In most cases our clients come in with their tax information and leave with their completed return in one, one hour, appointment with our tax preparer. We can prepare multiple federal and state returns and e-file them so you can get your refunds quickly. If you owe money we can show you how to pay your taxes online. We can meet at our office, you can mail them in or we do offer a limited number appointments where we meet at the location of your choice to prepare your taxes. Whatever is most convenient for you. Spending the few extra minutes to prepare for your appointment can translate to a significant tax savings for you.
It is always a good idea to utilize a Personal Tax Organizer to assist in organizing the materials you need to have your taxes prepared.With that said, here is a checklist of items we’ll need in order to prepare your income tax return properly. You may not have or need everything on this list.
- Social Security Cards for You, your Spouse & Children) – If you have your Social Security card, bring it with you to the appointment. If you have changed your name (due to marriage, divorce, etc.), let us know which last name the Social Security Administration has for you. In addition, you’ll need the date of birth for each of your children.
- Current Driver’s License – We need your driver’s license to verify your identity.
- Last Year’s State and Federal Tax Returns – If you are not a prior client, you’ll need to bring a copy of last year’s income tax returns with you.
- Wage Statements – Form W2 – For employee income, you will receive a Form W-2, Wage and Tax Statement, from each of your employers. If you have not received this form by the beginning of February, you will need to contact your employer. Employers are required to send W-2s by January 31. Bring all Wage Statements with you when you come in to have your income tax return prepared.
- Child Care Expenses and Provider Information – Did you pay someone to provide care for your children while you work, or searching for work? You may qualify for a tax credit of up to 35% of your expenses. You will need to bring the provider’s name, address and Taxpayer ID Number (TIN). This can be their Social Security Number or an EIN number. We will need the total amount of expenses you paid during the year.
- Medical, Eye Care and Dental Expenses – If you itemize your tax return you may be able to write off a portion of your medical, dental, eye care and health insurance premiums if your total expenses for the year are greater than 7.5% of your Adjusted Gross Income. This would also include information regarding FSA’s, HRA’s, HSA’s, and MSA’s.
- Charitable Contributions – Cash and Non-Cash – Charitable contributions during the past year can be deductible if you itemize your return. Make sure to bring all records for contributions you made directly and through employer withholdings. Keeping written acknowledgments from organizations that you’ve donated to is important. Non-cash charitable donations (vehicles, clothing or real property), are valued at the fair market value.
- Mortgage or Home Equity Loan Interest Paid – Form 1098 – When itemizing your tax return you can deduct mortgage interest and interest paid for home equity loans. Points can be deductible too. You should receive Form 1098 by January 31, which shows the interest you paid in the previous year. If you don’t receive this form, call your mortgage holder to obtain a duplicate.
- Real Estate or Personal Property Taxes – When you itemize your deductions, you can deduct amounts paid for real estate and personal property taxes from your Adjusted Gross Income. Bring proof of tax payment in when you come to have your income taxes prepared. If your mortgage company pays real estate taxes for you through an escrow fund, they should send proof of this payment on Form 1098 by January 31. To get the amount paid for Personal Property Taxes contact your taxing authority and ask them to give you the amount paid during the year.
- Record of Purchase or Sale of Real Residence – If you’ve sold your home during the tax year and you have a gain some of that gain could be taxable. Typically though, if it as your primary residence for at least two years, you may be able to exclude up to $250,000 ($500,000 if Married Filing Jointly) of the gain from your income.
- Unreimbursed Employment – Related Expenses – Do you have to pay for a required uniforms, protective clothing or dues to professional organization or union? If there are expenses you incurred that your company did not reimburse to you, you may be able to deduct those expenses. Make sure to bring that information in to your appointment.
- Educational Expenses – 1098-T – Tuition’s and school supplies paid for college classes or higher education for you or any member of your family can provide additional tax credits. Bring these records to your appointment.
- Educator Expenses – If you’re a teacher in grades K-12, an instructor, counselor, principal or aide who has logged at least 900 hours of work in school during the year you may deduct up to $250 of qualified expenses paid.
- Pension or Retirement Income – 1099-R – Make sure to bring all the forms you’ve received regarding Distributions from Pensions, Annuities, Retirement or Profit Sharing Plans, IRAs, Insurance Contracts, etc. to you appointment. You should receive this form by January 31.
- Investment and Dividend statements – 1099-INT and 1099-DIV – For any interest you’ve earned on your investment or banking accounts during the prior year you should receive a 1099-INT (Interest Income) by January 31. With dividend income from stocks or funds during the prior year, each company or institution will send you a 1099-DIV by January 31.
- Student Loan Interest – Form 1098-E – If you’ve been paying down a student loan this past year you may be able to deduct the interest you’ve paid. A 1098-E showing how much interest you paid during the year should come to you.
- Social Security Income – SSA-1099 – If you’ve received Social Security payments in the last year, some of that amount may be taxable. The Social Security Administration will send you that information by the end of the year.
- Unemployment Income – 1099-G – If you’re one of the many who was unfortunate enough to have to collect unemployment during the tax year the money you received should be listed on your return as income. Your state should send you a 1099-G by January 31st.
- Sales of Stocks or Bonds – 1099-B – When you’ve sold any of your investments you should be issued a 1099-B. Bring that along with your brokerage statements and receipts to your appointment so we can determine what the lowest tax rate is for your situation.
- Self-Employed Business/Farm Income and Expenses – 1099-MISC and K-1 – Do you own a small business that is set up as a sole proprietor, partnership or LLC? Then make sure to bring your accounting books along with any 1099 forms you’ve received.
- Lottery or Gambling Winnings – W-2G – If you’ve won the lottery or win $600 or more from gambling you should get a W-2G which shows the amount you won and any taxes that were paid. You can also deduct your losses up to the amount that you’ve won. It’s a good practice to have a log of some sort that details the information about your winnings and losses.
- Income and Expenses from Rental Property – With today’s economy many people have joined the ranks as landlords. If you own a rental property you need to report the rents you’ve received along with any expenses you’ve incurred.
- Alimony Paid or Received – Alimony payments are deductible on your income taxes. If you’ve made alimony payments during the tax year, make sure to bring records of the amounts you’ve paid along with the Social Security Number of the recipient. Child Support is not deductible or taxable.
Please call us with any questions and if you would like to set up an appointment call us at 612-791-2320.