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Tax Preparation Checklist

TAXES

To sign-up for TAX services, go to the MYRA Portal >> Taxes >> File a Tax Return.

PS: Please do NOT email these documents to us. Please do NOT email these upload these documents to your MYRA Portal. Once your sign-up for TAX services, your assigned CPA will send you an email detailing how and where your tax documents should be uploaded.

Before we prepare your tax return you should review this tax preparation checklist to help you get organized. Your tax preparation checklist will also get you in the right frame of mind. Simply put, it will help you get everything together before we begin to file your tax return.

Personal Information

The IRS needs to know who is filing the tax return, as well as how many people are covered on it. To make this easy, please gather your:

  • Prior Year Tax Return
  • Social Security Card (or social security number in a .txt or .docx file) - for you, your spouse, and any dependents you will claim on your tax return
  • State Driver’s License or State ID Card (front and back) - for you, your spouse, and any dependents you will claim on your tax return
  • Any Tax Notes (in a .txt or .docx file) that you want to share with your CPA

Income Information: 

Gather the following documents will help you prepare all the income information that you need to file a federal tax return:

  • Income from all employers you (and your spouse, if filing a joint return) worked for during the past tax year (W-2 Forms)
  • Income if you (or your spouse) completed contract work and earned more than $600 (1099-NEC, 1099-MISC Forms)
  • Investment income including: interest income (1099-INT Forms), dividend income (1099-DIV Forms), proceeds from the sale of bonds or stocks (1099-B Forms), and income from foreign investments (1099-MISC Forms or foreign equivalent).
  • Income from local and state tax refunds from the prior year (1099-G Forms)
  • Business income (accounting records for any business that you own)
  • Unemployment income (1099-G Forms)
  • Rental property income (accounting records for your rental property that you own)
  • Social Security benefits (SSA-1099 and SSA-1042S Forms)
  • Miscellaneous income (including: jury duty, lottery and gambling winnings, Form 1099-MISC for prizes and awards, and Form 1099-MSA for distributions from medical savings accounts)

Income Adjustments

The following adjustments can help reduce how much you owe in taxes, and in turn, increase your chance of receiving a tax refund. Do you have any:

  • Homebuyer tax credit 
  • Green energy credits 
  • IRA contributions (Form 5498)
  • Mortgage interest & RE Taxes (Form 1098)
  • Student loan interest (Form 1098-T)
  • Medical Savings Account contributions (Form 5498-SA)
  • Self-employed health insurance (Form 1095-C)
  • Moving expenses (Form 3903)

Credits and Deductions

There are many tax credits and tax deductions for various expenses, which are designed to help lower the amount of tax that an individual has to pay. Please gather:

  • Education cost receipts
  • Childcare cost receipts
  • Adoption cost receipts
  • Charitable contribution/donation receipts
  • Casualty and theft losses
  • Qualified business expense receipts
  • Medical expense receipts
  • Job and moving expense receipts
  • Home Use for Business 

Foreign Assets & Income Reporting

If you have foreign bank accounts, foreign income or gifts from a foreign person that need to be disclosed. Please gather:

  • Prior Year FBAR, FATCA or Form 3520 filings
  • Foreign Bank Names, Account Numbers, Bank Addresses, and Highest Balances

Direct Deposit

Are you interested in having your tax refund directly deposited into your bank account? If so, you will need to provide your bank account and routing number:

  • Bank info (account number, routing number) in a .txt or .docx file

Again, Please do NOT email these documents to us. Please do NOT email these upload these documents to your MYRA Portal. Once your sign-up for TAX services, your assigned CPA will send you an email detailing how and where your tax documents should be uploaded.

Note: In addition to the documents above, your CPA might request you to complete a "TAX QUESTIONNAIRE" document on their portal.

To sign-up for TAX services, go to the MYRA Portal >> Taxes >> File a Tax Return.

We hope to make this tax season an stress-free experience for you!