Tax Preparation CheckList

To ensure you receive maximum value from your tax preparation service, a vital step is to gather and organize your income tax documentation.

For new clients, please provide your prior year’s federal and state tax returns.  This is because you may have certain carryover losses, depreciable items, and state tax payments that will be needed when preparing your current year’s tax return.  It is also a helpful guide in the interview process.

In addition, please bring:

Personal Data:

  • Social Security Numbers including spouse, children and other dependents, ex-spouse if alimony is paid, non dependent for claiming head of household status.
    • Childcare provider: name, address, tax ID or Social Security Number.
    • A personal check containing your bank routing number and checking account number to speed up your tax refund using direct deposit by the IRS or State. 

Income Data:

  • W-2 Forms
    • Unemployment compensation forms
    • Social Security forms • Pension and Annuity
    • Schedules K-1 from Partnership, S-Corp and Trusts
    • Gambling and Lottery winnings
    • Scholarships and fellowships
    • Alimony received
    • State tax refunds

 Homeowner Data:

  • Residential notice of property tax
    • Mortgage interest form 1098
    • Home equity loan interest
    • Real estate taxes paid
    • Closing/settlement documentation

 Self-Employment Data:

  • Business Income – 1099-MISC and/or own records
    • Business related expenses such as,
    o Advertising
    o Health Insurance
    o Retirement Benefits
    o Material
    o Equipment
    o Computers
    o Automobile Information (mileage, make and year of car, date placed in service)
    • Employment taxes and other related taxes.
    • Payroll information

 Rental Property Ownership:

  • Expenses for maintaining, advertising, commissions,
    insurance, management fees, legal and other professional fees, utilities, taxes, supplies, repairs, travel for visiting property, and mortgage interest.
    • Cost of major improvements which will be added to the basis of the property.
    • Rental income received

 Financial:

  • Interest income statements – 1099-INT
    • Dividend income statements – 1099-DIV
    • Broker transactions – 1099B
    • Margin interest paid
    • Retirement/Pension distribution – 1099R
    • Student Loan interest paid

 Potential Deductible Expenses:

  • Gifts to charity both cash and fair market value of items donated
    • Unreimbursed expenses related to volunteer work
    • Unreimbursed expenses related to your job
    • Education expenses (job related and other)
    • Job hunting expenses • Investment expenses
    • Adoption expenses
    • Alimony paid
    • Child care expenses
    • Tax return preparation fees
    • Medical expenses
    • Travel from first to second job or to education
    • Business use of home expenses
    • State Sales Tax Payments

 Miscellaneous:

  • Federal, and state estimated income tax paid for current year.
    • Casualty or theft documentation
    • Sale of property information

FREQUENTLY ASKED QUESTIONS

How long do I keep my records and tax returns?

You should keep your records and tax returns for at least five years from the date the return was filed, or the date the return was required to be filed, whichever is later. We strongly recommended that you retain these records for longer if possible.

How do I find out about my refund?

The best way is to use the Check Your Refund link on our website! To look up the status of your federal or state refund, you will need your social security number, filing status, and exact amount you expect to get back.  Alternatively, you can go directly to the IRS website: https://sa1.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp

I received tax statements from my employer or bank after I filed my tax return. What should I do?

If we filed your return, bring the new tax documents to our office.  We will determine whether you need to file an amended return.

What is an amended return, and when should I file one?

An amended return is simply a return filed with the IRS and/or state because of an error or omission on your original return.  You should file an amended return if a material difference exists between the original return and your new version.  At present, an amended return cannot be filed electronically, and any expected refunds will take longer to process than the original return (two to three months, according to the IRS).  Generally, to be eligible for a refund, your amended return must be filed within three years from the date of your original return or within two years from the date you paid the tax, whichever is later.

What do I do if I receive a notice from the IRS about my taxes?

The first thing to do is to carefully read the notice—to determine why it was sent, what the IRS is requesting, and what they want you to do. It may be nothing of importance; it may even be a notice in your favor.  After reading, you should bring it to our attention.

IMPORTANT NOTE ON THIS WEBSITE

The information found on this website is generic in nature and may not apply to the reader’s specific situation.  Thus, the reader should not rely on the information on this website alone.  For tailored advice, please call us.  Thank you.

 

 

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