Tax Preparation Checklist for 2022
With 2021 in the rearview mirror, there’s no better time to start thinking about the documents you’ll need to prepare your tax return. It can be a lot to keep track of, so we’ve provided a handy checklist of documents to keep an eye out for or to start collecting over the next couple of weeks, as the 2022 tax filing season officially kicks off on January 24th.
Since every business and individual is different, the items on the checklist may not all apply to your situation, but it’s a good starting point. In addition, due to the ongoing pandemic, providing the necessary documentation to your accountant will be very important this tax filing season, as many individuals will once again meet virtually with their tax advisor.
Business
- 2021 year-end and January 2022 bank statements
- Accounts receivable aging report
- Accounts payable aging report
- Inventory count
- Quarterly sales tax filings
- Quarterly payroll tax filings
- Breakdown by the state of sales and services to customers
- Loan and credit card statements that show the principal balance at 2021 year-end
- Invoices for any fixed asset additions made during the year
- Documentation regarding Paycheck Protection Program (PPP) loans, such as signed loan agreements and forgiveness applications
- Copies of any 1099s received
- Reports showing quarterly gross receipts from the first quarter 2019 through the third quarter of 2021
Individual
- All relevant 2021 W-2s
- 1099s including interest, dividends, brokerage accounts, Social Security and pension/IRA distributions, rental income, unemployment, and self-employment income
- 2021 K-1 statements
- Real estate purchase or sales documentation
- Documentation for charitable contributions, medical expenses, mortgage interest, and property taxes
- A list of federal, state, and local estimated tax payments made for 2021
- Payments to childcare providers
- Educational expenses – Forms 1098
- A list of any significant changes in your situation from the prior year (e.g., the birth of a child, marriage, divorce, etc.)
- Documentation or information regarding any stimulus payments received during 2021
- Documentation showing any advance child tax credit received during 2021
- Bank account information if you want direct deposit, including routing and account numbers
- Foreign bank account information including location, name of the bank, account number, the maximum value of the account during the year, etc.
- A list of any cryptocurrency transactions made during the year
Contact Us
If you are a firm client and would like a link to upload your documents securely, please get in touch with the Klatzkin advisor with whom you usually work. If you have questions about the information above, or to learn more about how Klatzkin can help with your 2021 taxes, or your plans for 2022, click here to contact us. We look forward to speaking with you soon.
©2022 Klatzkin & Company LLP. The above represents our best understanding and interpretation of the material covered as of this post’s date and does not constitute accounting, tax, or financial advice. Please consult your advisor concerning your specific situation.