Tax Prep Checklist

The items required for tax preparation are different for everyone. It is your responsibility to submit to us anything that might be pertinent. Below is a list you can use in conjunction with your Tax Organizer to gather your tax documents. For a printable list, click here.

Here is a complete, generic Tax Organizer to help you determine which items might be reportable on your tax return: 2023 API Tax Organizer. If you are an existing client, we email personalized organizers showing prior year numbers around the start of the New Year (if you do not have one, please contact us at notifications@apiaccounting.com). You do not have to (nor should you) print out the whole tax organizer, only the pages or sections that apply to you. PLEASE SUBMIT ONLY THE PAGES TO US THAT HAVE RELEVANT TAX INFORMATION (please do NOT submit blank pages).

Basic Info

• Social Security or Tax ID Number and Dates of Birth for everyone included on your tax return. Don’t forget your spouse and dependents.

• Identity Protection PIN, if one has been issued to you, your spouse, or your dependent by the IRS

• Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent

Personal Income

• Proof of Income: Forms W-2 (employed), 1099-G (unemployed), and for those self-employed - Forms 1099, Schedules K-1, income records to verify amounts not reported on 1099-MISC or new 1099-NEC. Also, for self-employed tax payers, please include:

  • Records of all expenses — check registers or credit card statements, and receipts

  • Business-use asset information for depreciation— cost, date placed in service, etc.

  • Home office information — utilities, repairs, maintenance, etc.

  • Dates and amounts of estimated tax payments made (Forms 1040-ES & 540-ES)

• Rental Income:

  • Records of income and expenses (here is a generic template you can use to capture this information)

  • Rental asset information for depreciation— cost, date placed in service, etc.

• Retirement Income:

  • Pension/IRA/Annuity income (1099-R)

  • Traditional IRA basis (i.e., amounts you contributed to the IRA that were already taxed)

  • Social security/RRB income (SSA-1099, RRB-1099)

• Savings & Investments or Dividends:

  • Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)

  • Income from sales of stock or other property (1099-B, 1099-S)

  • Dates of acquisition and records of your cost or other basis in property you sold (if basis is not reported on 1099-B)

  • Health Savings Account (HSA) and long-term care reimbursements (1099-SA or 1099-LTC)

  • Expenses related to your investments

  • Transactions involving cryptocurrency (Virtual currency)

• Other Income & Losses:

  • Gambling income (W-2G or records showing income, as well as expense records)

  • Jury duty records

  • Hobby income and expenses

  • Prizes and awards

  • Trust income

  • Royalty Income 1099–MISC

  • Any other 1099s received

  • Record of alimony paid/received with ex-spouse’s name and SSN

  • State tax refund

Personal Deductions

• Home Ownership:

  • Forms 1098 or other mortgage interest statements

  • Real estate and personal property tax records (only a portion of your DMV registration is deductible, not the full amount)

  • Receipts for energy-saving home improvements (e.g., solar panels, solar water heater)

  • All other 1098 series forms

  • If you bought or sold a home, the Final Settlement Statement from the Title Company (usually the first couple pages of your closing paperwork)

• Charitable Donations:

  • Cash amounts donated to houses of worship, schools, other charitable organizations

  • Records of non-cash charitable donations

  • Amounts of miles driven for charitable or medical purposes

• Medical Expenses:

  • Amounts paid for healthcare, insurance, prescriptions, medical supplies, and to doctors, dentists, and hospitals (currently can deduct 7.5% of your AGI)

• Health Insurance:

  • Form 1095-A if you enrolled in an insurance plan through the Marketplace (Exchange)

• Childcare Expenses:

  • Fees paid to a licensed day care center or family day care for care of an infant or preschooler

  • Amounts paid to a baby-sitter or provider care of your child under age 13 while you work

  • Expenses paid through a dependent care flexible spending account at work

• Educational Expenses:

  • Forms 1098-T from educational institutions

  • Receipts that itemize qualified educational expenses

  • Records of any scholarships or fellowships you received

  • Form 1098-E if you paid student loan interest

• K-12 Educator Expenses:

  • Receipts for classroom expenses (for educators in grades K-12)

• State & Local Taxes:

  • Amount of state and local income or sales tax paid (other than wage withholding)

  • Invoice showing amount of vehicle sales tax paid and/or personal property tax on vehicles

• Retirement & Other Savings:

  • Form 5498-SA showing HSA contributions

  • Form 5498 showing IRA contributions

  • All other 5498 series forms (5498-QA, 5498-ESA)

• Federally Declared Disaster:

  • City/county you lived/worked/had property in

  • Records to support property losses (appraisal, clean-up costs, etc.)

  • Records of rebuilding/repair costs

  • Insurance reimbursements/claims to be paid

  • FEMA assistance information

  • Check the FEMA website to see if your county has been declared a federal disaster area

Business Entities

• Year-End Profit & Loss Summary Statement (if you do not have accounting software to generate this report, click here for a generic template)

• Year-End Balance Sheet (click here for a balance sheet generic template)

• General Ledger Detail report, specifically showing any fixed assets acquired during the year, or just a list of newly acquired fixed assets

• Dates and amounts of estimated tax payments made (Form 100-ES)

• Dates and amounts of Pass-Through Entity Elective Tax Payments made (Form 3893)

• Balances of all bank, loan, and/or credit card accounts as of 12/31 (or applicable FYE)