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Tax Preparation, Electronic Filing & Financial Tracking
Welcome to our website.
Hereís a basic checklist of information to start organizing for the preparation of your tax return. If you are fully prepared for you tax appointment you will save time and help ensure that you receive all the tax benefits, credits and deductions allowed. Although this is not an all inclusive list, it will help steer you in the right direction. As you begin receiving important tax documents in the next several months, file them with this checklist.
All copies of W-2ís from all employers that you and/or your spouse received in the year.
Original or clear copies of S.S. Cards for anyone on the tax return.
Proper dates of birth for your dependants, spouse and yourself.
A copy of your prior tax return(s) (not mandatory)
Not necessary if we prepared your return in the previous year.
Mortgage statements showing:
Student Loan Interest paid.
Form 1098-T Tuition.
Fees paid, costs of required books, supplies and equipment.
Form 1099-INT Savings and Investments.
These are from a savings account or investment accounts.
Checking accounts do not normally receive interest.
Form 1099-SA from Health Savings Account.
Contributions to your health savings through your employer.
Distributions from your health savings for medical expenses.
Form 1099-R from retirement distributions.
These should be accompanied by income reports from the annual statements.
Form 1099-SSA Social Security Administration payments.
These are from stocks owned, paying dividends in the year.
Form 1099-B, Form 1099-S
These are from the sale of stocks or home (proceeds from real estate).
All stock sales must be accompanied by the following:
Average purchase price
All home sales must be accompanied by the following:
Date of original purchase
Original purchase price.
Date of sale
All expense incurred in the purchase, sale and cost of maintaining.
∑ Form 1099-A or 1099-C Abatement or Cancellation of Debt.
o These forms may require additional information & can only be determined after their review.
Gambling income (including: lotto, casino betting and reported betting).
List all gambling losses separately.
State tax refunds.
Form 5398 Traditional IRA or Roth IRA contributions/year end values report.
Is from LLCís or S-Corporations.
Record of other income including but not limited to, Jury Duty, Hobby Income, Prizes and Awards.
Any Alimony/Spousal Support you paid or received and the social security number of the spouse.
NOTICES FROM THE IRS
∑ Bring ANY and ALL notices or correspondence you received from the Internal Revenue Service, your State or City or other taxing authority.
The 1st several notices are the ones that carry the most information.
ITEMIZED DEDUCTIONS (specific deduction lists on the Forms page)
∑ Medical expenses.
o Co-pays, doctors, dentists, glasses, prescriptions, and medical mileage.
o Health insurance payments, including payments for COBRA.
∑ Taxes paid.
o State and Local income taxes, real estate taxes.
o Tax on purchasing a car, sales tax and registrations.
∑ Interest paid.
∑ Investment interest.
∑ Charitable Donations.
o Cash & Non Cash.
∑ Casualty Loss or Theft.
∑ Unreimbursed employee expenses.
o Job Hunting Expenses.
o Union Dues.
∑ Tax preparation fees, safe deposit box fees, other investments expenses, etc.
PLEASE GO TO OUR FORMS SECTION AND SELECT A DEDUCTION LIST(s) FORM
BUSINESS INCOME (specific lists on the Forms page)
∑ Including but not limited to:
o Rentalís (Home, Business, Equipment, etc.).
o Construction (Buildings, Framing, Specialty Trade, etc.).
o Whole Sale. (Local, State wide, Internet, etc.).
o Retail (Cash, Trade, Barter).
o General Businessí.
PLEASE GO TO OUR FORMS SECTION AND SELECT SOLE-PROPRYITOR/CORP FORM
DEPENDANT CARE (specific lists on the Forms page)
∑ Providerís name, full addresses and tax ID number.
∑ Total amount paid to each provider.
o If multiple children, amount totals need to be per child per provider.
PLEASE GO TO OUR FORMS SECTION AND SELECT DEPENDANT CARE FORM
MOVING EXPENSES (specific lists on the Forms page)
Move to a new place because of a new principal workplace.
Move must be 50 miles or greater.
Transportation, storage, travel, lodging are deductable.
PLEASE GO TO OUR FORMS SECTION AND SELECT MOVING EXPENSE FORM
∑ Energy efficient appliances (frig/freezer, washer/dryer, dishwasher, water heaters, furnaces, air conditioners, heat pumps, etc.).
∑ Thermal windows, window tinting, exterior doors.
∑ Thermal coverings (new roof covering, thermal exterior painting, attic insulation).
Teacher, K thru 12th grade, can deduct classroom expenses.
The expenses can not be reimbursable.
You must have the original or clear copy of receipts for items purchased.
Receipts should be marked for its purpose.
∑ The IRS has a cap on the amount able to be deducted directly from your income. The remaining amounts are used for itemizations if you itemize.
HOME PURCHASE, RENTAL PURCHASES, BUILDING PURCHASES
Including refinancing and foreclosure.
Closing documents are required to prepare any tax return accurately.
A copy of the HUD or good faith statement must be included in the closing documents.
For the sale of properties the original purchase documents will be needed to take proper deductions.