Individual Income Taxes Record Keeping Guide The following outline provides general guidelines for tax record keeping. Consult your tax professional for information relative to your specific needs. Income W-2’s from all jobs held during the year. W-2Ps from all pensions & annuities. 1099s/miscellaneous income. Distributions from pension/profit sharing plans. IRA distributions. Interest and dividend statements. Rental income/expense information. Date and sales price of stocks and bonds including purchase price and purchase date of stocks sold. K-1s. Alimony Received. Deductions Medical expenses (insurance premiums, doctors, dentists, hospital, prescriptions, glasses, mileage). Personal property taxes on your vehicles, real estate taxes. Mortgage statement-Form 1098 (interest/real estate). Sale or purchase of house-settlement sheets. Did you refinance? If so, bring closing statement. (HUD-1) Interest on second trust/equity line. Charitable contributions (cash & non-cash). Any contribution of $250.00 or more must have a receipt. Charitable Contribution Chart Employee business expenses. Child care (name, address, ss# of provider). Adjustments IRA/SEP contributions and year-end statements. Alimony paid. Special items for Business Owners If you have inventory, take a year-end count. Record your ending odometer reading for the business mileage deduction.
