Tax Preparation Check List

Family Tax Services LLC
(856) 456-5551
Nobody Beats our Prices

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In order to receive the greatest benefit from your tax preparation service, it is important that you gather and organize your income tax documentation.

For New clients, please provide your prior year Federal and State tax returns. The reason is that you may have certain carryover losses, depreciable items and state tax payments which will be needed in preparing your current year tax return. It is also helpful as a guide in conducting the interview process.

                    In addition, please bring

                                                 Personal Data:

• Social Security Numbers including spouse, children and other dependents,  ex-spouse if alimony is paid,  non_dependent for claiming head of household status.
•  Childcare provider: name, address, tax ID or Social Security Number.
•  A personal check containing your bank routing number and checking account  number to speed up your tax refund using direct deposit by the IRS or State.

                                                   Income Data:

•    W-2 Forms
•    Unemployment compensation forms
•    Social Security forms • Pension and Annuity
•    Schedules K-1 from Partnership, S-Corp and Trusts
•    Gambling and Lottery winnings
•    Scholarships and fellowships
•    Alimony received
•    State tax refunds

                                              Homeowner Data:

•    Residential notice of property tax (green postcard from NJ)
•    Mortgage interest form 1098
•    Home equity loan interest
•    Real estate taxes paid
•    Closing/settlement documentation

                                           Self-Employment Data:

•    Business Income – 1099-MISC and/or own records
•    Business related expenses such as,
     o Advertising
     o Health Insurance
     o Retirement Benefits
     o Material
     o Equipment
     o Computers
     o Automobile Information (mileage, make and year of car, date placed in service)
•    Employment taxes and other related taxes.
•    Payroll information

                                Rental Property Ownership:

•    Expenses for maintaining, advertising, commissions,
insurance, management  fees, legal and other professional fees, utilities, taxes, supplies,  repairs, travel for visiting property, and mortgage interest.
•    Cost of major improvements which will be added to the basis of the property.
•    Rental income received

                                                      Financial:

•    Interest income statements – 1099-INT
•    Dividend income statements – 1099-DIV
•    Broker transactions – 1099B
•    Margin interest paid
•    Retirement/Pension distribution – 1099R
•    Student Loan interest paid

                                      Potential Deductible Expenses:

•    Gifts to charity both cash and fair market value of items donated
•    Unreimbursed expenses related to volunteer work
•    Unreimbursed expenses related to your job
•    Education expenses (job related and other)
•    Job hunting expenses • Investment expenses
•    Adoption expenses
•    Alimony paid
•    Child care expenses
•    Tax return preparation fees
•    Medical expenses (especially for NJ 2% limitation)
•    Travel from first to second job or to education
•    Business use of home expenses
•    State Sales Tax Payments

                                                    Miscellaneous:

•    Federal, and state estimated income tax paid for current year.
•    Casualty or theft documentation
•    Sale of property information

How Long do I keep my records and tax returns.?

You should keep your records and tax returns for at least 3 years from the date the return was filed or the date the return was required to be filed, whichever is later. It is recommended that you keep these records longer if possible.

How do I find out about my refund?

The best way is to use the Check Your Refund link from our website! To look up the status of your federal or state refund, you will need your social security number, filing status, and exact amount you’re expecting back. Alternatively, you can go directly to the IRS website: https://sa1.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp

I received tax statements from my employer or bank after I filed my tax return. What should I do?

If we filed your return, bring the new tax documents to our office. We will determine if it is necessary for you to file an amended return.

What is an amended return, and when should I file one?

An amended return is simply a return filed with the IRS and/or state because of an error or an omission on your original return. You should file an amended return if there is a material difference between the original return and your new changes. As of now, an amended return cannot be electronically filed, and any expected refunds will take longer to receive than the original return (2-3 months, according to the IRS). Generally to claim a refund, your amended return must be filed within 3 years from the date of your original return or within 2 years from the date you paid the tax, whichever is later.

What do I do if I receive a notice from the IRS about my taxes?

Don’t panic! the first thing to do is carefully read the notice—to determine why it was sent, what the IRS is requesting, and what they want you to do. It may be nothing of importance; it may even be a notice in your favor. After reading it you should bring it to our attention.

IMPORTANT NOTE:

The information found on this website is general in nature and may not apply to the reader's situation. Therefore, the reader should not rely on the information on this website alone. For specific advise, please call me. Thank you.