“I’d rather regret the things I’ve done than regret the things I haven’t done.”
– Lucille Ball
Well, last week I departed from my normal area of expertise, and wrote a real-world guide on preparing your family and home for a true disaster. Got lots of feedback — thank you!
But, I thought I should re-enter the fray of my primary task: ensuring you and your family don’t face an IRS disaster! And, since we’re nearing the home stretch in tax season, with the deadline for individuals (April 18th) just under a month out, we’ve been “packing them in” around here!
But this is something we still get asked about every day!
However, before I get there, I did want to say that one of the main reasons we love tax season around here is that we get to sit down with such incredible people. I’ve truly been reminded of how grateful I am for our clients–and for your trust in us during these “unusual” times.
We’re getting notes around here more and more often as people pass around my Strategy Notes to their friends. People seem to hunger for real world hope. I’m glad to be able to say that there *is* reason for anticipating a recovery in our future, but that whatever comes, my staff and I will be here to walk you through the storms.
So, onward with the answer to our most commonly-asked question around now!
“Real World” Personal Strategy
Your Tax-Time Checklist!
In early January, I wrote a “checklist”, and it was one of our most popular messages. I guess it was handy!
Putting together this list may run slightly counter to my business goals–after all, we do get paid to do this on behalf of clients! That said, our mission is to ensure that EVERYONE in the area saves the most possible when the IRS comes calling! Some of these may seem small, but trust me when I say that they add up.
So…even if for some strange reason you won’t be using our cost-effective services this year, and because we’re getting so close to April 18th, here it is again for you: what you’ll need to prepare your taxes…
Social Security Numbers (including spouse and children)
Child care provider tax I.D. or Social Security Number
Employment & Income Data
W-2 forms for this year
Tax refunds and unemployment compensation: Form 1099-G
Miscellaneous income including rent: Form 1099-MISC
Partnership and trust income
Pensions and annuities
Jury duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
Residential address(es) for this year
Mortgage interest: Form 1098
Sale of your home or other real estate: Form 1099-S
Second mortgage interest paid
Real estate taxes paid
Rent paid during tax year
Interest income statements: Form 1099-INT & 1099-OID
Dividend income statements: Form 1099-DIV
Proceeds from broker transactions: Form 1099-B
Retirement plan distribution: Form 1099-R
Capital gains or losses
Auto loans and leases (account numbers and car value) if vehicle used for business
Student loan interest paid
Early withdrawal penalties on CDs and other fixed time deposits
Personal property tax information
Department of Motor Vehicles fees
Gifts to charity (receipts for any single donations of $250 or more)
Unreimbursed expenses related to volunteer work
Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions)
Education expenses (tuition and fees)
Child care expenses
Medical Savings Accounts
Tax return preparation expenses and fees
Estimated tax vouchers for the current year
Self-employment SEP plans
Self-employed health insurance
K-1s on all partnerships
Receipts or documentation for business-related expenses
State and local income taxes
IRA, Keogh and other retirement plan contributions
Casualty or theft losses
Other miscellaneous deductions
While some of these statements, and their ensuing deductions may seem like “pocket change”…just a few minutes of effort can pay a nice hourly rate! And, better in YOUR pockets than in Uncle Sam’s, right?
So, I hope this helps!