Need something to work with?

Carlos Padron, Finance, Dallas, TX

08 September 2018

Having something to work with before seeing a tax professional can be beneficial and won’t leave you paying so much to do your taxes.

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Photograph by Lorem Ipsum via Unsplash

Here is a list of generalized questions to answer and give note to when doing your taxes. However this is just a generalized worksheet to have something to work with. Not all individuals have the same scenario as to everyone is completely different

1. Did you have any income and/or expenses from any rental properties?

2. How much income did you have from your business?

3. What was your total ending inventory, if you had any

4. Did you have health insurance in 2017?

5. Did you pay interest on your vehicle? If so, how much did you pay?

6. Did you pay any mortgage interest?

7. Did you receive a 1099- MISC Form from any Royalties?

8. Did you receive a 1090 – Mortgage interest paid from any Mortgages?

9. How much interest did you pay for your vehicle?

All Food receipts can be best totaled by store (a chart of account)

10. Do you have a farm?

11. Did you have any income or expenses for the rental property?

12. Did you pay any real estate taxes fro your residential property?

13. Are you claiming any children?

It is extremely important to know your finances and numbers to avoid paying higher fees and ultimately save you a few hundred bucks to get your taxes done. Of course, good practices help you get there and consistency is everything.

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