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Steven J. Axelrod, EA, MBA |
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REMINDERS FOR GETTING READY FOR YOUR TAX RETURN
Your tax information is important, and needs to be complete. Let us help you find your tax information with organizers or lists. If you need help, ask. Also, you can use last year's return as a checklist of items you need to find.
Tax returns are much like dominos: when you change one number, it can change virtually every other number on the return. Do not let your numbers 'fall down!" To save yourself time and additional fees, and to avoid a nasty surprise such as going from a refund to a balance due, please remember the following:
1. Be sure you have all W-2s from all jobs. When you find one the week after you pick up your return, it may result in additional time to reprocess the return, and possibly additional fees.
2. Be sure you have accounted for all investments and bank accounts. This is one area that can easily turn a refund into a balance due. Save yourself unwanted surprises.
3. If you started a new business, we need all of the information. Call us ahead of time to get an organizer or list of what is needed.
4. If you bought equipment, furniture, or other property for a business or other property for a business or rental, we need the date and amount of purchase. Assets must be listed by date purchased.
5. Aunt Tillie died this year and you are in the will. If so, you may be receiving a Form K-1 from the estate. Call and check with the estate as these often do not arrive until March or April
6. You hit a big one in Vegas this year! Great! Any large winnings are reported on a W-2G. If you did, you have to have a log of expenses and losses in order to offset any of this income.
7. You decided to clean out the garage this year. That is great! It all went to your favorite charity, and you may be entitled to a charitable contribution for your generosity. But here is a catch. Did you make an accurate list of what you gave them? 'One box of clothing" does not help. When you clean out the attic and garage, please make piles before you bag it up to go! A list of "10 shirts, 3 dresses, and 2 suits" will allow you to give a true value to the items. In an audit, a "bag" does not have much value!
Another tip: used clothing, unless they are designer clothes, do not have much value. Check local garage sales and check at the charity's secondhand store for the going prices on items.