At Mantrom Tax Service, we want to help you make the most of your tax appointment. Doing some homework prior to your appointment can make preparing your return efficient and save you time. Providing us with complete information may save you hundreds and even thousands of dollars.
Bring all tax returns filed last year if you are a new client. If you have moved from out-of-state, make sure we know the dates your residency changed. Bring a voided check so we can direct deposit your refunds. If you have had a recent personal residence transaction, such as buying, selling, or refinancing, bring your settlement statement.
Bring all W-2’s, 1099’s, and documentation of non-employee income, including investments, contract labor, retirement, and social security. Bring any K-1’s you may have received from partnerships, S-corporations, estates, or trusts.
Adjustments to Income
These include, among other things, deductible retirement contributions, student loan interest paid, health savings account deposits, out of pocket moving expenses, college tuition, and teacher expense deductions.
These include out of pocket medical expenses, including after tax medical insurance premiums paid, property taxes, including tax paid on your personal residence and vehicles, home mortgage interest and points paid, charitable contributions, and miscellaneous deductions such as unreimbursed job expenses.
Interest and Capital Gains
Bring all year end bank account/stock/bond/mutual fund statements. Any investment or business property sale must have cost basis, date of acquisition, and sale date and price. Most personal residence sales are exempt from capital gains on net profit if owner lived in property sold for more than two years.
Business, Farm, and Rental Property
Generally speaking, gross income is gross receipts or rents received, and expenses are any amounts paid in connection with running the business and/or maintaining the property. Additionally, depreciation information (cost, date in service, and any prior year depreciation history) will be needed for all assets.
Credits are subtracted directly from your tax, not just reducing your taxable income like deductions. If you, or your dependent is a college student, bring amount paid for college tuition, fees, and other costs such as required books and computers. Bring childcare cost and name, address, and SSN/EIN of provider for children under age 13. You may also be eligible for credits on energy-efficient improvements and adoption credits.
Bring amounts and dates of federal and state estimated tax payments and any payments made with extensions filed.
These are just a few suggestions. As we talk with you more we can expand on what else might be needed for your tax situation. We hope that this will be helpful to you this tax season.
Remember “Your Taxes are Our Business.” We look forward to serving you.