Prepare for Your Next Tax Appointment

It always seems to sneak up on us, but somehow the deadline comes around every year; so it’s a good idea to start preparing for your next tax appointment early. In preparation, you should set an appointment for as early in the season as possible. If you’re not sure what you need to bring, give me a call and I’ll help guide you and send you out a checklist.

Setting an appointment early is important because it gives you time to gather missing information; however. try to choose a time when you expect to have all of your documents in hand - it gives the preparer a better starting point.

For now, here are a few things you’ll want to bring along, if they’re applicable to your unique circumstances:

•     W-2 forms from all employers that you had throughout the year. Employers will issue W-2 forms by January 31. If you discover that a form is missing, contact the employer.

•     1099 forms reporting income from interest, dividends, pensions, self-employment, government payments or the sale of property.

•     A list of other income that you’ve received during the year, even if you don’t have specific statements.

•     Schedule K-1, if you were a member of a partnership, a stockholder in an S corporation or a beneficiary of a trust or an estate.

•     Stock sale information about the sale and original cost of stock.

•     Real estate sale information showing the cost, sales prices and expenses of the sale.

•     Records of all income received if you’re a business owner or farmer. Be sure to include expense records for inventory, supplies, business equipment and other business expenses. Payroll records may also be necessary.

•     Child care information, including the name, address and ID number of the provider(s), as well as the amount of the expense.

•     Moving expense records for unreimbursed job-related moves of more than 50 miles.

•     Medical expense records, including those for prescription drugs, doctor, dental, hospital bills, medical insurance premiums and the mileage to and from the doctor’s office. These expenses are deductible if they exceed 10% of your adjusted gross income (7.5% for ages 65 and older until December 31, 2016).

•     Health Insurance forms. If you participate in the Health Insurance Marketplace, be sure to bring along Form 1095-A, which you’ll receive in the mail.

•     Charitable contribution receipts. All contributions of any amount require a receipt. Single contributions of $250 or more require a detailed statement from the charitable organization prior to the filing of your taxes.

•     Deductible expense records incurred as an employee, including union dues and tax preparation fees.

•     Property tax bills and mortgage interest statements. You may be able to itemize deductions if you own a home. The interest on home equity loans and a vacation home may also be deductible.

If relevant to your circumstances, you may also need to bring in social security numbers for all dependents, Form 8332 (if you are a noncustodial parent), last year’s tax return and any postcards or tax booklets received from the IRS. If you have any questions about whether you have all of the documents and information you need for our appointment, feel free to give me a call.