We are now in the midst of tax season, which means people across the United States and its territories are busy compiling their records and receipts and preparing their income tax return paperwork. This can be a stressful time of the year, especially if you are not entirely sure what is required out of you in regard to tax preparation.

To help, we have created a tax preparation checklist that covers most individuals’ needs for their individual or joint tax returns. For more personalized information, we strongly encourage you to consult an experienced U.S. Virgin Islands tax planning attorney.

Income information

  • Income you’ve earned from jobs, as evidenced on forms W-2
  • Income earned from investments, using various forms 1099, K-1s and stock option information
  • Alimony income
  • Income from businesses or farming (profit/loss statements, capital equipment information)
  • Home office expenses and the size of your home office space
  • Distributions from IRAs and pensions (forms 1099-R, 8606)
  • Social Security benefits (form SSA, 1099)
  • Income and expenses associated with rental properties (profit/loss statements, suspended loss information)
  • Prior year installment sale info (SSN/address of payer, form 6252)
  • Miscellaneous income (gambling winnings, scholarships, health savings account, lottery)

Income adjustments

The below factors may reduce your taxable income, which can either increase your tax refund or lower amount of money you owe.

  • Energy credits
  • Student loan interest
  • Moving costs
  • HAS contributions
  • Health insurance payments (if self-employed)
  • Alimony payments
  • IRA contributions
  • Educator expenses
  • SIMPLE or other self-employed pension plans


  • Childcare costs
  • Education costs (form 1098-T)
  • Advance Child Tax Credit
  • Adoption costs
  • Investment interest
  • Charitable donations
  • Casualty/theft losses
  • Home mortgage interest and points paid (form 1098)
  • Medical and dental expenses
  • Miscellaneous tax deductions (union dues, seminars, continuing education, uniforms, business travel)

Paid taxes

  • State and local income taxes
  • Real estate taxes
  • Personal property taxes (vehicle license fee)


Adam N. Marinelli is an associate in the Corporate, Tax and Estate Planning Practice Group at BoltNagi PC and concentrates his practice in tax matters. BoltNagi is a full service business law firm serving the U.S. Virgin Islands.