Personal

• Your Social Security number for you and spouse (if married)

• Birthdates

• Social Security numbers for any dependents and birthdates

• Birth Certificates and Social Security numbers for any New Babies

• Copy of Driver License and Social Security Card(s).

   Where to send possible refund:​

• Bank Name

• Account Number

• Type of Account (Checking or Savings)

• Routing Number

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Income

• W-2 Forms from all employers you (and your spouse, if filing a joint return) worked for during the past tax year.

• 1099 Forms received

• Investment income information 1099-B (including:interest income, dividend income, proceeds from the sale of bonds or stocks, and income from foreign investments)

• Business income and expenses – (Please do not bring in a box full of random receipts. Take the time to categorize and total the amounts or you will have to pay more for the preparation of your return.)

• Unemployment income – 1099-G

• Rental property income and expenses (property taxes, insurance, utilities, repairs)

• Social Security benefits – 1099-SSA (the one with the pink strip across the top)

• Miscellaneous income (including: jury duty, lottery, and gambling winnings, Form 1099-MISC and 1099-MSA for distributions from medical savings accounts)

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Other Required Forms

• 1095-A or 1095-B’s Health Insurance information

• IRA Contributions

• Mortgage interest – 1098

• Student loan interest – 1098-E

• Health Insurance premiums paid out of pocket

• Moving expenses –  for active military only

• Education costs – 1098-T – need actual form (get from college websites)

• Childcare costs

• Adoption costs

• Charitable contributions/donations

• Casualty and theft losses (For Qualified Disaster Areas Only)

• Medical expenses

The Tax Cut and Jobs act now has a new Deduction for s-corps, partnerships, and sole proprietors. It is called the Qualified Business Income Deduction. It has a complicated formula, but if your income is under $315,000 (married filing jointly) a year you can take 20% of your business income as a deduction. Sounds great! However if you make between 315,000 and 415,000 (married filing jointly), that deduction is decreased by a percentage and if you make over the $415,000 threshold you will not qualify.

There are ways to take advantage of this deduction if you have a pass through income. Set up a consultation appointment to find out how.

For more information please go to:

https://www.irs.gov/newsroom/new-deduction-for-qualified-businesses

This deduction is now gone. Those that work over the road without an accountable plan through their employers, will feel this loss.

To learn more information of this tax cut, please go to:

https://www.irs.gov/publications/p529

We are often asked about how long specific records should be kept. Discarding records that should be kept poses a wide range of potential tax and legal problems. Keeping reports too long wastes precious space and resources. But how long should the company’s files be kept? The answer varies depending on company policies and the type of files. Generally, the files should be kept as long as they serve a useful purpose or until all legal and regulatory requirements are met.