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What Should I Bring to My Tax Meeting?

What Should I Bring to My Tax Meeting?
March 27, 2015 Lauren Elsasser

Are you pulling things together for your tax appointment and keep thinking “Am I missing something?” To combat confusion, we have developed the following list will help you to adequately prepare for your upcoming tax appointment at Wagner, Dreese, Elsasser & Associates (located in Lewisburg, Selinsgrove, Milton, Middleburg, Benton & Bloomsburg).

NEW CLIENTS

  1. Social Security Number(s) & Date(s) of Birth for you, your spouse, and your children
  2. Last year’s Federal & State Tax Returns 
  3. A Canceled Check (or routing & bank account numbers) – If you would like your refund (if applicable) directly deposited into your checking/savings account

ALL CLIENTS

Income

  1. Wage Statements (Reported on a W-2)
  2. Self-Employed Business Income & Expenses (Including rentals): Keep records of all income (from all sources) and expenses associated with  your business. The IRS states that a business expense must be both ordinary and necessary to be deductible. This means that it is common and accepted in your field of business.
  3. Any Interest & Dividend Income (Reported on Form 1099-INT or 1099-DIV)
  4. Income From a Pension or Retirement Plan (Reported on a 1099-R)
  5. Social Security Income (Reported on a SSA-1099)
  6. Unemployment Income (Reported on a 1099-G)
  7. Partnership, S-Corp, Trust & Estate Income (Reported on a K-1)
  8. Lottery or Gambling Winners (Reported on a W2-G)
  9. Information from the Sale/Purchase of a Home/Residence – Bring it all, we will help you sort through the items that may be taxable/deductible.
  10. Alimony Paid or Received
  11. Sales of Stocks or Bonds (Reported on a 1099-B)

Interest/Taxes/Expenses/Other

  1. Student Loan Interest Greater Than $600 (Reported on a 1095-E)
  2. Estimated Federal & State Tax Payments (And when you made them)
  3. Foreign Taxes Paid – (If applicable), please bring along any foreign taxes not included on your 1099-INT or 1099-DIV.
  4. Child Care/Provider Expenses – If your child is under the age of 13 (or you have a child or spouse that is disabled) you may be eligible for a tax credit up to 35% of your “care” expenses. You will need to provide the EIN/TIN/SSN for each care giver.
  5. Tuition and Education Expenses (Reported on a 1098-T) – For you, your spouse or any dependents whom you are financially providing education for.
  6. Moving Expenses – If you were not reimbursed by your employer for your moving costs, but you were required to relocate for a job change, you may be able to deduct a portion of the expense. Keep all receipts associated with the move in addition to mileage/gas.
  7. Contributions to an IRA

Itemized Deductions:

You will be able to utilize this benefit if the total amount of the following deductions exceed $6200 if single, $9100 if you are Head of Household, and $12,400 for those who are married filing jointly.

  1. Mortgage or Home Equity Loan Interest Paid (Reported on Form 1089) –  If you did not receive this information, contact your mortgage company or bank directly to obtain it.
  2. Real Estate and Personal Property Taxes Paid – Bring proof of tax payment to your tax interview. In some cases, your 1098 showing your mortgage interest may have this information on it if your mortgage is set up to pay your real estate and personal property taxes for you.
  3. Medical, Eye Care, and Dental Expenses – If your total medical expenses for the year are greater than 10% of your adjusted gross income (or 7.5% if you were born before 1/2/50), you may be able to deduct medical expenses on the Schedule A. Keep records of out of pocket prescription costs, hospital bills, number of medical miles traveled, etc. If you have questions, give Wagner, Dreese, Elsasser a ring!
  4. Cash and Noncash Charitable Donations – You may deduct charitable contributions only of you itemize your deductions. Develop a list of charitable contributions given throughout the year along with receipts/records of any single contribution over $250 or more. If you have donated something that is a “non-cash” equivalent, the amount of your contribution will be the “fair market value” of the property/item donated. Ensure that you retrieve written acknowledgement from the charitable organization that you donated the item too (This includes organizations such as the Salvation Army). Did you travel for charity in 2014? Keep record of your mileage, as this is deductible at a rate of 14 cents per mile.
  5. Miscellaneous Deductions: There are multiple “miscellaneous items” that can be claimed deductions on your 2014 tax return: The rental of a safe deposit box, your tax preparation fee from 2014, union and professional dues, professional subscriptions, uniforms and protective clothing, work tools, gambling losses, estate taxes and fees for any investment accounts that you may have.
  6. State or Local Sales Tax Paid – If you purchased an “approved” item such as a vehicle (car, boat, etc), keep your receipt listing the amount of sales tax paid. You may elect to deduct this rather than deducting state and local income taxes (if the sales tax amount is higher)
  7. State Income Tax Refund Amount – If you received a state or local income tax refund or credit during the year, you will need to include it as income (if the amount was deducted as an itemized deduction in a prior year). You will receive the form 1099-G from the payer by January 31st of the following year.
  8. Casualty or Theft Losses – If you experienced theft, vandalism, fire or storm, you may be able to deduct a portion or all of the loss associated with the event (greater than reimbursements from your insurance company and several other factors). Keep all insurance claim information, appraisals, proof of loss, police documents, receipts of repair work completed, etc.

If you have any questions about the information provided in this post, feel free to contact your Lewisburg & Selinsgrove tax preparer, Wagner, Dreese, Elsasser & Associates. Email Lauren at lelsasser@wdeapc.com or call our office at 570-743-2030 (Selinsgrove) or 570-524-0488 (Lauren). We look forward to welcoming you to our offices!

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