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Please Expect Your Organizers by Mid-December

Tax Planning Document Checklist

At the heart of everything we do is Tax Planning, and we are eager to collaborate with your entire financial team to provide you with the best service.

The purpose of this meeting is to discuss any expected changes in your current tax situation, explore ways to minimize your income tax liability, offer guidance on financial decisions if necessary, and ensure that you are fully tax compliant well before the new tax season commences.

By providing us these documents in advance, we can ensure that our meeting time is used efficiently to delve into specific strategies, planning and recommendations, rather than spending time collecting basic information.

Mid-Year Tax Planning Checklist 

  1. Income Tracking and Investment & Financial Planning 

  • Year-to-Date Pay Stubs: Most recent check stubs for each job. 
  • Monthly Brokerage Statements: From all investment and brokerage accounts.
  • Dividend and Interest Income: Monthly or quarterly statements. 
  • Estimated Tax Payments: Records of payments made to date for federal, state, and local  taxes. 
  • Self-Employment Income: Year-to-date profit and loss statement. 
  • Rental Income and Expenses: Ongoing records of rental income and related expenses.
  • Investment Account Performance: Mid-year performance review of all investment  accounts. 
  • Stock and Bond Transactions: Records of sales and purchases. 
  • Cryptocurrency Transactions: Mid-year summary of purchases, sales, and trades.
  • Retirement Account Contributions: Year-to-date contributions to IRAs, 401(k)s, and  other retirement accounts. 
  • Health Savings Account (HSA) Contributions: Year-to-date contributions and  withdrawals. 
  1. Deductions & Credits Planning 
  • Charitable Contributions: Receipts for donations made so far this year. 
  • Medical Expenses: Records of medical and dental expenses incurred to date.
  • Business Expenses: Ongoing tracking of business-related expenses, including travel,  supplies, and meals. 
  • Home Office Expenses: If applicable, documentation of home office use for business  purposes. 
  • Childcare Expenses: Payments made so far for childcare services.
  1. Life Events 
  • New Dependents: Documentation for any new dependents added this year.
  • Home Purchase or Sale: Closing documents if applicable during the first half of the year.
  • Major Medical Events: Records of significant medical expenses incurred so far.
  • Marriage or Divorce: Relevant legal documents if applicable. 
  1. Business Owners & Self-Employed Individuals 
  • Year-to-Date Profit and Loss Statement: For closely held companies or self-employed  individuals. 
  • Estimated Tax Payments: Records of quarterly tax payments made to date.
  • Employee Payroll Records: Ongoing payroll records for employees. 
  • Business-Related Travel: Mileage log and travel expense receipts. 
  • Inventory Records: If applicable, mid-year inventory check. 
  1. Miscellaneous 
  • Legal Documents: Any updates to trusts, wills, or other legal documents affecting tax  status. 
  • IRS Notices: Keep any notices or correspondence received from the IRS or state tax agency  this year. 
  • Foreign Accounts: Mid-year check on foreign accounts for compliance with FBAR  requirements.

Don’t Leave Money On the Table

Our team of tax professionals can help you make informed decisions about your wealth so that you feel confident and in control.