Things To Gather
Basics for New Clients
- Social Security Numbers (Tax Payers and Dependents)
- Date of Birth (Tax Payers and Dependents)
- Bank account/routing number
- Copy of last 2 year's tax return
- Drivers licenses
- Completed Client Intake form
Business Owners
- Tax ID #/ss4 letter
- Health insurance premiums
- Business income and expenses
- List of assets and equipment (In excess of $2500 per invoice)
- Mileage logs are mandatory
Income
- W-2's
- State refund payments & Unemployment
- 1099's for all forms of income
- K-1's
Adjustments to Income
- Educator expense for out of pocket teaching/classroom supplies (not to exceed $300)
- Student loan interest
- IRA and HSA Income
Rental Properties
- 1098s: (interest on mortgage)
- Paid real estate taxes
- Insurance premiums
- Purchase/sale records aka closing documents
- Rental income and expenses separately stated by property totaled by category for year
- Mileage log is mandatory
- Details on major improvements during the year
Credits
- Higher education expenses (school supplies, electronics, tuition)
- Childcare expenses (per child) with name, address, and tax ID of child care provider
- Energy efficient upgrade expenses (roof, hvac, exterior windows, doors, etc. )
- Electric Vehicles
Other Misc.
- Record of estimated tax payments
- Any foreign bank accounts
- Virtual currency trading info
- 1095A Form (Obamacare)
Itemized Deductions
- You only itemize if you are under the standard deduction.
- Single: 12,950
- Married Filing Jointly: 25,900
- Married Filing Separate: 12,950
- Head of Household: 19,400
- Out-of-pocket amounts paid for copays/coinsurance for dental, vision, and hearing as well as health care provider premiums paid for during the year. Include long-term insurance. (please state seperately)
- Sales tax paid on major purchases
- City and/or county taxes paid for principal residential and vacation homes
- Mortgage interest statements
- Charitable contributions
- Volunteer expense deductions
- Casuality documentation if occured in a federally declared disaster area
- Gambling losses to the extent of gambling winnings
- Union Dues
- Tax preparation fees
