IT IS ON!! THE IRS IS NOW OPEN!

OK now it’s time, but you are wondering: “What Documents do I need to file my taxes?”, “What Tax docs do I need to provide my Accountant/Tax Preparer for my taxes this year?”

Well, think no more as we are providing you with a complete guide on what to gather for this tax season. There are 4 main types of documents needed to gather for this purpose:

Taxpayer’s Identification

Dependents’ information

Sources of Income Information

Deductions information

We will now tackle each section separately.

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Taxpayer’s Identification Documentation:

• Taxpayer's SSN/TIN Numbers and Date of birth

• Identity Protection PIN, if one has been issued to you, your spouse, or your dependent by the IRS

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Dependents’ Documentations:

• Dependent's SSN/ITIN Numbers and DOB

• Dependent’s Identification Protection PIN, if issued by the IRS

• Childcare records (including the provider's tax ID number) if applicable

• Income of dependents and of other adults in your home if applicable

• Form 8332 showing that the child's custodial parent is releasing their right to claim a child to you, the noncustodial parent (if applicable)

• IRS Letter 6419 - official documentation that has the details you need to report your advance Child Tax Credit (CTC) payments

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Sources of Income Documentations:

• W- 2 wage forms for this year

• Unemployment compensation 1099-G

• Miscellaneous income including rent (1099-Misc)

• Pensions and annuities (1099-R)

• Social security/ RRI benefits (RRB-1099-R)

• Partnership, S Corporation, & trust income (Schedules K- 1)

• Alimony (received)

• Jury duty pay

• Gambling and lottery winnings

• Prizes and awards

• Scholarships and fellowships

• State and local income tax return refunds (1099-G)

• Record of estimated tax payments made (Form 1040-ES)

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Types of Deductions Documentations:

Home Ownership

• Forms 1098 or other mortgage interest statements

• Real estate and personal property tax records

• Receipts for energy-saving home improvements (e.g., solar panels, solar water heater)

• All other 1098 series forms

• Medical Expenses

Healthcare

• Amounts paid for healthcare, insurance, and to doctors, dentists, and hospitals

Childcare

• Fees paid to a licensed day care center or family day care for care of an infant or preschooler

• Amounts paid to a baby-sitter or provider care of your child under age 13 while you work

• Expenses paid through a dependent care flexible spending account at work

Business Expenses

• Auto repairs and expenses (business use only)

• Entertainment and Meals

• Job Hunting Expenses

• Lodging Expenses

• Home office expenses

• Professional Dues

• Research Expenses

• Safety Equipment expenses

• Supplies Expenses

• Telephone

• Tools/Equipment

• Travel

• Union Dues

• Uniforms and Cost of Cleaning

If you are in need of professional assistance for your taxes this year, please consider giving us a call as we are delighted to assist you.

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Firenzanita Out!