Tax Information Needed To Prepare Your 2012 Returns

Transcription

1 Tax Infrmatin Needed T Prepare Yur 2012 Returns This incme tax preparatin checklist is divided int relevant categries t help yu rganize yur tax infrmatin. As yu receive r lcate an item, check it ff f the list. Persnal Infrmatin Scial Security Numbers and dates f birth fr new custmers nly Yurs Yur Spuse's Dependents' Childcare Csts Childcare prvider's name and amunt paid Prvider's address and phne number Prvider's 9 digit EIN tax ID r Scial Security number Educatin Csts Receipts fr tuitin (r cancelled checks) fr pst-high schl educatin including rm and bard, bks and all fees Tuitin statement frm Frm 1098-T Incme Infrmatin Frms W-2 fr all emplyers fr whm yu and yur spuse wrked during the year Investment Incme Interest incme - Frm 1099-INT Dividend incme - Frm 1099-DIV Prceeds frm the sale f stcks, bnds, etc. - Frm 1099-B Exprt a TXF file frm yur brkers website and it t me at gjspadea@gmail.cm

2 Cnfirmatin slips r brkers' statements t ascertain cst basis fr all stcks, etc., that yu sld Schedule K-1 (Frm 1065) frm investments in partnerships Schedule K-1 (Frm 1120S) frm investments in S Crpratins Schedule K-1 (frm 1041) frm trust incme Incme frm freign investments: Amunt f freign taxes paid (yu can find this n the brkers' statements) Incme frm stck ptin exercises and sales: Stck ptin agreement (shwing type f ptins yu received) Stck ptin statement shwing exercise prices f ptins Frm 1099-B fr prceeds frm stck sales Sale f emplyee stck purchase plan shares: Frm 1099-B fr prceeds frm stck sales Stck price n grant date Stck price n purchase date If the stck sale ccurred befre qualifying perid began, Frm W-2 shwing "cmpensatin incme" frm a disqualifying dispsitin If yu bught stck in January 2012 that yu sld in December 2011 please bring in the cnfirmatin statements since it may be a wash sale which will affect yur basis. Incme frm State and Lcal Incme Tax Refunds Frm 1099-G frm state r lcal gvernments State incme tax return frm 2011, if any City r lcal incme tax return frm 2011, if any Alimny Received Divrce Decree and recrd f depsits Business Incme if yu are Self Emplyed r Incrprated Grss Receipts frm yur Bks/accunting recrds fr yur business and business bank statements including credit card sales listed separately which shuld match r exceed all frm 1099-K s and all Frm 1099-Misc Payrll recrds frms W-3 and all W-2 s In additin yu will need: The December 31 ending balance f all assets and liabilities including business bank accuntant and business lans. Invices fr majr purchases f machinery, equipment, furniture 2

3 Lgs r ther recrds listing date, vehicle mileage and clients visited A list the ttal spent n the fllwing expense categries brken dwn as fllws: Advertising; Car expense (need business miles plus parking, tlls r actual fuel invices, insurance, repairs and ttal miles driven and business miles); If yu bught a vehicle r placed in service a vehicle yu already wned bring in purchase invice; Cmmissins r fees paid t ther cntractrs, Get them t fill in Frm W-9 if nt incrprated and yu paid them mre than $600 in 2012; Insurance but list health insurance separately; Supplies; Materials r Purchase f inventry fr resale; W-3 Salaries that yur cmpany paid t thers. List fficer/ sharehlder salary separately; als need emplyers share f FICA and FUTA tax shwing ttal independent cntractrs paid. Travel; Meals (need date, place, persn entertained and business purpse) Only need receipt if yu pay mre than $75.00 and have a day timer; Telephne include lcal, lng distance, and mbile; DSL, cable and internet charges; Pstage and shipping; Cntinuing educatin; Interest expense paid n business lans 2011 PA Franchise Tax paid in 2012 n Line 18 f Page 2 f the 2011 RCT-101. If Yu Use Yur Hme fr Business Ttal rent paid, if hme is rented Invices fr repairs and maintenance n yur huse Utility bills 3

4 IRA/Pensin Distributins Frm 1099-R fr payments frm IRAs r retirement plans Accunt summary frm fr the year fr yur IRA accunts, r 2012 cntributin recrds If yu received a distributin frm an IRA accunt, the mst-recently filed Frm 8606 (if yu made cntributins in prir years t IRAs that weren't deductible n yur incme tax return) Rental Prperty Incme Prfit and lss statements frm yur prperty manager, r Frm 1099-MISC r ther recrds fr rental incme paid t yu fr each prperty Mrtgage interest and PMI reprted n Frm 1098 fr each prperty Prperty tax payments frm 1098 r tax assessr's bill r cancelled checks Recrd f suspended rental lsses frm prir years (usually shwn n last year's incme tax return if yu are a new client. Breakdwn f rental expenses by catagry including repairs, insurance, utilities, supplies and travel. Unemplyment Incme Frm 1099-G frm yur state unemplyment agency, r Unemplyment check stubs and depsit recrds Scial Security Benefits Frm SSA-1099 Incme Frm Sales f Prperty If the prperty was sld in 2012: Sales prceeds: Sales Agreement, HUD-1 settlement sheet rclsing statement Cst f the prperty yu sld: HUD-1 Settelement sheet Imprvements made t the prperty: cnstructin cntracts and cancelled checks If the prperty was sld at a prfit befre 2012 n the installment basis: Frm 6252, Installment Sales frm previus tax year s return Miscellaneus Incme Jury duty pay recrds Frm(s) W-2G fr gambling and lttery winnings Receipts fr all gambling lsses r lss reprt frm Casin 4

5 Frm 1099-MISC fr prizes and awards yu received Frm 1099-MSA fr distributins frm medical savings accunts Schlarship recrds (if yu used the mney fr anything ther than tuitin, bks, and supplies) Directr's fees receipts if yu received mney fr serving n a crprate bard f directrs Frm 1099-C Frgiveness f Debt incme Adjustments IRA Cntributins Year-end accunt summary r bank statements t see what IRA cntributin was. Nte if yur AGI exceeds $92,000 if yu married yu shuld cntribute t a Rth IRA if yu are cvered by a pensin plan at wrk. Student Lan Interest Frm 1098-E shwing interest paid Medical Savings Accunt Cntributins Accunt statements r Cancelled checks Mving Expenses Invices frm mving cmpanies r Cancelled checks and Paycheck stub fr mving expense reimbursements Miles frm ld hme t new place f wrk Self-emplyed Health Insurance Insurance premium bills, r Cancelled checks ttaled SEP, SIMPLE, and Other Self-emplyed Pensin Plans Year-end accunt summary shwing 2012 cntributins, r Cancelled checks ttaled Alimny Paid Cancelled checks and scial security number f the spuse yu paid 5

6 Educatr Expenses Cancelled checks fr expenses paid fr classrm supplies, etc. Itemized Tax Deductins Interest Yu Paid Hme mrtgage interest and Primary mrtgage insurance(pmi) and pints: Frm 1098 Pints Yur settlement sheet (HUD -1) if yu refinanced yur hme and are deducting pints and taxes paid at settlement. Investment interest expense: Frm 1099 r Year-end Brkers' statements shwing margin interest paid Lan statements fr lans taken ut t purchase investments Charitable Dnatins Cash dnatins: Charity receipts, letter frm yur church r cancelled checks Recrds f the mileage incurred fr charitable purpses (such as Scuts). Dnatins f Prperty: Receipts frm charitable agency Estimated value f prperty given Other Charitable dnatins: Prir years' tax returns if yu have unused charitable cntributins (carryvers) frm earlier years December 31 Year-end paycheck stub if dnatins were paid thrugh yur wages Casualty and Theft Lsses Descriptin f prperty damaged r stlen Receipts r cancelled checks shwing cst f prperty 6

7 Insurance plicy and insurance reprts shwing reimbursement Appraisal fees if applicable Jb Expenses Reimbursement check stubs r reprts frm yur emplyer Unin dues - paycheck stub fr autmatic withdrawals Gifts t clients, etc. - receipts shwing date, cst, and descriptin Supplies - receipts r bills Prperty purchased fr use in yur wrk - invices, receipts Unifrm and special clthing csts - bills r paycheck stubs shwing deductins Seminar fees - receipts r invices Prfessinal publicatins and bks - receipts r invices Receipts fr small tls and supplies yu purchased Jb travel infrmatin: Mileage recrds per vehicle used Htel bills Restaurant tickets shwing name and address f establishment Parking and tll receipts Jb search expenses: Lng-distance call bills Resume csts (printing, mailing, resume service, etc.) Transprtatin bills and mileage recrds Emplyment agency fees and Career cunseling csts A cpy f yur pay stub fr the last pay perid in 2012 s I can see Unin Dues, Medical insurance, charitable dnatins etc. Jb-related educatinal expenses: - Tuitin, fee, and bk receipts fr educatin that maintains r imprves yur present skills Transprtatin receipts Ldging receipts if yu take classes away frm hme Other Miscellaneus Tax Deductins Tax return preparatin fees - invices r cancelled checks fr 2011 tax return paid in 2012 Cst f incme tax return preparatin sftware and bks - receipts r cancelled checks Safe depsit bx rental fees frm bank invice r statement IRA custdial fees (if paid frm a nn-ira accunt) Payrll recrds fr ffice wrkers managing yur investments Investment advice csts: invices r bills 7

8 Medical and Dental Expenses Medical bills r cancelled checks ttaled fr 2012 Frm SSA-1099 fr Medicare premiums paid frm yur scial security benefits Year-end pay stub if premiums were paid thrugh yur wages but nly if the deductins were after-tax Taxes State and Lcal Incme Taxes Last year's state and lcal incme tax returns Frms W-2 Cancelled checks fr quarterly state estimates paid Last year s lcal incme tax return Real Estate Taxes Tax cllectr bills and cancelled checks if applying fr PA Prperty Tax Rebate Frm 1098, and clsing statement if yu bught, sld, r refinanced prperty in the current year Persnal Prperty Taxes Tax bills and cancelled checks Autmbile licensing bills, if fees are charged annually based n value Infrmatin n Husehld Emplyees Wages paid during 2012 frm W-3 Emplyee's Scial Security number Tax Payments Quarterly estimated tax payments - Recrds shwing the date paid and amunt paid fr bth federal and state. If yu applied a tax verpayment frm 2011 t 2012 frm yur 2011 tax return If yu filed r plan n filing extensins fr yur 2012 tax return - Cancelled checks fr payments yu made with the extensin 8

9 Direct Depsit Infrmatin - If yu want yur tax refund depsited directly int yur bank accunt, yu need yur: Ruting number frm the lwer left side f ne f yur checks (usually the first nine digits) Bank accunt number frm the bttm f the check r n a bank statement Nnbusiness Energy Prperty Credit - Yu may be able t take a credit equal t the sum f: 1. 10% f the amunt paid r incurred fr qualified energy efficiency imprvements installed during 2011, and 2. Any residential energy prperty csts paid r incurred in Hwever, there is a lifetime limit f $500 fr all years after 2005, f which nly $200 can be fr windws; $50 fr any main air circulating fan; $150 fr any qualified natural gas, prpane, r il furnace r ht water biler; and $300 fr any item f energy efficient building prperty. Therefre, if the ttal f nnbusiness energy credits taken in previus years is mre than $500.00, yu cannt take this credit in