Knowing what to send me or bring to your tax appointment can save you
time as well as money on your tax return so take a few moments to review this
checklist of what you need to bring as well as what you don’t need to worry
about…
Things You will Need to Bring
All Individuals
- All
W2’s and 1099’s (cannot do taxes without W2’s…need to have them
with you)
- Bank
Interest Statements … interest on checking, savings, CD’s, etc.
- Mortgage
Interest Statements (if applicable)
- Child
Care Statements (if applicable)
- Charitable
Contribution Statements from church, etc.
(see note below)
- Birth dates
of everyone to be included on the tax return (including social security numbers if not already listed on the
prior year’s tax return)
- Information
on anyone that is not a regular member of your household that might be
included on your tax return (i.e. parents, children living with an ex-spouse,
etc.)
Additional information needed for
Self-employed Individuals
- All
1099’s received plus any monies received not on a 1099.
- Bank Statements-if you are not incorporated and have your personal and business deposits lumped together in one bank account, please provide a notepad or spreadsheet telling me which deposits are business vs. the personal deposits. This will save me time and you money.
- List
of all expenses with amounts either paid or charged … Any one item over
$100 that will last over ONE year needs to be separated from this list as
it has to be depreciated (i.e. computer, desk, etc.) … date and amount of
purchase for each applicable depreciated item is required.
- Mileage
records … logs, calendars, etc. (documentation required by IRS)
- In-home
Office -- square footage of work area plus square footage of house
[heated and cooled part of home only…not porches, garage, etc.] along with
amount of your annual house insurance, utilities, rent paid (if applicable)
- Room
must be exclusively and solely used as an office area
- If
your employer provides you with an office, an in-home office deduction is
NOT allowed by the IRS.
- List
of amounts paid to contract laborers including any 1099’s prepared by
you. If you paid family members for labor, please provide this
information and amounts as well.
- Interest
amounts on business credit cards and vehicle(s) used in the business; may
need to call the auto finance company to obtain the interest charged as
this vehicle interest is a legitimate deduction.
- Any
other document in your possession that says “IMPORTANT TAX DOCUMENT” or
“AMOUNTS HERE WILL BE REPORTED TO THE IRS”
Things You Do NOT Need to Bring
- Monthly
home mortgage paperwork (only need
the year end statement)
- Blank
Charitable Contribution forms from Goodwill, etc. (only need a LIST with the amounts and
dates of your contributions on it).
Note the IRS will ONLY accept yard and thrift sale value of clothes
and household goods ... not the actual cost when they were purchased or
what you feel they are worth (for
example, $1 for shirts, $2 for pants, etc. in perfect shape of course).
- Gas
Receipts … Mileage is a better deduction for most taxpayers than just gas
receipts so they are NOT needed UNLESS the gas is for equipment fuel.
- Any
other expenses of a personal nature
Summary
Your tax prep fee is based upon time spent preparing your
return. Bringing only what is needed,
making your lists on a note pad or spreadsheet will save me time and you
money. If you bring me a garbage bag or
shoe box filed with all kinds of records, receipts and a bunch of personal
items, your tax preparation fee will be much higher. If I need something else, I will advise when
I review your materials. Thanks for your
help and understanding as I want to keep my fees as reasonable as
possible. |
 Updating...
ĉ Carolyn Savage, Dec 7, 2012, 9:09 PM
|