US Tax Filing

Description

Required Documents

1. Personal Identification and Income Details
   • What it is: Documents to verify the taxpayer’s identity and income sources.
   • Documents Required:
     • Social Security Number (SSN) or ITIN – For individual taxpayers.
     • Passport or Government-Issued ID – To confirm identity (especially for expats).
     • W-2 Form (for employees) – Summary of income and taxes withheld by the employer.
     • 1099 Forms (for contractors/freelancers) – Report of income for self-employed individuals or independent contractors.
     • Form 1042-S (for foreign income) – For income sourced from outside the U.S.
2. Investment and Income from Other Sources
   • What it is: Documents for reporting investment income and other non-salary earnings.
   • Documents Required:
     • 1099-INT or 1099-DIV – For interest or dividend income from investments.
     • 1099-B – For sales of stocks, bonds, or other securities.
     • K-1 Forms – For income from partnerships, S corporations, or trusts.
     • Rental Income Documents – If applicable, including rental income statements and property details.
3. Deductions and Tax Credits Documentation
   • What it is: Documents to support deductions and tax credits, reducing taxable income.
   • Documents Required:
     • Form 1098 (Mortgage Interest) – For deductions on mortgage interest.
     • Student Loan Interest Statements (Form 1098-E) – For education-related deductions.
     • Medical Expenses Receipts – For itemized deductions (if applicable).
     • Charitable Donation Receipts (Form 8283) – For tax-deductible donations.
     • Retirement Contribution Documentation – IRA, 401(k) contributions, etc.
4. Business Income (if applicable)
   • What it is: Documentation of income and expenses for business owners or self-employed individuals.
   • Documents Required:
     • Schedule C (Profit or Loss from Business) – For reporting business income and expenses.
     • Bank Statements – To support business transactions.
     • Receipts for Business Expenses – For claiming deductible business expenses.
5. Foreign Income and Assets (if applicable)
   • What it is: Documents reporting income earned outside the U.S. and foreign assets.
   • Documents Required:
     • Foreign Bank Account Statements – For FATCA (Foreign Account Tax Compliance Act) reporting.
     • Foreign Income Documentation – If applicable, proof of income earned outside the U.S.
     • FBAR Filing (FinCEN 114) – For reporting foreign bank accounts (if applicable).
6. Previous Year’s Tax Returns (if applicable)
   • What it is: Last year’s tax return helps in understanding tax liabilities and carryforward information.
   • Documents Required:
     • Previous Year’s Tax Return (Form 1040) – For adjusting carryforward losses, credits, or deductions.