An example<\/strong>&nbsp;of personal property tax is the&nbsp;<strong>tax imposed on the value of a car<\/strong>&nbsp;and assessed as part of an annual vehicle registration fee.<\/span><\/p>\n<p><a href=\"https:\/\/www.thebalance.com\/personal-property-tax-deduction-3192846\" rel=\"nofollow noopener\" target=\"_blank\"><span>Read more<\/span><\/a><span>&nbsp;about filing your personal property tax if you feel unsure about what is eligible and how you go about disclosing them.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"deduct-sales-taxes\">\n<h2>Deduct sales taxes<\/h2>\n<div class=\"text-content\">\n<p><span>When using<\/span><span>&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1040sa.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><span>Schedule A Form 1040,<\/span><span>&nbsp;<\/span><em><span>Itemized Deductions<\/span><\/em><\/a><span>, you can elect to deduct state and local general sales tax<\/span><span>&nbsp;<\/span><strong><span>instead&nbsp;<\/span><\/strong><span>of state and local income tax.<\/span><\/p>\n<p><span>Deducting sales tax instead of income tax&nbsp;<\/span><strong><span>might be useful<\/span><\/strong><span>&nbsp;if you live in a state without income tax or if you make a&nbsp;<\/span><strong><span>big-ticket purchase<\/span><\/strong><span>, such as a motor vehicle, before the end of the tax year.<\/span><\/p>\n<p><a href=\"https:\/\/www.irs.gov\/credits-deductions\/individuals\/deducting-sales-tax-at-a-glance\" rel=\"nofollow noopener\" target=\"_blank\"><span>More info<\/span><\/a><span>&nbsp;is available on the IRS website.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"deduct-foreign-real-estate-taxes\">\n<h2>Deduct foreign real estate taxes<\/h2>\n<div class=\"text-content\">\n<p><span>This is often a complex area of tax filing for which it is recommended you seek professional advice.&nbsp;<\/span><\/p>\n<p><span>As is the case with other tax deductions, you report foreign real estate taxes in&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-schedule-a-form-1040\" rel=\"nofollow noopener\" target=\"_blank\"><span>Schedule A Form 1040.<\/span><\/a><\/p>\n<p><span>You can&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc503\" rel=\"nofollow noopener\" target=\"_blank\"><span>read about it<\/span><\/a><span>&nbsp;in your own time to better understand how you might be eligible.&nbsp;<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"other-deductible-expenses\">\n<h2>Other deductible expenses:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/jwYPDGuKirp2IqiGcBFEKA.jpg\" alt=\"Other deductible expenses:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/jwYPDGuKirp2IqiGcBFEKA.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p><span>Other expenses you can claim include:<\/span><\/p>\n<ol>\n<li><span>Work-related expenses<\/span><\/li>\n<li><span>Teacher\/educator expenses<\/span><\/li>\n<li><span>Casualty and theft losses<\/span><\/li>\n<li><span>Lega fees<\/span><\/li>\n<\/ol><\/div>\n<\/section>\n<section id=\"claim-workrelated-expenses\">\n<h2>Claim work-related expenses<\/h2>\n<div class=\"text-content\">\n<p><span>To claim work-related expenses like travel, uniforms, union dues, job hunting expenses and education, you must declare them as&nbsp;<\/span><strong><span>itemized deductions<\/span><\/strong><span>&nbsp;in&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-schedule-a-form-1040\" rel=\"nofollow noopener\" target=\"_blank\"><span>Form 1040, Schedule A<\/span><\/a><span>.<\/span><\/p>\n<p><span>You can&nbsp;<strong>only<\/strong>&nbsp;deduct&nbsp;the portion of your work-related expenses that&nbsp;<strong>exceeds the IRS floor: 2% of adjusted gross income.<\/strong><\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"claim-teachereducator-expenses\">\n<h2>Claim teacher\/educator expenses<\/h2>\n<div class=\"text-content\">\n<p><span>If you are an eligible educator, you can deduct&nbsp;<\/span><strong><span>up to $250<\/span><\/strong><span>&nbsp;of unreimbursed trade or business expenses.&nbsp;<\/span><\/p>\n<p><span>For details on how to submit this deduction on your 1040,&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc458\" rel=\"nofollow noopener\" target=\"_blank\"><span>review the guidelines<\/span><\/a><span>&nbsp;provided by the IRS.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"claim-casualty-and-theft-losses\">\n<h2>Claim casualty and theft losses<\/h2>\n<div class=\"text-content\">\n<p><strong><span>What qualifies as a casualty?<\/span><\/strong><\/p>\n<p><span>A casualty is damage, destruction, or property loss resulting from one of these identifiable events:<\/span><\/p>\n<ul>\n<li><span>Sudden event \u2014 swift, rather than gradual or progressive<\/span><\/li>\n<li><span>An unexpected event \u2014 ordinarily unanticipated and unintended<\/span><\/li>\n<li><span>Unusual event \u2014 not a day-to-day occurrence<\/span><\/li>\n<\/ul>\n<p><span>You can claim casualty and theft losses on personal property as itemized deductions. Use Form 4684 to figure your losses and report them on Form 1040, Schedule A.<\/span><\/p>\n<p><a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/forms\/form-4684\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>Find out more details<\/span><\/a><span>&nbsp;regarding what qualifies as a casualty or theft and how you claim losses from them.&nbsp;<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"claim-legal-fees\">\n<h2>Claim legal fees<\/h2>\n<div class=\"text-content\">\n<p><span>According to&nbsp;<\/span><a href=\"https:\/\/www.lawyers.com\/legal-info\/taxation\/tax-audits\/are-attorneys-fees-tax-deductible.html\" rel=\"nofollow noopener\" target=\"_blank\"><span>lawyers.com<\/span><\/a><span>:&nbsp;<\/span><\/p>\n<p><span>The&nbsp;<\/span><strong><span>basic rule<\/span><\/strong><span>&nbsp;is that you can deduct attorney's fees you pay to:<\/span><\/p>\n<ul>\n<li><span>produce or collect taxable income, or<\/span><\/li>\n<li><span>help determine, collect, or obtain a refund of any tax.<\/span><\/li>\n<\/ul>\n<p><span>You deduct personal attorney fees as an&nbsp;<\/span><strong><span>itemized&nbsp;miscellaneous deduction on<\/span><\/strong><span>&nbsp;<\/span><a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/f1040sa.pdf\" rel=\"nofollow\"><span>Schedule A<\/span><\/a><span>&nbsp;of your&nbsp;<\/span><a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/f1040.pdf\" rel=\"nofollow\"><span>Form 1040<\/span><\/a><span>&nbsp;tax return.<\/span><\/p>\n<p><strong><span>As is the case with work-related expenses<\/span><\/strong><span>,&nbsp;legal fees deductibles are&nbsp;<\/span><strong><span>limited by the 2% rule<\/span><\/strong><span>: They are deductible only if they exceed 2% of your adjusted gross income (AGI).<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"business-tax-preparation-checklist\">\n<h2>Business Tax Preparation Checklist:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/tEECbYN-a9W7Y_6LnzdN4w.jpg\" alt=\"Business Tax Preparation Checklist:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/tEECbYN-a9W7Y_6LnzdN4w.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p>Information from all across the business needs to be gathered and analyzed to make certain that the taxes paid are<strong><span>&nbsp;<\/span>accurate and on time<\/strong>.&nbsp;<\/p>\n<p>This is why we have put together the<span>&nbsp;<\/span><strong>business tax preparation checklist<\/strong>.&nbsp;<\/p>\n<p>Working through this list will provide you with<strong><span>&nbsp;<\/span>a simple process to retrieve all the necessary documents<\/strong><span>&nbsp;<\/span>and information for compiling your tax return.&nbsp;<\/p>\n<p>As you go through, check off each set of materials once you have<strong><span>&nbsp;<\/span>recovered and reviewed them<\/strong>. You can then pass this information on to your tax advisor using the final form field provided, making the process easier for everyone.<\/p>\n<p>The information listed in this checklist covers all necessary materials for the submission of both<span>&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1120.pdf\" rel=\"nofollow noopener\" target=\"_blank\">Form 1120<\/a><span>&nbsp;<\/span>and<span>&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1065.pdf\" rel=\"nofollow noopener\" target=\"_blank\">Form 1065<\/a><span>&nbsp;<\/span>-<span>&nbsp;<\/span><strong>covering both corporation and partnership structures<\/strong>.<\/p>\n<p>Let's get going!<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"analysis-of-current-and-past-financial-data\">\n<h2>Analysis Of Current and Past Financial Data:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/rvquGRM2SBGVSsyLAWpN9w.jpg\" alt=\"Analysis Of Current and Past Financial Data:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/rvquGRM2SBGVSsyLAWpN9w.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<\/section>\n<section id=\"collect-copies-of-federal-and-state-tax-returns\">\n<h2>Collect copies of federal and state tax returns<\/h2>\n<div class=\"text-content\">\n<p><span>Federal and state tax returns should be examined in order to&nbsp;<\/span><strong><span>determine the accuracy of taxes paid.<\/span><\/strong><\/p>\n<p><span>Reviewing previous documents is an&nbsp;<\/span><strong><span>effective way to refamiliarise yourself&nbsp;<\/span><\/strong><span>with the process and materials required to complete a tax return.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-content\">\n<p class=\"style-warning\"><span>You should have these filed appropriately as records of your company's previous payments.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"consult-copies-of-articles-of-incorporation\">\n<h2>Consult copies of articles of incorporation<\/h2>\n<div class=\"text-content\">\n<p><span>Articles of partnership\/incorporation should be reviewed in order to&nbsp;<\/span><strong><span>determine the appropriate tax rates.<\/span><\/strong><\/p>\n<p><span>These are key documents for any business and will show clarify&nbsp;<\/span><strong><span>how your company is structured<\/span><\/strong><span>. Your company may be an&nbsp;<\/span><a href=\"http:\/\/fitsmallbusiness.com\/llc-vs-s-corp-vs-c-corp\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>LLC, an s-corp, or a c-corp<\/span><\/a><span>&nbsp;if registered in the United States, for instance.&nbsp;<\/span><\/p>\n<p><strong><span>If your business operates as a corporation<\/span><\/strong><span>&nbsp;you will likely have to pay corporate tax. The tax rate varies depending on&nbsp;<\/span><a href=\"https:\/\/www.thebalance.com\/corporate-tax-rates-and-tax-calculation-397647\" rel=\"nofollow noopener\" target=\"_blank\"><span>how much money your company makes<\/span><\/a><span>.<\/span><\/p>\n<p><span>Whereas,&nbsp;<\/span><strong><span>if your business has a joint partnership structure or is an s-corp<\/span><\/strong><span>&nbsp;the shareholders of the business&nbsp;<\/span><a href=\"https:\/\/www.thebalance.com\/the-s-corporation-your-questions-answered-397844\" rel=\"nofollow noopener\" target=\"_blank\"><span>pay tax personally on the dividends<\/span><\/a><span>&nbsp;they receive.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"calculate-year-end-balance-sheets\">\n<h2>Calculate year end balance sheets<\/h2>\n<div class=\"text-content\">\n<p><span>Year-end balance sheets should be examined in order to determine the applicable taxes to be paid.&nbsp;<\/span><\/p>\n<p><span>The balance sheet provides a breakdown of&nbsp;<\/span><strong><span>assets, liabilities, and shareholders equity.<\/span><\/strong>&nbsp;<\/p>\n<p class=\"style-info\"><span>To create your balance sheet, you can use our&nbsp;<\/span><a href=\"https:\/\/www.process.st\/templates\/balance-sheet-statement-preparation-checklist\" rel=\"nofollow noopener\" target=\"_blank\"><span>balance sheet statement preparation checklist<\/span><\/a><span>.<\/span><span><\/span><\/p>\n<p><span><strong>Use the form field below<\/strong>&nbsp;to upload a copy of your balance sheet.<\/span><\/p>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Latest balance sheet <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"review-yearend-bank-statements\">\n<h2>Review year-end bank statements<\/h2>\n<div class=\"text-content\">\n<p><span>Year-end bank statements should be checked to verify applicable taxes to be paid.<\/span><\/p>\n<p class=\"style-warning\"><span>It is important to double check these documents to&nbsp;<\/span><strong><span>be sure all financial activity is accounted for and accurate.<\/span><\/strong><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"review-gross-receipts-from-sales-or-services\">\n<h2>Review gross receipts from sales or services<\/h2>\n<div class=\"text-content\">\n<p><span>Gross receipts from&nbsp;<\/span><strong><span>sales or services should<\/span><\/strong><span>&nbsp;be analyzed in order to determine appropriate taxes to be paid.<\/span><\/p>\n<p><span>You can review your<\/span><strong><span>&nbsp;monthly income statements<\/span><\/strong><span>, sometimes called profit and loss statements, for these figures.&nbsp;<\/span><\/p>\n<p class=\"style-info\"><span>Use our<\/span><a href=\"https:\/\/www.process.st\/templates\/income-profit-and-loss-statement\" rel=\"nofollow noopener\" target=\"_blank\"><span>&nbsp;Income (profit and loss) statement process<\/span><\/a><span>&nbsp;to see how these procedures are structured.<\/span><\/p>\n<p><strong><span>Use the form field<\/span><\/strong><span>&nbsp;to record your gross receipts or sales. You will use this figure for&nbsp;<\/span><strong><span>the first entry field<\/span><\/strong><span>&nbsp;in your tax return.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Total gross receipts ($) <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"check-sales-records-for-accrual-based-taxpayers\">\n<h2>Check sales records (for accrual based taxpayers)<\/h2>\n<div class=\"text-content\">\n<p><span>Sales records are&nbsp;<\/span><strong><span>sales invoices with&nbsp;details such as<\/span><\/strong><span>:<\/span><\/p>\n<ul>\n<li><span>the item purchased&nbsp;<\/span><\/li>\n<li><span>the date when the item was purchased&nbsp;<\/span><\/li>\n<li><span>the selling price&nbsp;<\/span><\/li>\n<li><span>the company who sold the item&nbsp;<\/span><\/li>\n<li><span>the customer who bought it<\/span><\/li>\n<li><span>related contact information<\/span><\/li>\n<\/ul>\n<p><span>Consult these sales records to ensure&nbsp;<\/span><strong><span>all details correspond with the other materials gathered<\/span><\/strong><span>.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"calculate-total-returns-and-allowances\">\n<h2>Calculate total returns and allowances<\/h2>\n<div class=\"text-content\">\n<p><span>Returns and allowances<\/span><strong><span>&nbsp;from year-end income statements<\/span><\/strong><span>&nbsp;should be taken into account in preparing tax returns.<\/span><\/p>\n<p><span>The returns and allowances section reports the&nbsp;<\/span><strong><span>commodities returned by the customer<\/span><\/strong><span>&nbsp;and the allowances granted to a customer due to<\/span><strong><span>&nbsp;improper or defective merchandise.<\/span><\/strong><\/p>\n<p class=\"style-info\"><span>Returns and allowances are declared on&nbsp;<\/span><strong><span>item 1b of the&nbsp;<\/span><\/strong><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1120\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS Form 1120<\/span><\/a>&nbsp;<span>which you will use to file your return. The total figure given is<\/span><strong><span>&nbsp;deducted from the gross sales receipts you gathered in task 7<\/span><\/strong><span>.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"gather-business-checkingsavings-account-interest\">\n<h2>Gather business checking\/savings account interest<\/h2>\n<div class=\"text-content\">\n<p><span>Consult your bank interest built across the year to find the<\/span><strong><span>&nbsp;total amount of interest earned<\/span><\/strong><span>. This should have been<\/span><strong><span>&nbsp;reported in your general ledger<\/span><\/strong><span>.<\/span><\/p>\n<p class=\"style-info\"><span>Use&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/uac\/form-1099-int-interest-income\" rel=\"nofollow noopener\" target=\"_blank\"><span>Form 1099-INT<\/span><\/a><span>&nbsp;to submit this material. You can find&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/i1099int.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><span>the instructions for filing this particular form<\/span><\/a><span>&nbsp;on the IRS' website.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"identify-other-income\">\n<h2>Identify other income<\/h2>\n<div class=\"text-content\">\n<p><span>Other income should be<\/span><strong><span>&nbsp;checked to verify appropriate taxes<\/span><\/strong><span>&nbsp;to be charged.<\/span><\/p>\n<p><span>Other income is defined as reported earnings from<\/span><strong><span>&nbsp;business activities outside of core business<\/span><\/strong><span>&nbsp;<\/span><strong><span>operations.<\/span><\/strong><\/p>\n<p><strong><span>Use the sub-checklist below to tick off applicable examples:<\/span><\/strong><\/p>\n<\/p><\/div>\n<div class=\"multi-select-content form-field-content\">\n<ul class=\"items\">\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       1\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Interest income from notes receivables\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       2\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Dividends and interest income from long-term investments\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       3\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Net earnings from the sales of assets other than inventory\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       4\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Net earnings from sales of scrap items\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       5\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Gain on foreign currency exchange\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       6\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Miscellaneous rent income\n    <\/div>\n<\/li>\n<\/ul><\/div>\n<\/section>\n<section id=\"benefits-loans-and-transactions-documents\">\n<h2>Benefits, loans and transactions documents:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/gEN48shACfa3nSNcwvxE7A.jpg\" alt=\"Benefits, loans and transactions documents:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/gEN48shACfa3nSNcwvxE7A.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<\/section>\n<section id=\"compile-details-of-fringe-benefits\">\n<h2>Compile details of fringe benefits<\/h2>\n<div class=\"text-content\">\n<p><span>There are a range of&nbsp;<\/span><strong><span>deductibles and tax credits<\/span><\/strong><span>&nbsp;which your company may or may not be eligible for.&nbsp;<\/span><\/p>\n<p><span>Gather any materials related to the<\/span><strong><span>&nbsp;fringe benefits your company offers<\/span><\/strong><span>&nbsp;in case they can prove beneficial for tax purposes.<\/span><\/p>\n<p class=\"style-warning\"><span>These items include employer-paid pension\/profit sharing contributions, employer paid HSA contributions, employer-paid health insurance premiums, and cost of other fringe benefits.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"gather-documents-of-business-loans\">\n<h2>Gather documents of business loans<\/h2>\n<div class=\"text-content\">\n<p><strong><span>Loan schedules and agreements<\/span><\/strong><span>&nbsp;should be examined to determine the appropriate taxes.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"gather-records-of-all-business-insurance\">\n<h2>Gather records of all business insurance<\/h2>\n<div class=\"text-content\">\n<ul>\n<li><strong><span>General Liability Insurance<\/span><\/strong><span>:&nbsp;This includes the&nbsp;protection against risks as the result of bodily injury, property damage, medical expenses, libel, slander, the cost of defending lawsuits, and the like<\/span><\/li>\n<li><strong><span>Product Liability Insurance:&nbsp;<\/span><\/strong><span>&nbsp;This includes financial loss as a result of a defective product that causes injury or bodily harm.&nbsp;<\/span><\/li>\n<li><strong><span>Professional Liability Insurance:&nbsp;<\/span><\/strong><span>It is the protection of the business against malpractice, errors, and negligence in the provision of services to your customers.<\/span><\/li>\n<li><strong><span>Commercial Property Insurance:&nbsp;<\/span><\/strong><span>It is the protection of the business against the loss and damage of company properties due to a wide variety of hazards such as fire, smoke, wind and hail storms, civil disobedience and vandalism.&nbsp;<\/span><\/li>\n<\/ul><\/div>\n<\/section>\n<section id=\"locate-information-on-interest-expenses\">\n<h2>Locate information on interest expenses<\/h2>\n<div class=\"text-content\">\n<p><span>For businesses,&nbsp;<\/span><strong><span>interest expense can be a tax deductible item<\/span><\/strong><span>&nbsp;because it is a large part of the costs of doing business just like other overhead costs, provided, however, that it can be shown that the loan was<\/span><strong><span>necessary for the business<\/span><\/strong><span>.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"document-legal-fees\">\n<h2>Document legal fees<\/h2>\n<div class=\"text-content\">\n<p><span>Legal fees are subject to being<\/span><strong><span>&nbsp;counted as deductibles.<\/span><\/strong><\/p>\n<p><span>Here are some&nbsp;<\/span><strong><span>examples of legal fees:<\/span><\/strong><\/p>\n<ul>\n<li><strong><span>Consultation Fees<\/span><\/strong><span>: The lawyer may charge a fixed or hourly fee for your first meeting where you both determine whether the lawyer can assist you.<\/span><\/li>\n<li><strong><span>Contingency Fees<\/span><\/strong><span>: The reimbursement of a lawyer's expenses in handling your case in the event that a lawsuit loses the legal battle.<\/span><\/li>\n<li><strong><span>Flat Fees<\/span><\/strong><span>: A lawyer charges an upfront fee. A standard fee before legal services are undertaken. It is usually offered only if your case is relatively simple or routine.<\/span><\/li>\n<li><strong><span>Hourly Rate<\/span><\/strong><span>: The lawyer will charge you for each hour (or a portion of an hour) that the lawyer works on your case.&nbsp;<\/span><\/li>\n<li><strong><span>Referral Fees<\/span><\/strong><span>: A lawyer who refers you to another lawyer may ask for a portion of the total fee you pay for the case.&nbsp;<\/span><\/li>\n<li><strong><span>Retainer Fees:<\/span><\/strong><span>&nbsp;The lawyer is paid a set fee, perhaps based on the lawyer's hourly rate.&nbsp;<\/span><\/li>\n<li><strong><span>Statutory Fees<\/span><\/strong><span>: The fees in some cases may be set by existing law or a court may set and approve a fee that you pay. These types of fees may appear in&nbsp;bankruptcy&nbsp;or other proceedings.<\/span><\/li>\n<\/ul><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Legal fees (Name and $ amount) <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"payroll-data\">\n<h2>Payroll data:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/tAo1c3aAD63RXMTSO0NKJw.jpg\" alt=\"Payroll data:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/tAo1c3aAD63RXMTSO0NKJw.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<\/section>\n<section id=\"collect-payroll-forms\">\n<h2>Collect payroll forms<\/h2>\n<div class=\"text-content\">\n<p><span>&nbsp;Gather a record of all payroll forms including reviewing<\/span><a href=\"https:\/\/www.irs.gov\/uac\/form-1099-int-interest-income\" rel=\"nofollow noopener\" target=\"_blank\"><span>&nbsp;Form 1099&nbsp;<\/span><\/a><span>for any contracted work.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"list-commissions-paid-to-subcontractors\">\n<h2>List commissions paid to subcontractors<\/h2>\n<div class=\"text-content\">\n<p><span>Commissions paid to subcontractors are subjected to applicable tax rates.<\/span><\/p>\n<p><span>Collect<\/span><strong><span>&nbsp;information for your tax advisor on any commissions<\/span><\/strong><span>&nbsp;you have paid.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Commission paid to subcontractors ($) <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"record-wages-paid-to-employees\">\n<h2>Record wages paid to employees<\/h2>\n<div class=\"text-content\">\n<p><span>Gather information on&nbsp;<\/span><strong><span>all wages paid to the employees<\/span><\/strong><span>&nbsp;working within your business.<\/span><\/p>\n<p><span>Wages paid to employees (forms<\/span><a href=\"https:\/\/www.irs.gov\/uac\/about-form-w2\" rel=\"nofollow noopener\" target=\"_blank\"><span>&nbsp;W2<\/span><\/a><span>&nbsp;and&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/uac\/about-form-w3\" rel=\"nofollow noopener\" target=\"_blank\"><span>W3<\/span><\/a><span>)&nbsp; and the federal and state payroll returns (<\/span><a href=\"https:\/\/www.irs.gov\/uac\/about-form-940\" rel=\"nofollow noopener\" target=\"_blank\"><span>Form 940<\/span><\/a><span>, etc.) will need to be filed as part of your tax return.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Employee wages ($) <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"expense-details\">\n<h2>Expense details:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/vjQElQlxwffV3Oj0Iq9IXw.jpg\" alt=\"Expense details:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/vjQElQlxwffV3Oj0Iq9IXw.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<\/section>\n<section id=\"collate-all-advertising-costs\">\n<h2>Collate all advertising costs<\/h2>\n<div class=\"text-content\">\n<p><span>Record your<\/span><strong><span>&nbsp;total advertising spending<\/span><\/strong><span>&nbsp;for the year.&nbsp;<\/span><\/p>\n<p><strong><span>Use the form field below<\/span><\/strong><span>&nbsp;to note the amount.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Total advertising spend ($) <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"document-all-transportation-and-travel-expenses\">\n<h2>Document all transportation and travel expenses<\/h2>\n<div class=\"text-content\">\n<p><strong><span>Record local transportation costs such as&nbsp;<\/span><\/strong><span>business trip (mileage) logs and receipts for public transportation, parking, and tolls.<\/span><\/p>\n<p><span>Include information on&nbsp;<\/span><strong><span>travel away from home such as:<\/span><\/strong><\/p>\n<ul>\n<li><span>Airfare or mileage<\/span><\/li>\n<li><span>Accommodation expenses<\/span><\/li>\n<li><span>Meals, tips<\/span><\/li>\n<li><span>Taxi, tips<\/span><\/li>\n<li><span>Internet connection (hotel, Internet caf\u00e9, etc.)<\/span><\/li>\n<li><span>Others<\/span><\/li>\n<\/ul>\n<p><span>&nbsp;This also includes repair bills and lease information.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Transportation and travel expenses ($) <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"record-office-supply-expenses\">\n<h2>Record office supply expenses<\/h2>\n<div class=\"text-content\">\n<p><span>This includes pens, paper, staples,&nbsp;and other&nbsp;<\/span><strong><span>small costs<\/span><\/strong><span>. It also includes spending on computers, printers, and other&nbsp;<\/span><strong><span>more expensive office related equipment<\/span><\/strong><span>.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Office supply expenses ($) <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"record-rental-expenses\">\n<h2>Record rental expenses<\/h2>\n<div class=\"text-content\">\n<p><span>Include spending on office space rent, business-use vehicles, and renting costs of any specialist equipment.<\/span><\/p>\n<p><span><strong>Record the total rental costs in the form field below<\/strong>.<\/span><\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Rental expenses ($) <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"list-any-other-expenses\">\n<h2>List any other expenses<\/h2>\n<div class=\"text-content\">\n<p><strong><span>Include details of any further expenses<\/span><\/strong><span>&nbsp;not covered by the previous categories.<\/span><\/p>\n<p><span>This could be costs of repairs, maintenance of office facility, or&nbsp;other business related expenses.<\/span><\/p>\n<\/p><\/div>\n<div class=\"textarea-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Other expenses (Name and $ amount) <\/label><br \/>\n   <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"list-of-assets-and-depreciation\">\n<h2>List of assets and depreciation:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/v61xA3NXn2aUAywFZENH4w.jpg\" alt=\"List of assets and depreciation:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/v61xA3NXn2aUAywFZENH4w.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<\/section>\n<section id=\"disclose-asset-acquisitions\">\n<h2>Disclose asset acquisitions<\/h2>\n<div class=\"text-content\">\n<p><span>Itemize&nbsp;the total costs of any&nbsp;<\/span><strong><span>assets acquired over the taxable period<\/span><\/strong><span>.<\/span><\/p>\n<p><strong><span>This includes:<\/span><\/strong><\/p>\n<ul>\n<li><span>The initial&nbsp;cost of the asset&nbsp;(including any paid sales tax)<\/span><\/li>\n<li><span>Description of the asset<\/span><\/li>\n<li><span>Date put into service<\/span><\/li>\n<li><span>The amount of time the asset is used for the business (versus for personal use) stated as a percentage of total utilization.<\/span><\/li>\n<\/ul><\/div>\n<div class=\"textarea-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Asset acquisitions (Name and $ amount) <\/label><br \/>\n   <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> List of asset acquisitions <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"work-out-your-depreciation-expense-schedules\">\n<h2>Work out your depreciation expense schedules<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/v1xGPQPJo0fzHi9wPfBNWw.jpg\" alt=\"Work out your depreciation expense schedules\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/v1xGPQPJo0fzHi9wPfBNWw.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p><span>To assess the total value of assets held,&nbsp;<\/span><a href=\"http:\/\/www.accountingtools.com\/overview-of-depreciation\" rel=\"nofollow noopener\" target=\"_blank\"><span>the asset values need to account for depreciation<\/span><\/a><span>.&nbsp;<\/span><\/p>\n<p><span>The accumulated depreciation is a contra account, which means that it acts as&nbsp;<\/span><strong><span>a deduction from the original value of the asset.&nbsp;<\/span><\/strong><\/p>\n<p><span>When you calculate your figures, you should include:<\/span><\/p>\n<ul>\n<li><span>The description of the asset<\/span><\/li>\n<li><span>Date put into service<\/span><\/li>\n<li><span>The original cost of the asset<\/span><\/li>\n<li><span>Accumulated depreciation up to this tax year<\/span><\/li>\n<li><span>Business use percentage (if applicable)<\/span><\/li>\n<li><span>The recovery period of the asset (3 years, 5 years, 7 years, etc.)<\/span><\/li>\n<li><span>Any<\/span><a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/179\" rel=\"nofollow noopener\" target=\"_blank\"><span>&nbsp;Section 179 Expense<\/span><\/a><span>&nbsp;(or first-year expense) taken in the first year of service<\/span><\/li>\n<\/ul>\n<p class=\"style-info\"><strong><span>See the image above as an example<\/span><\/strong><span>.&nbsp;<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"document-details-of-asset-dispositions\">\n<h2>Document details of asset dispositions<\/h2>\n<div class=\"text-content\">\n<p><span>Record the details of any asset dispositions. This normally refers to a&nbsp;<\/span><strong><span>direct sale of an asset the company held.<\/span><\/strong><\/p>\n<p><span>Record this information including:<\/span><\/p>\n<ul>\n<li><span>The description of the asset<\/span><\/li>\n<li><span>Date of sale<\/span><\/li>\n<li><span>The sales price of the asset<\/span><\/li>\n<li><span>Any expenses of the sale<\/span><\/li>\n<li><span>Accumulated depreciation<\/span><\/li>\n<\/ul><\/div>\n<div class=\"textarea-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Asset dispositions (Name and $ amount) <\/label><br \/>\n   <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n<\/p><\/div>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> List of asset dispositions <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"final-forms\">\n<h2>Final forms:<\/h2>\n<div class=\"image-content\">\n<figure>\n   <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/rombmU4oJ6k-jCK5xr5C6w.jpg\" alt=\"Final forms:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/rombmU4oJ6k-jCK5xr5C6w.jpg\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<\/section>\n<section id=\"review--finalize-supplementary-forms\">\n<h2>Review &amp; finalize supplementary forms<\/h2>\n<div class=\"text-content\">\n<p><span>Check off the forms&nbsp;<\/span><strong><span>that apply to you once<\/span><\/strong><span>&nbsp;you have&nbsp;<\/span><strong><span>completed&nbsp;<\/span><em><span>and<\/span><\/em><span>&nbsp;reviewed them<\/span><\/strong><span>.<\/span><\/p>\n<p><span>This is important to ensure that you&nbsp;have sufficiently met the requirements of your individual tax preparation.&nbsp;<\/span><\/p>\n<\/p><\/div>\n<div class=\"multi-select-content form-field-content\">\n<ul class=\"items\">\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       1\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      W-2\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       2\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Schedule A (Itemized Deductions)\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       3\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Schedule C (Profit or Loss from Business)\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       4\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Schedule E (Real Estate Income)\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       5\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Schedule F (Profit or Loss from Farming)\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       6\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      1099-G\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       7\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      1099-INT\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       8\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      1099-DIV\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       9\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      1099-B\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       10\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      1099-SA\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       11\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Form 2439 (attached to 1120-RIC or 1120-REIT)\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       12\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Form 1098\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       13\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Form 8839\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       14\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Form 4684\n    <\/div>\n<\/li>\n<\/ul><\/div>\n<\/section>\n<section id=\"attach-final-1040-form\">\n<h2>Attach final 1040 form<\/h2>\n<div class=\"file-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> 1040 Form_FINAL <\/label> <\/p>\n<div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"review-your-completed-1040-with-a-professional\">\n<h2>Review your completed 1040 with a professional<\/h2>\n<div class=\"text-content\">\n<p><span><strong>You're almost there!&nbsp;<\/strong><\/span><\/p>\n<p><span>Once you feel confident that you have completed your 1040 Form along with all supplementary forms,&nbsp;<\/span><strong><span>review all the documentation with your tax advisor\/accountant<\/span><\/strong><span>&nbsp;to ensure that you have<\/span><strong><span>&nbsp;met all requirements.<\/span><\/strong><\/p>\n<p><span>Completing a 1040&nbsp;form is a challenging process and seeking expert guidance is important to set yourself up for success!<\/span><\/p>\n<p><span>Check out these&nbsp;<\/span><a href=\"https:\/\/www.process.st\/accounting-processes\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>11 checklists to optimize your accounting processes<\/span><\/a><span>.&nbsp;<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"schedule-meeting-with-your-tax-advisoraccountant\">\n<h2>Schedule meeting with your tax advisor\/accountant<\/h2>\n<div class=\"text-content\">\n<p><span><strong>You're almost there!&nbsp;<\/strong><\/span><\/p>\n<h5 style=\"text-align: center;\"><span><strong>Individual tax preparation&nbsp;<\/strong><\/span><\/h5>\n<p>For your individual taxes, once <span>you feel confident that you have completed your 1040 Form along with all supplementary forms,&nbsp;<\/span><strong><span>review all the documentation with your tax advisor\/accountant<\/span><\/strong><span>&nbsp;to ensure that you have<\/span><strong><span>&nbsp;met all requirements.<\/span><\/strong><\/p>\n<p>Completing a 1040&nbsp;form is a challenging process and seeking expert guidance is important to set yourself up for success!<\/p>\n<p><span>Check out these&nbsp;<\/span><a href=\"https:\/\/www.process.st\/accounting-processes\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>11 checklists to optimize your accounting processes<\/span><\/a><span>.&nbsp;<\/span><\/p>\n<h5 style=\"text-align: center;\"><span>Business tax preparation&nbsp;<\/span><\/h5>\n<p><span>Once all materials have been gathered, you can begin to go through the different forms your company needs to complete.&nbsp;<\/span><\/p>\n<h5 style=\"text-align: center;\"><span>Arrange a meeting with your tax consultant<\/span><\/h5>\n<p><strong><span>Organize all your documentation<\/span><\/strong><span>&nbsp;so that it can be easily understood and&nbsp;<\/span><strong><span>use the email widget below to arrange a meeting with a tax consultant<\/span><\/strong><span>&nbsp;to go through the filing process with you.<\/span><\/p>\n<\/p><\/div>\n<div class=\"date-field-content form-field-content\">\n<div class=\"form-group\">\n   <label> Proposed time to review all documentation <\/label> <\/p>\n<div class=\"date-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-calendar btn-icon\"><\/i> Date will be set here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"make-final-adjustments\">\n<h2>Make final adjustments<\/h2>\n<div class=\"text-content\">\n<p><span>After reviewing your documentation with a professional accountant, there may well be some missing information or areas that need editing. This is completely normal and part of the process.&nbsp;<\/span><\/p>\n<p><span>Make those final adjustments so you send off the form with total confidence that you've nailed every section!&nbsp;<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"find-any-communications-with-the-irs\">\n<h2>Find any communications with the IRS<\/h2>\n<div class=\"text-content\">\n<p><span>Exchange of printed official&nbsp;<\/span><strong><span>communications between the taxpayer and the IRS should be compiled<\/span><\/strong><span>&nbsp;as part of your documentation.<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"submit-to-the-irs\">\n<h2>Submit to the IRS<\/h2>\n<div class=\"text-content\">\n<p><span><strong>Congratulations!<\/strong><\/span><\/p>\n<p><span>Give yourself a well-deserved pat on the back.<\/span><\/p>\n<p><span>It's now time to sit back, relax, and await the reward for all your hard work.&nbsp;<\/span><\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"sources\">\n<h2>Sources:<\/h2>\n<div class=\"text-content\">\n<ul>\n<li><a href=\"https:\/\/www.thebalance.com\/how-to-file-a-tax-return-4147226\" rel=\"nofollow noopener\" target=\"_blank\"><span>The Balance Staff - The Ultimate Guide to Doing Your Taxes<\/span><\/a><\/li>\n<li><span><a href=\"https:\/\/www.upenn.edu\/\" rel=\"nofollow noopener\" target=\"_blank\">The University Of Pennsylvania<\/a>&nbsp;- <a href=\"https:\/\/almanac.upenn.edu\/archive\/v48\/n28\/AncientTaxes.html\" rel=\"nofollow noopener\" target=\"_blank\">Taxes In The Ancient World<\/a><\/span><\/li>\n<li><span><a href=\"https:\/\/worldhappiness.report\/\" rel=\"nofollow noopener\" target=\"_blank\">World Happiness Report 2019<\/a>&nbsp;- <a href=\"https:\/\/worldhappiness.report\/faq\/\" rel=\"nofollow noopener\" target=\"_blank\">FAQ<\/a><\/span><\/li>\n<li><span><a href=\"https:\/\/www.thrillist.com\/\" rel=\"nofollow noopener\" target=\"_blank\">thrillist<\/a>&nbsp;- <a href=\"https:\/\/www.thrillist.com\/travel\/nation\/why-scandinavians-are-happiest-people-in-the-world\" rel=\"nofollow noopener\" target=\"_blank\">What Americans Can Learn From Scandinavians, the Happiest People in the World<\/a><\/span><\/li>\n<li><span><a href=\"https:\/\/www.oecd.org\/unitedkingdom\/\" rel=\"nofollow noopener\" target=\"_blank\">OECD<\/a>&nbsp;- <a href=\"https:\/\/data.oecd.org\/tax\/tax-revenue.htm\" rel=\"nofollow noopener\" target=\"_blank\">Tax Revenue<\/a><\/span><\/li>\n<li><span><a href=\"https:\/\/www.independent.co.uk\/\" rel=\"nofollow noopener\" target=\"_blank\">Independent<\/a>&nbsp;- <a href=\"https:\/\/www.independent.co.uk\/news\/world\/europe\/7-reasons-denmark-is-the-happiest-country-in-the-world-a7331146.html\" rel=\"nofollow noopener\" target=\"_blank\">7 reasons Denmark is the happiest country in the world<\/a><\/span><\/li>\n<li><a href=\"https:\/\/www.sapling.com\/5279869\/tax-form-1099-g\" rel=\"nofollow noopener\" target=\"_blank\"><span>Madison Garcia - What is Tax Form 1099-G<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1040\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - About Form 1040, U.S. Individual Income Tax Return<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.thebalance.com\/pensions-and-annuities-3193176\" rel=\"nofollow noopener\" target=\"_blank\"><span>William Perez - Line 16 on Form 1040: Pensions and Annuities<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1099g\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - Form 1099-G, Certain Government Payments<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/schedule-c-form-1040-profit-or-loss-from-business\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - Schedule C (Form 1040), Profit or Loss from Business<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/schedule-f-form-1040-profit-or-loss-from-farming\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - About Schedule F (Form 1040), Profit or Loss From Farming<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.thebalance.com\/other-income-form-1040-line-21-3193089\" rel=\"nofollow noopener\" target=\"_blank\"><span>William Perez - Other Income: Form 1040 Line 21<\/span><\/a><\/li>\n<li><a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/small-business-taxes\/what-is-a-schedule-k-1-tax-form\/L95lj0sJq\" rel=\"nofollow noopener\" target=\"_blank\"><span>Turbotax - What is a Schedule K-1 Tax Form?<\/span><\/a><\/li>\n<li><a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/home-ownership\/claiming-property-taxes-on-your-tax-return\/L6cSL1QoB\" rel=\"nofollow noopener\" target=\"_blank\"><span>Turbotax - Claiming Property Taxes on Your Tax Return<\/span><\/a><\/li>\n<li><a href=\"https:\/\/financegourmet.com\/blog\/taxes\/how-to-deduct-property-taxes\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>Finance Gourmet - How To Deduct Property Taxes<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.1040.com\/tax-guide\/for-students-and-new-grads\/student-loan-interest\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>1040.com - How to Deduct Student Loan Interest<\/span><\/a><\/li>\n<li><a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/family\/deducting-summer-camps-and-daycare-with-the-child-and-dependent-care-credit\/L8aAzvmjB\" rel=\"nofollow noopener\" target=\"_blank\"><span>Turbotax - Deducting Summer Camps and Daycare with the Child and Dependent Care Credit<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.thebalance.com\/personal-property-tax-deduction-3192846\" rel=\"nofollow noopener\" target=\"_blank\"><span>William Perez - Learn About Personal Property Tax Deduction<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc503\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - Topic Number 503 - Deductible Taxes<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/forms\/form-4684\/\" rel=\"nofollow noopener\" target=\"_blank\"><span>H&amp;R Block - Form 4684 \u2013 Theft and Casualty Losses<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.lawyers.com\/legal-info\/taxation\/tax-audits\/are-attorneys-fees-tax-deductible.html\" rel=\"nofollow noopener\" target=\"_blank\"><span>Lawyers.com - Are Attorney's Fees Tax Deductible?<\/span><\/a><\/li>\n<li><a href=\"http:\/\/fitsmallbusiness.com\/llc-vs-s-corp-vs-c-corp\/\" rel=\"nofollow\"><span>Fit Small Business - Best Business Structure<\/span><\/a>&nbsp;<\/li>\n<li><a href=\"https:\/\/www.thebalance.com\/corporate-tax-rates-and-tax-calculation-397647\" rel=\"nofollow\"><span>The Balance - Corporate Tax Rates, and Calculating What You Owe<\/span><\/a>&nbsp;<\/li>\n<li><a href=\"https:\/\/www.thebalance.com\/the-s-corporation-your-questions-answered-397844\" rel=\"nofollow\"><span>The Balance - The S Corporation: Your Questions Answered<\/span><\/a>&nbsp;<\/li>\n<li><span><a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/small-business-taxes\/business-tax-preparation\/L4qFPmb5K\" rel=\"nofollow noopener\" target=\"_blank\">TurboTax - Business Tax Preparation<\/a><\/span><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/uac\/form-1099-int-interest-income\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - Form 1099-INT<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1120.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - Form 1120<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1065.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - Form 1065<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/i1099int.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - Form 1099 Instructions<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/i1120.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - Form 1120 Instructions<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/i1065.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - Form 1065 Instructions<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.legalzoom.com\/articles\/6-steps-to-filing-corporation-taxes\" rel=\"nofollow noopener\" target=\"_blank\"><span>LegalZoom - 6 Steps to Filing Corporation Tax<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.legalzoom.com\/articles\/5-steps-to-filing-partnership-taxes\" rel=\"nofollow noopener\" target=\"_blank\"><span>LegalZoom - 5 Steps to Filing Partnership Tax<\/span><\/a><\/li>\n<li><a href=\"http:\/\/smallbusiness.chron.com\/prepare-file-small-business-taxes-4341.html\" rel=\"nofollow noopener\" target=\"_blank\"><span>Chron - How to Prepare and File Small Business Taxes<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/uac\/about-form-w2\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - About Form W2<\/span><\/a>&nbsp;<\/li>\n<li><a href=\"https:\/\/www.irs.gov\/uac\/about-form-w3\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - About Form W3<\/span><\/a>&nbsp;<\/li>\n<li><a href=\"https:\/\/www.irs.gov\/uac\/about-form-940\" rel=\"nofollow noopener\" target=\"_blank\"><span>IRS - About Form 940<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/179\" rel=\"nofollow noopener\" target=\"_blank\"><span>Cornell - Legal Information Institute: 26 U.S. Code 179<\/span><\/a><\/li>\n<li><a href=\"http:\/\/www.accountingtools.com\/overview-of-depreciation\" rel=\"nofollow noopener\" target=\"_blank\"><span>Accounting Tools - Overview of Depreciation<\/span><\/a><\/li>\n<li><span><a href=\"https:\/\/www.irs.gov\/uac\/about-form-940\" rel=\"nofollow noopener\" target=\"_blank\">IRS<\/a>&nbsp;- <a href=\"https:\/\/www.irs.gov\/newsroom\/eight-facts-on-late-filing-and-late-payment-penalties\" rel=\"nofollow noopener\" target=\"_blank\">Eight Facts On Late Filing And Late Payment Penalties<\/a><\/span><\/li>\n<li><span><a href=\"https:\/\/hbr.org\/\" rel=\"nofollow noopener\" target=\"_blank\">Harvard Business Review<\/a>&nbsp;- <a href=\"https:\/\/hbr.org\/2010\/01\/using-checklists-to-prevent-fa\" rel=\"nofollow noopener\" target=\"_blank\">Using Checklist To Prevent Failure <\/a><\/span><\/li>\n<li><span><a href=\"https:\/\/www.brookings.edu\/\" rel=\"nofollow noopener\" target=\"_blank\">Brookings<\/a>&nbsp;- <a href=\"https:\/\/www.brookings.edu\/research\/effects-of-income-tax-changes-on-economic-growth\/\" rel=\"nofollow noopener\" target=\"_blank\">The Effects Of Income Tax Changes On Economic Growth<\/a><\/span><\/li>\n<li><span><a href=\"https:\/\/turbotax.intuit.com\/\" rel=\"nofollow noopener\" target=\"_blank\">TurboTax<\/a>&nbsp;- <a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/general\/how-are-federal-taxes-spent\/L6kinGuUt\" rel=\"nofollow noopener\" target=\"_blank\">How Are Federal Taxes Spent?<\/a><\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/photos\/apple-frutas-selecci%C3%B3n-1594742\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/geralt-9301\/\" rel=\"nofollow noopener\" target=\"_blank\">Geralt<\/a>, re-sized<\/span><span><\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/users\/geralt-9301\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/publicdomainpictures-14\/\" rel=\"nofollow noopener\" target=\"_blank\">PublicDomain Picture<\/a>, re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/photos\/monedas-billetes-de-banco-dinero-1726618\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/stevepb-282134\/\" rel=\"nofollow noopener\" target=\"_blank\">stevepb<\/a>, re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/photos\/persianas-arquitectura-ventana-casa-669296\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/psaudio-834929\/\" rel=\"nofollow noopener\" target=\"_blank\">psaudio<\/a>, re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/photos\/la-colecci%C3%B3n-de-los-libros-869061\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/foundry-923783\/\" rel=\"nofollow noopener\" target=\"_blank\">Foundry<\/a>, re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/photos\/cisne-cisne-de-los-beb%C3%A9s-2494925\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;-&nbsp;<a href=\"https:\/\/pixabay.com\/es\/users\/pixel2013-2364555\/\" rel=\"nofollow noopener\" target=\"_blank\">pixel2013<\/a>, re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/photos\/sensaci%C3%B3n-amor-coraz%C3%B3n-donaci%C3%B3n-2446129\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/wagnercvilela-5700030\/\" rel=\"nofollow noopener\" target=\"_blank\">wagnercvilela<\/a>, re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/photos\/calculadora-c%C3%A1lculo-seguro-1680905\/\" rel=\"nofollow noopener\" target=\"_blank\">Image <\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/stevepb-282134\/\" rel=\"nofollow noopener\" target=\"_blank\">stevepb<\/a>, re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/photos\/calculadora-la-mano-calcular-conde-428294\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/jarmoluk-143740\/\" rel=\"nofollow noopener\" target=\"_blank\">jarmoluk<\/a>, re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/photos\/oficina-negocio-papeleo-documento-3295556\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/rawpixel-4283981\/\" rel=\"nofollow noopener\" target=\"_blank\">rawpixel<\/a>, re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/illustrations\/hucha-dinero-las-finanzas-bancario-2889046\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/quincemedia-1031690\/\" rel=\"nofollow noopener\" target=\"_blank\">QuinceMedia<\/a>, re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/illustrations\/salario-pago-donaci%C3%B3n-3038325\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/mohamed_hassan-5229782\/\" rel=\"nofollow noopener\" target=\"_blank\">mohamed_hassan<\/a>, re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/photos\/dinero-geldturm-monedas-euro-2180330\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/kschneider2991-4936815\/\" rel=\"nofollow noopener\" target=\"_blank\">kschneider2991<\/a>&nbsp;re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/illustrations\/s%C3%ADmbolo-flecha-direcci%C3%B3n-abajo-2088735\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/geralt-9301\/\" rel=\"nofollow noopener\" target=\"_blank\">geralt<\/a>, re-sized<\/span><\/li>\n<li><span><a href=\"https:\/\/pixabay.com\/es\/photos\/pulgar-%C3%A9xito-exitosa-ventilador-328420\/\" rel=\"nofollow noopener\" target=\"_blank\">Image<\/a>&nbsp;- <a href=\"https:\/\/pixabay.com\/es\/users\/geralt-9301\/\" rel=\"nofollow noopener\" target=\"_blank\">geralt<\/a>, re-sized<\/span><\/li>\n<\/ul><\/div>\n<\/section>\n<section id=\"related-checklists\">\n<h2>Related Checklists:<\/h2>\n<div class=\"text-content\">\n<ul>\n<li><a href=\"https:\/\/www.process.st\/templates\/accounting-onboarding-procedures\/\" rel=\"nofollow\">Accounting Onboarding Procedures<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/creating-an-invoice\/\" rel=\"nofollow\">Creating an Invoice<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/bank-reconciliation-template\/\" rel=\"nofollow\">Bank Reconciliation Template<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/expense-management-process\/\" rel=\"nofollow\">Expense Management Process<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/accounts-receivable-process\/\" rel=\"nofollow\">Accounts Receivable Process<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/accounts-payable-process\/\" rel=\"nofollow\">Accounts Payable Process<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/income-profit-and-loss-statement-process\/\" rel=\"nofollow\">Income (Profit and Loss) Statement Process<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/cash-flow-report\" rel=\"nofollow\">Cash Flow Report<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/balance-sheet-statement-preparation-checklist\" rel=\"nofollow\">Balance Sheet Statement Preparation Checklist<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/business-tax-preparation-checklist\" rel=\"nofollow\">Business Tax Preparation Checklist<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/annual-financial-report-template\/\" rel=\"nofollow\">Annual Financial Report Template<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/your-first-template-click-here-to-get-started-138\/\" rel=\"nofollow noopener\" target=\"_blank\">Client Services: Accounting Onboarding<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/bank-reconciliation-template\/\" rel=\"nofollow noopener\" target=\"_blank\">Bank Reconciliation Template<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/client-onboarding-for-financial-planners\/\" rel=\"nofollow noopener\" target=\"_blank\">Client Onboarding For Financial Planners<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/creating-an-invoice\/\" rel=\"nofollow noopener\" target=\"_blank\">Creating An Invoice&nbsp;<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/expense-management-process\/\" rel=\"nofollow noopener\" target=\"_blank\">Expense Management Process<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/financial-management-for-new-projects\/\" rel=\"nofollow noopener\" target=\"_blank\">Financial Management For New Projects<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/investor-pitch\/\" rel=\"nofollow noopener\" target=\"_blank\">Investor Pitch<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/pci-compliance-checklist\/\" rel=\"nofollow noopener\" target=\"_blank\">PCI Compliance Checklist<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/private-equity-due-dilligence-checklist\/\" rel=\"nofollow noopener\" target=\"_blank\">Private Equity Due Diligence Checklist<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/procurement-guidelines-checklist\/\" rel=\"nofollow noopener\" target=\"_blank\">Procurement Guidelines and Checklist<\/a>&nbsp;<\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/purchase-of-a-business\/\" rel=\"nofollow noopener\" target=\"_blank\">Purchase Of A Busines<\/a>s&nbsp;<\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/purchase-order-workflow-template\/\" rel=\"nofollow noopener\" target=\"_blank\">Purchase Order Workflow Template&nbsp;<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/startup-due-diligence-for-a-venture-capitalist\/\" rel=\"nofollow noopener\" target=\"_blank\">Startup Due Diligence For A Venture Capitalist<\/a>&nbsp;<\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/environmental-accounting-internal-audit\/\" rel=\"nofollow\">Environmental Accounting Internal Audit<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/cash-management-process\/\" rel=\"nofollow\">Cash management process<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/budget-process\/\" rel=\"nofollow\">Budget Process<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/financial-plan-template\/\" rel=\"nofollow\">Financial Plan Template<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/financial-audit-checklist\/\" rel=\"nofollow\">Financial Audit Checklist<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/financial-planning-process\/\" rel=\"nofollow\">Financial Planning Process<\/a><\/li>\n<\/ul><\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Introduction: Process Street - Tax Preparation Checklist Process Steet\u2019s Tax Preparation Checklist has been designed to guide you through the preparation of your individual tax accounts and the preparation of your business tax accounts as required.&nbsp; The Tax Preparation Checklist is designed to be used by individuals and small business owners, to be completed in [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":17921,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"cover_icon_emoji":"","cover_icon_url":"","tasks_count":"84","template_description":"Process Street's Tax Preparation Checklist has been designed to guide you through the preparation of individual tax accounts and business tax accounts.","template_id":"l_WxM5ZnhTauu5VBahRLzA","task_0":"Introduction:","task_slug_0":"introduction","task_1":"State Assistance Needed","task_slug_1":"state-assistance-needed","task_2":"Record tax advisor\/accountant contact details","task_slug_2":"record-tax-advisoraccountant-contact-details","task_3":"Individual Tax Preparation:","task_slug_3":"individual-tax-preparation","task_4":"Enter personal information:","task_slug_4":"enter-personal-information","task_5":"Enter names, address and other important details","task_slug_5":"enter-names-address-and-other-important-details","task_6":"Enter dates of birth","task_slug_6":"enter-dates-of-birth","task_7":"Enter social security numbers","task_slug_7":"enter-social-security-numbers","task_8":"Attach copies of last year's tax returns","task_slug_8":"attach-copies-of-last-years-tax-returns","task_9":"Enter your bank account and routing number","task_slug_9":"enter-your-bank-account-and-routing-number","task_10":"Income:","task_slug_10":"income","task_11":"Select all relevant sources of income","task_slug_11":"select-all-relevant-sources-of-income","task_12":"Attach your W-2 form","task_slug_12":"attach-your-w2-form","task_13":"Report your refund with form 1099-G","task_slug_13":"report-your-refund-with-form-1099g","task_14":"Disclose income from investments","task_slug_14":"disclose-income-from-investments","task_15":"Disclose rental income","task_slug_15":"disclose-rental-income","task_16":"Disclose business income","task_slug_16":"disclose-business-income","task_17":"Disclose farm income","task_slug_17":"disclose-farm-income","task_18":"Disclose financial benefits from health savings accounts","task_slug_18":"disclose-financial-benefits-from-health-savings-accounts","task_19":"Disclose gambling winnings","task_slug_19":"disclose-gambling-winnings","task_20":"Disclose alimoney 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expenses","task_slug_31":"deduct-medical-and-dental-expenses","task_32":"Donations:","task_slug_32":"donations","task_33":"Deduct charitable contributions","task_slug_33":"deduct-charitable-contributions","task_34":"Tax deductions:","task_slug_34":"tax-deductions","task_35":"Deduct personal property taxes","task_slug_35":"deduct-personal-property-taxes-2","task_36":"Deduct sales taxes","task_slug_36":"deduct-sales-taxes","task_37":"Deduct foreign real estate taxes","task_slug_37":"deduct-foreign-real-estate-taxes","task_38":"Other deductible expenses:","task_slug_38":"other-deductible-expenses","task_39":"Claim work-related expenses","task_slug_39":"claim-workrelated-expenses","task_40":"Claim teacher\/educator expenses","task_slug_40":"claim-teachereducator-expenses","task_41":"Claim casualty and theft losses","task_slug_41":"claim-casualty-and-theft-losses","task_42":"Claim legal fees","task_slug_42":"claim-legal-fees","task_43":"Business Tax Preparation Checklist:","task_slug_43":"business-tax-preparation-checklist","task_44":"Analysis Of Current and Past Financial Data:","task_slug_44":"analysis-of-current-and-past-financial-data","task_45":"Collect copies of federal and state tax returns","task_slug_45":"collect-copies-of-federal-and-state-tax-returns","task_46":"Consult copies of articles of incorporation","task_slug_46":"consult-copies-of-articles-of-incorporation","task_47":"Calculate year end balance sheets","task_slug_47":"calculate-year-end-balance-sheets","task_48":"Review year-end bank statements","task_slug_48":"review-yearend-bank-statements","task_49":"Review gross receipts from sales or services","task_slug_49":"review-gross-receipts-from-sales-or-services","task_50":"Check sales records (for accrual based taxpayers)","task_slug_50":"check-sales-records-for-accrual-based-taxpayers","task_51":"Calculate total returns and allowances","task_slug_51":"calculate-total-returns-and-allowances","task_52":"Gather business checking\/savings account interest","task_slug_52":"gather-business-checkingsavings-account-interest","task_53":"Identify other income","task_slug_53":"identify-other-income","task_54":"Benefits, loans and transactions documents:","task_slug_54":"benefits-loans-and-transactions-documents","task_55":"Compile details of fringe benefits","task_slug_55":"compile-details-of-fringe-benefits","task_56":"Gather documents of business loans","task_slug_56":"gather-documents-of-business-loans","task_57":"Gather records of all business insurance","task_slug_57":"gather-records-of-all-business-insurance","task_58":"Locate information on interest expenses","task_slug_58":"locate-information-on-interest-expenses","task_59":"Document legal fees","task_slug_59":"document-legal-fees","task_60":"Payroll data:","task_slug_60":"payroll-data","task_61":"Collect payroll forms","task_slug_61":"collect-payroll-forms","task_62":"List commissions paid to subcontractors","task_slug_62":"list-commissions-paid-to-subcontractors","task_63":"Record wages paid to employees","task_slug_63":"record-wages-paid-to-employees","task_64":"Expense details:","task_slug_64":"expense-details","task_65":"Collate all advertising costs","task_slug_65":"collate-all-advertising-costs","task_66":"Document all transportation and travel expenses","task_slug_66":"document-all-transportation-and-travel-expenses","task_67":"Record office supply expenses","task_slug_67":"record-office-supply-expenses","task_68":"Record rental expenses","task_slug_68":"record-rental-expenses","task_69":"List any other expenses","task_slug_69":"list-any-other-expenses","task_70":"List of assets and depreciation:","task_slug_70":"list-of-assets-and-depreciation","task_71":"Disclose asset acquisitions","task_slug_71":"disclose-asset-acquisitions","task_72":"Work out your depreciation expense schedules","task_slug_72":"work-out-your-depreciation-expense-schedules","task_73":"Document details of asset dispositions","task_slug_73":"document-details-of-asset-dispositions","task_74":"Final forms:","task_slug_74":"final-forms","task_75":"Review &amp; finalize supplementary forms","task_slug_75":"review--finalize-supplementary-forms","task_76":"Attach final 1040 form","task_slug_76":"attach-final-1040-form","task_77":"Review your completed 1040 with a professional","task_slug_77":"review-your-completed-1040-with-a-professional","task_78":"Schedule meeting with your tax advisor\/accountant","task_slug_78":"schedule-meeting-with-your-tax-advisoraccountant","task_79":"Make final adjustments","task_slug_79":"make-final-adjustments","task_80":"Find any communications with the IRS","task_slug_80":"find-any-communications-with-the-irs","task_81":"Submit to the IRS","task_slug_81":"submit-to-the-irs","task_82":"Sources:","task_slug_82":"sources","task_83":"Related 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