TAX DOCUMENTS – GETTING READY!!

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GETTING YOUR TAX DOCUMENTS READY

 

You can make Tax Time easier with an early start. Maximize your deductions with planning and organization.

By gathering your records as they arrive, you can make this a simple process allowing you to prepare your returns and receive your refunds early!

 

Most of Your Records Should be Mailed to You in January

By January 31st, you should have received the following records that are most, and maybe all, of what you will need to complete your federal 1040 and California 540 tax returns.

 

Place the following records as they arrive in the mail in an envelope or folder marked “Tax Documents”:

___    W-2 statements from employers reporting wage income and federal and state tax withheld

___    1099-MISC statements reporting payments to independent contractors

___   1099-INT statements from financial institutions showing interest income

___   1099-DIV statements from financial institutions or companies showing dividend income

___   1099-B statements from brokerage or mutual fund companies showing capital gains and losses as well as the acquisition cost of mutual fund shares or stock shares

___    Form 1099-G postcard from the FTB showing the amount of any state tax refund received

___    Form 1099-G showing unemployment compensation received

___    Form 1099-R statements showing pension and retirement plan distributions and tax withheld

___    Form SSA-1099 showing Social Security benefits received

___    Form 1098 statements showing mortgage interest paid

___    K-1 schedules showing partnership and S corporation income

 

Additional items to add to the “Tax Document” envelope or folder:

___  Copies of rent checks showing rental property income, and records of expenses and repairs

___  Self-employment expenses and any income not reported to you on a Form 1099

___  Divorce or separation papers to substantiate alimony received or paid

___  Receipts or acknowledgements for cash and non-cash charitable contributions

___  Receipts for medical expenses

___  Receipts, cancelled checks, or other substantiation of employee business expenses, investment expenses, education expenses (for qualified educators), child care costs, documented moving or job search expenses, professional dues, tax preparation expenses, fees paid for safety deposit boxes, and other miscellaneous deductions

___  Social Security numbers and birthdates for yourself, your spouse, and claimed dependents

___  Records of estimated tax payments

___  Records to substantiate the business use of your home, showing the percentage used as a home office if this applies

___  Receipts for large purchases made during the year, which may include automobiles, appliances, or other big-ticket items

 

 

Are you Ready to Prepare your Tax Return?

 

How do you know you have received all of your tax document forms? Make it easy to see by creating a list of all of the interest bearing accounts you have (including checking, savings, & certificates of deposit). Add all of your brokerage accounts to that list. Also include all lenders whom you paid mortgage interest to and all counties/taxing authorities to whom you paid real estate taxes to. Make a separate list of all of the partnerships or corporations that you have an interest in.

Each time you receive a form K-1, 1099-Int, 1099-Div, 1099-R(Retirement), 1098-E, or tax statement cross off the name of the payee from the list you created. Continue marking the list until they are all marked as received.

 

These suggestions are very generic and everything may not apply to your individual tax situation or you may have a much more complicated tax situation. Steven Z. Freeman, CPA and the staff at FREEMAN & ASSOCIATES provides IRS Tax Preparation services and can assist you with any actual calculations on your Tax Returns. If you have any questions on this matter or to schedule a complimentary initial consultation, please contact us at (805) 495-4211  Steve@FreemanAssoc.net   www.AccountantThousandoaks.com

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