AVAILABLE RESOURCES
CURRENT TAX NEWS AND TIPS
Here are some tips on what tax information your tax preparer needs in order to complete your tax return:
- All W-2’s from the tax year.
- All interest and dividend statements (1099’s) from any bank, brokerage, or other investment accounts. Include lists of special state percentage allocations if you received them with your 1099's.
- All stock sale information. This information comes on form 1099-B. Also, you will need the cost basis and the date purchased of any stock that was sold during the year.
- All IRA/Pension statements.
- If you are eligible for education credits, your tax preparer will need to know the amount of qualified educational expenses incurred for the tax year and what year in college the eligible student is.
- If applicable, you will need all form 1098’s received, which show the amount of mortgage, student loan, and other interest paid during the year.
- A statement showing how much real estate taxes you paid during the year. This can be in the form of the bill you received stating your annual taxes due, or it can be on your mortgage lender's statement.
- Detail on any charitable contributions made during the year.
- If you are self–employed and file Schedule "C" in your tax return, you will need to provide your preparer with information regarding the income and expenses of your business. Also include date of purchase and amount of purchase for any new assets.
- If you own rental property, you will need information regarding rents received and all expenses you paid that were related to the property. Also include date of purchase and amount of purchase for any new assets.
- All K-1’s will be needed to prepare your return. However, since these generally come later than the rest of your tax information, your preparer can start your return with the other information above and finalize the return once all K-1’s have been received.
- If you receive social security benefits, you will need to provide your preparer with the statement regarding how much in benefits you received during the year.
- If you sold your home during the tax year, you will need to include the following information: The selling price, date of purchase, and amount of improvements made for your old home. Also, you will need the closing statement for your both your old and new residences.
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