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Your Tax Preparation Checklist CANVA

Your Tax-Planning Checklist

By Wealth Management Solutions

When it comes to taxes, the better prepared you are, the easier this task will be and the sooner you will be done. 

We’ve created a tax-planning checklist for your tax advisor to follow. But, of course, reach out with any questions.

And, if you are already a client, you can upload your tax records to your personal financial organizer and we will review your documents and discuss them with your Certified Public Accountant (CPA). In addition, we can review your completed tax files for any efficiencies in your portfolio. 

Organize Your Personal & Income Information

As you receive tax documents virtually or by mail, organize them this way:

Income Information

  • Form W-2: These are issued by employers and show your wages and tax withholdings. 
  • Form 1099-MISC: These report income you have received as an independent contractor or freelancer. 
  • Form 1099-INT: This form will show any interest you have earned.
  • Form 1099-R: This form reports income received from annuities, IRAs, or pensions.
  • Form 1099-DIV: Any dividend income you earn is reported on this form.
  • Form 1099-B or 1099-S: You will receive these if you have any income from the sale of property or stock.
  • Form 1098: You will get this from your mortgage company reporting the interest that you paid.
  • Form 1098-T: This reports payments of qualified tuition and expenses.
  • Form 1095-A or 1095-C: These forms report your healthcare coverage for the year and your premium tax credit, if applicable.
  • Schedule K-1 (Form 1065, Form 1120S, or Form 1041): This reports income for a partner, a shareholder, or an income beneficiary of an estate or trust. 
  • Notice 1444-C or Letter 6475 for the third round of stimulus payments in 2021 (more on this below).
  • Letter 6419 for the advanced child tax credit (ACTC) payments you received (more on this below).

Income-Reduction Documents

  • Form 1098-E for student loan interest paid or loan statements for student loans received
  • Form 1098-T for tuition paid or receipts from the institution you or your dependents attend
  • Receipts for any qualifying energy-efficient home improvements
  • Records of IRA contributions made during the year
  • SEP, SIMPLE, and other self-employed pension plan information
  • Records of medical savings account (MSA) contributions
  • Moving expense records
  • Self-employed health insurance payment records
  • Alimony you paid

Personal Information

You’ll also want to make sure you have the following information for you and your dependents: 

  • Social Security numbers and birth dates
  • Copies of last year’s tax return
  • Bank account number and routing number (if you wish to have your refund deposited directly into your account)

Gather Documents for Itemization

If you’re planning to itemize your deductions, you’ll need records to include your totals and provide proof. 

Items for your Tax Advisor (Deductions and Credits)

  • Childcare costs: provider’s name, address, tax ID, and the amount paid
  • Education costs: Form 1098-T, education expenses
  • Adoption costs: SSN of the child; records of legal, medical, and transportation costs
  • Form 1098: Mortgage interest, private mortgage insurance (PMI), and points you paid
  • Investment interest expenses
  • Charitable donations: cash amounts and official charity receipts
  • Medical and dental expenses paid
  • Casualty and theft losses: the amount of damage, insurance reimbursements
  • Records/amounts of other miscellaneous tax deductions: union dues; unreimbursed employee expenses (uniforms, supplies, seminars, continuing education, publications, travel, etc.)
  • Records of home business expenses

Taxes Paid

  • State and local income tax
  • Real estate tax
  • Personal property tax

New Documents for 2021

Many people received the third round of Economic Impact Payments (EIP3). Also, the Advanced Child Tax Credit (ACTC) payment program began. These changes require the following documents when filing your 2021 taxes (you can log in to your IRS.gov account to find them):

  • Notice 1444-C (sent following the stimulus payment) or Letter 6475 (issued in January 2022).
  • Letter 6419 (issued by the IRS in January 2022)

Let Us Serve You

Keep in mind, there may be changes in the future to federal and/or state tax laws.

It’s important to get your 2021 tax return filed accurately and in a timely manner. It’s also important to look at the bigger picture of your tax planning needs and consider your overall financial goals.

At Wealth Management Solutions, we provide a comprehensive process that looks at your tax planning needs in light of your complete financial picture. After all, we believe in our motto: Our Planning; Your Future. If you want to be proactive about tax planning and pursuing your financial goals, we are here to guide you to confidence in every aspect of your financial plan. Schedule a complimentary consultation by contacting us at (949) 475-9700 or info@wms-llc.com.

About Wealth Management Solutions

The story of origin: Wealth Management Solutions was created in 2003, following the personal family tragedies felt by both partners of the firm. First, Richard Riva, the founding partner, lost his father unexpectedly and before any legacy planning was done that could have extended his family’s legacy beyond the fourth generation. Secondly, Martin Lombrano lost his father before plans and strategies were designed to protect his family’s wealth and legacy. Our partners and team members all share similar experiences due to a lack of planning for their families and are committed to our clients not experiencing the loss of their legacies due to a lack of planning. This is why we say: Our Planning; Your Future. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.



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