Getting ready for your tax appointment

Getting Ready for Your Tax Appointment

Double check that you have all your tax documents needed to prepare your taxes. Some basic questions to ask yourself before you come.

  • Did you sell any stock in this tax year? If so you should have received a form 1099B and need to bring that to your appointment. Also, check to make sure that your 1099B has an amount listed for the cost basis of each stock that was sold. This information is critical in preparing your tax return. I start with this because this is by far the number one error the IRS finds on tax returns.
  • Did you take any money out of retirement accounts or roll any money over? If yes then you need to bring form 1099R with you.
  • Make sure to bring with you all current year W-2s, any 1099s for other income, any form W2G for gambling income, all unemployment compensation forms, and to let us know if you receive any alimony.
  • Did you have bank or investment accounts that paid you interest including the escrow account on your mortgage? If yes then you need form 1099INT.
  • Did you receive any dividends even if you reinvested them? A form 1099Div will be issued for those dividends even if you leave the money in the account unless it is a retirement account.
  • Do you have a mortgage on your house? You will need to provide a form 1098 which will show the amount of mortgage interest you paid, real estate taxes and mortgage insurance premiums if any.
  • Did you have any child care expenses? Child care expenses should be provided even if you receive a reimbursement from your employer. We will need the name of each provider, the amount you paid each provider, then address and tax ID number for them and which of your children the expense was for.
  • Did you make any charitable contributions? Make sure to tell Michelle about any charitable contributions you made during the year including non cash items like clothing and household items. Give a value for the non cash items and let us know who you donated the items to.
  • Did you get your health insurance through the healthcare exchange? If you did they will provide you with a form 1095A that will be critical in preparing your income taxes.
  • Do you have any rental property? We need all income and a breakdown of expenses by category for each rental property. If this is the first year the property is rented we also need the settlement sheet from when you originally purchased the property. Please make sure to tell us when you sell the rental property and we will also need the settlement sheet for the sale.
  • Do you have a sole proprietorship business? If so, please provide an amount for total income and a categorized list of expenses or profit and loss statement. If you used your vehicle for the business please make sure to provide the total miles you put on the car for the year, and the amount of business miles you put on the car for the year. Self employed health insurance is deductible so if you are self employed and have health insurance please make sure to give us the amount you paid in health insurance for the year.
  • Do you have an office in your home used exclusively for your sole proprietorship? Don’t forget to provide the amount of your utilities expense, home owners insurance, HOA fees, rent if any, form 1098 for your mortgage, and any other expenses related to your home office.
  • Did you make any retirement contributions or amounts to an education 529 plan? Don’t forget to tell us and give us these amounts.
  • Do you have any questions I want to ask Michelle during the appointment? If so it would be good to write them down first so you do not forget.

This list is intended to be helpful but it may not be a complete list of everything you need. If you are in doubt bring it. It is better for us to have too much than too little.

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