Filing Your 2008 Tax Return: Bring on the Paperwork!
Track down your shoebox full of dusty 1099s, bank and mortgage
statements, child care expenses, insurance statements, investment
documents, sales slips, credit card receipts, and charitable
contributions and get ready to reveal all to Uncle Sam. “Get everything
in writing” as the old saying goes, and it also applies to your tax
papers. Here is a listing of the typical paper you’ll need to gather
(it’s painful but you gotta do it):
Personal Income Records (The money you make):
Pay stubs and records relating to tips, interest and dividends, tax
refunds and/or credits from local government, alimony, capital
gains/losses, business income/loss, IRA distributions, annuities,
social security, pension, unemployment compensation, agricultural
payments, moonlighting income, and winnings from gambling.
Medical Expenses Records:
Records for health insurance premiums, long-term care premiums,
prescription medications, insulin and insulin treatment, guide dogs,
physical/occupational therapy, acupuncture and chiropractic treatments,
x-rays, lab work, nursing care, hospital bills (include food),
long-term care services, podiatrist bills, glasses/contacts/hearing
aids/braces/crutches/wheel chairs, out-of-pocket doctors’ bills,
out-of-pocket mental health bills, ambulance services or travel
expenses related to medical care (include gas, parking and tolls),
alcohol or drug treatment, and treatment programs and prescription
drugs designed to help you quit smoking (except for over-the-counter
patches)
Records for Taxes Paid During the Year:
Records showing the amount you paid in state and local taxes, mandatory
contributions to your states’ workers’ compensation or
disability-benefit program (CA, NJ, NY, RI and WA), records relating to
your taxes for non-business real estate, records for any refunds or
rebates you received for real estate taxes the same year you paid them,
personal property taxes.
Interest Records:
Records of mortgage interest payments (Form 1098) and other records
documenting mortgage interest payments if you don’t have a 1098 that
comes in the mail. Also keep records of your payment of points if not
otherwise reported on Form 1098, refinancing records and any money
borrowed for home improvements.
Non-reimbursed Employment Expenses:
Any kind of special tools or clothing you require for your employment
that you paid for out of pocket. This also includes licensing fees,
membership dues for professional organizations, subscriptions to
professional magazines, job-related educational expenses, records
relating to the use of your home as a home office, travel expenses and
commuting costs (but only if your job is temporary and you do not work
there for more than one year).
Theft and Casualty Losses:
Records of all property losses due to fire, floods, earthquakes,
vandalism, accidents, federal disasters or theft. Also keep records of
appraisal fees and photography expenses incurred for the purpose of
proving you had a loss.
Charitable Donations:
Receipts from charitable organizations for money or property you
donated and a record of travel expenses relating to your volunteer
work, including mileage, tolls and parking.
To learn more about taxes and the IRS, see the following articles:
The Free Advice Guide for Filing Your 2008 Tax Return
How to Get Help Preparing Your Tax Return
When You Have to File Your Tax Return Late
When You Need to Pay Your Income Tax Late
Do I Have to File if I Live Outside the U.S.?
What Will It Cost Me to Get My Money Early?
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