FunnyGirl posted on January 08, 2009
To help save you time and money, review this list before visiting a Russ Global Management associate or any other preparer for your income tax preparation. If you have any of the items listed below available, bring them when you speak with an associate. Let us prepare your income tax return that results in the largest allowable refund for you.
· Social Security Card(s)
- Your Social Security number is your taxpayer identification number and is printed on your Social Security card.
· Driver’s License(s)
- Your preparer will use your driver's license to verify your identity. There are other forms of identification you can bring if you don’t have a driver’s license. This includes: state-issued picture ID, military ID with picture, U.S. passport, Resident Alien ID with picture, city-issued picture ID, or county-issued picture ID.
· Dependents’ Social Security Numbers & Dates of Birth
- Bring the Social Security cards and dates of birth for each child. Your tax preparer will use this information for the dependents you can claim on your tax return. If
· Last Year's Federal and State Tax Returns
- You may be able to qualify for some of the same tax deductions or tax write-offs that you received last year.
· Wage Statements - Form W-2
- For employee income, you should receive a Form W-2, Wage and Tax Statement, in the mail from each employer you worked for during the year by January 31 of the following year. Your tax preparer may be able determine your income by using your payroll stubs if you don’t have your W-2 form yet.
- For non-employee income (i.e, an independent contractor) that was $600 or more, a Form 1099-MISC, Miscellaneous Income, should be sent to you by January 31 of the following year.
· Interest and Dividend Income - Form 1099-INT/Form 1099-DIV
- If you have earned interest from any bank during the year, that bank should send you a Form 1099-INT, Interest Income, at the end of the year. Even if you do not receive a Form 1099-INT, you still need to report your interest by bringing in your year-end bank statement.
· Pension or Retirement Income - Form 1099-R
- The amount of retirement or pension income subject to federal taxes is based on your age when you started receiving distributions and the amount you originally contributed to the plan. Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit Sharing Plans, IRAs, Insurance Contracts, etc., should be sent to you from the payer by January 31 of the following year.
· Social Security Income - Form SSA-1099
- If you received Social Security payments during the year, some of these funds may be taxable income. Bring Form SSA-1099, Social Security Benefit Statement to determine if any of the amount of benefits are taxable.
· Unemployment Income - Form 1099-G
- If you received state unemployment compensation (insurance) during the year, it should be included as income on your return. Form 1099-G should be sent to you from the payer by January 31 of the following year. The IRS will also receive a copy of the Form 1099-G.
· State Income Tax Refund Amount - Form 1099-G
- If you received a state or local income tax refund or credit during the year, include it as income if you deducted this amount as an itemized deduction in an earlier year. Form 1099-G, Certain Government and Qualified State Tuition Program Payments, should be sent to you from the payer by January 31 of the following year. If you do not receive Form 1099-G, contact your state office.
· IRA Contributions
- You may be able to deduct up to $4,000 for individual contributions to an IRA. If you are age 50 or over, you may be allowed to deduct an additional $1,000. There may be limitations that apply, consult your tax advisor.
· Commissions Received/Paid
- The full amounts of any commissions you receive are treated as income. This is true whether your commission is called a bonus or a percentage.
· Self-Employed Business/Farm Income & Expenses - Form 1099-MISC
- Bring your accounting records showing your totals for income and expense items to your tax interview. If you do not have these summary records, you can also bring in your receipts or other proof of income or expenses.
· Information on sales of Stocks or Bonds - Form 1099-B
- Capital gains and losses on the sale or trade of investments are classified as either short-term (if the property is held for a year or less) or long-term (more than one year). A paper loss, which occurs when an investment's value drops below its purchase price, does not qualify for this deduction. Bring Form 1099-B.
· Lottery or Gambling Losses
- Gambling losses (up to the amount of gambling winnings) can be deducted on your income tax return.
· Lottery or Gambling Winnings - Form W-2G
- Gambling winnings greater than $5,000 are usually subject to income tax withholding.
· Income and Expenses From Investment Properties
- If you own rental property, money received as rent is reported as income. You can deduct expenses for acquiring, maintaining, insuring, and operating the rental property.
· Income from Partnerships, S Corporations, Trusts, and Estates - Schedule K-1
- The income and deductions that these entities pass on to you are included in your return.
· Alimony Paid or Received
- Any alimony you received in the current year is taxable income. Any alimony you paid is deductible on your tax return.
· Child Care Expenses & Provider Information
- If you have a qualifying child under age 13, a disabled child of any age, or a disabled spouse, and you pay someone to provide care for them while you work, you may qualify for a tax credit of up to 35% of your expenses. You must provide the IRS with the care provider's name, address, and taxpayer identification number (TIN), which can be a Social Security number or an employer identification number (EIN).
· Medical, Eye Care, and Dental Expenses
- If you itemize your deductions, medical, eye care, and dental expenses (as well as premiums paid for health insurance) may be deductible if your total medical expenses for the year are greater than 7.5% of your adjusted gross income (total income minus federal adjustments allowed). There are limitations.
· Cash and Noncash Charitable Donations
- Charitable contributions are deductible only if you itemize deductions. Bring any canceled checks for amounts under $250, pay stubs for amounts the employer withheld for charitable organizations (such as a non-profit organization), pledge cards, or written acknowledgments or disclosures you receive from the organization to which you made contributions.
· Record of Sale of Residence
- To claim an exclusion on the gain from a sale, you must have owned the home and lived in it as your main home for at least two years. You may be able to exclude up to $250,000 ($500,000 for Married Filing Jointly returns) of the gain from your income.
· Mortgage or Home Equity Loan Interest Paid - Form 1098
- You should receive a Form 1098, Mortgage Interest Statement, from your mortgage company by January 31 of the following year that shows the interest, points, and escrowed real estate taxes you have paid.
· Real Estate and Personal Property Taxes Paid
- You can deduct amounts paid for real estate taxes and personal property taxes (e.g. intangible property tax) from your adjusted gross income if you itemize your deductions.
· State or Local Sales Taxes Paid
- You can deduct amounts paid for real estate taxes and personal property taxes from your adjusted gross income if you itemize your deductions. Bring proof of tax payment.
· Unreimbursed Employment-Related Expenses
- If your company did not reimburse you for necessary job expenses you may be able to deduct these expenses if you itemize your deductions. Bring proof of these expenses, such as: professional due, uniforms, and fees to employment agencies.
· Job-Related Educational Expenses
- You may be able to deduct job-related educational expenses as long as the courses are necessary to maintain your job skills but do not qualify you for a new job.
· Student Loan Interest - Form 1098-E
- If you took out a student loan for yourself, your spouse, or your dependent, you may be able to deduct up to $2,500 of the interest you paid during the year. You should receive a Form 1098-E, Student Loan Interest Statement, showing how much interest you paid during the year.
· Tuition and Education Fees - Form 1098-T
- If you are a student, or if you have a dependent who is a student, you may be able to either deduct up to $4,000 as an adjustment to income, or elect one of the education tax credits for college tuition.
· Casualty or Theft Losses
- You may be able to deduct part or all of a loss due to theft or casualty, such as vandalism, a fire, or a storm, if the total amount of losses during the year is greater than insurance reimbursements, $100, and 10% of your adjusted gross income.