Lake Tax Services Minneapolis

Tax Preparation

Required Documents

Copies of Drivers License or State IDs
Social Security Cards
Proof of Residence for dependents claiming EIC

Income documents

Income from jobs: forms W-2 for you and your spouse
Investment income—various forms 1099 (-INT, -DIV, -B, etc.), K-1s, stock option information
Income from state and local income tax refunds and/or unemployment: forms 1099-G
Business income—profit/loss statement
IRA/pension distributions—forms 1099-R
Rental property income/expense—profit/Loss statement,
Social Security benefits—forms SSA-1099
Gambling winnings
Other miscellaneous income—Medical Savings Account (MSA), scholarships, etc

Tax deduction documents

Child care costs—provider’s name, address, tax id, and amount paid
Education costs—forms 1098-T, education expenses
Home mortgage interest and points you paid—Forms 1098
Other miscellaneous tax deductions—union dues, unreimbursed employee expenses (uniforms, supplies, seminars, continuing education, publications, travel, etc.) (for tax years prior to 2018 only)
Medical and dental expenses

Where Can I Find Documents I Need?

Use our handy IRS document search tool for your documents.

IRS DOCUMENT SEARCH CHECK MY REFUND

Keep Documents For 3 Years

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they're safe provided they retain their documents for this period of time. Even if the original records are provided only on paper, they can be scanned and converted to a digital format. Once the documents are in electronic form, taxpayers can download them to a backup storage device, such as an external hard drive, or burn them onto a CD or DVD (don't forget to label it). Create a Backup Set of Records and Store Them Electronically. Keeping a backup set of records — including, for example, bank statements, tax returns, insurance policies, etc. — is easier than ever now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet. You might also consider online backup, which is the only way to ensure that data is fully protected. With online backup, files are stored in another region of the country, so that if a hurricane or other natural disaster occurs, documents remain safe. If the IRS believes you have significantly under-reported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit.