Tax Tracking List

Income

• W-2 Earned Income
• Dividend Income
• State Tax Refund
• IRA Distributions
• Jury Duty Pay
• Social Security
• Stocks Sold for a Gain
• Interest Income
• Alimony Received
• Pension & Annuities
• Royalty Income
• Unemployment Income
• Gambling Winnings

Deductions

• Mortgage Interest Paid
• Points paid for purchase or re-finance of home mortgage
• Personal Property Tax Paid (tax based on the value of the asset: vehicles, boats, trailers, intangible tax)
• Real Estate Tax Bill (if not on Mortgage Interest Statement)
• Cash Charitable Contributions
• Non-Cash Charitable Contributions
• Mileage for charitable contributions or charity work
• Safe Deposit Box Rental Fee
• Tax Preparation Fee
• Investment Advisory Fees
• IRA Custodial Fees
• Attorney fees relating to the production of income or regarding tax matters
• Employee Paid Business Expenses
  • Mileage
  • Travel
  • Meals & Entertainment
  • Office Expense
  • Business Gifts
  • Trade Publications
• Medical and Dental Expenses
  • Doctors, Dentists
  • Hospital & Clinics
  • Labs & X-Rays
  • Eyeglasses & Contacts
  • Mileage to Seek Medical Care
  • Medical Equipment & Supplies
  • Travel & Transportation Expense (to seek medical care)
  • Insurance Premiums-Medical & Dental
  • Self Employed Insurance Premiums
  • Long-Term Care Insurance Premiums and Expenses
  • Lodging (for medical reasons)
• Gambling Losses (to the extent of winnings)
• Casualty or Theft Losses (property stolen or damaged)
• Alimony Paid
• Student Loan Interest Paid
• Educational Expenses
• Union or Professional Dues
• Uniforms or Protective Clothing for Employment
• Investment Interest Paid
• Job Search Expenses
• Childcare Expenses
• Moving Expenses

Retirement

• Contributions
• Withdrawals
• Transfers or re-characterizations of accounts

Self Employment Business

• Income
• Expenses

Rental Property

• Income
• Expenses

Assets

• Closing Statements on homes sold, purchased and re-financed
• Statements for all investment accounts

Partnerships, Estates, Trusts and Corporations

• Schedule K-1s

Farming

• Income
• Expenses

Household Employee

• W-2s issued
• Records of Payments

Home Office Deduction (expenses for operating an office for business purposes in your home)

• Total square footage of home
• Square footage of office used for business
• Homeowners Insurance
• Utilities
• Repairs/Maintenance

Tax Payments

• Estimated Taxes
• Foreign Taxes
• Income Taxes Paid with prior year’s tax return

For more information regarding this topic or any other tax-related issue, contact Henssler Financial at 770-429-9166 or experts@henssler.com.

Disclosures

This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.