2017 Individual Tax Organizer

Transcription

1 TREESTONE ACCOUNTING GROUP LLC Yur Trusted Business Strategist Nrth 71 st Street 100 Scttsdale, AZ Vice: Fax: Individual Tax Organizer This 2017 Tax Organizer cntains imprtant infrmatin that can reduce yur taxes. There are many tax saving pprtunities included here! Please take a little time t lk it ver t see if anything applies t yu. T make it easier, just review the sectin headings. YOUR APPOINTMENT Please call the ffice t set an appintment. If yu are mailing yur tax infrmatin, please make sure yu send us cpies f yur filled ut rganizer and ther dcuments being mailed. Be sure t call at least 24 hurs in advance if yu are unable t keep yur appintment. GETTING TO OUR OFFICE Directins: *We are ff f Scttsdale Rad between Greenway-Hayden Lp and Frank Llyd Wright Blvd *G West at the East Paradise Lane light *G Suth n 71 st Street *We are lcated in the Kierland Business Center Cmplex- n the East Side f 71 st Street PREPARING FOR YOUR TAX APPOINTMENT Here is hw yu can best prepare fr yur tax appintment: Bring the infrmatin/dcuments shwn n the appearing n the next page Review and sign the wrk agreement n the last page Cmplete the rganizer as best as yu can because, there are many tax saving pprtunities enclsed Feel free t call if yu have any questins, r if yu need t change yur appintment time r day. We especially appreciate it when yu take the time t make a referral r recmmend us. We are lking frward t helping yu with yur taxes.

2 THE SHORT LIST Dcuments and items we need t see frm yu t cmplete yur tax return All W-2 Frms All 1099 frms, including thse frm: Banks Credit Unins Stck Brkerages Scial Security Any Miscellaneus Incme Any Crrespndence frm any tax authrity Brkerage statements if there were any stcks sld Escrw statements (HUD-1) fr any real estate purchase, sale r refinance All 1098 Frms All 1095 Frms Scial Security cards fr any new dependents K1 s frm any/all entities that yu have wnership interest in If yu are a new client, yu need t prvide last 3 years f tax returns and scial security cards FOR YOU TO DO T ensure minimum taxes Get all yur paperwrk in ne place Review this rganizer, scan ver it first t give yu an idea f things that culd save yu n taxes Review last year s return. What has changed? Lk ver yur checkbk and credit card statements fr deductins. Summarize any deductins n a pad f paper, nting the date, amunt, and surce (checks r credit cards) Wrk thrugh the rganizer and cmplete as much f it as yu can AN IMPORTANT NOTE ABOUT THE IRS The IRS has vastly expanded its audit prgrams as it has been directed by Cngress t clse the tax gap. As a result, mre audits and spt checks are t be expected. Prtect yurself: keep gd recrds, and keep them fr at least 7 years. Never ignre crrespndence frm tax authrities, but always be skeptical. The IRS has an annying tendency t arbitrarily bill fr taxes and penalties withut first checking the facts. IMPORTANT NEW TAX LAW CHANGES As a result f the implementatin f the law (IRS Sec 6694), tax preparers are required t have a cmpleted wrk paper set, including a cmpleted tax rganizer, in rder t prepare a tax return. Yu can save time and mney by spending a little time wrking thrugh the tax rganizer. If a sectin des nt apply t yu, just crss it ut. RELAX It is true nw, mre than ever, that it is vital t have the assistance f a qualified tax prfessinal. Rest assured that yu have a dedicated, well-trained, seasned tax team helping yu! It is ur missin and gal t minimize yur taxes! Yu data security and cnfidentiality are a prime cncern fr ur firm. We perate in a highly secure and cnfidential envirnment. All data is lcked when nt in use. We guard yur privacy as if the data were ur wn

3 THE PRELIMINARIES Yur Name SSI# DOB Occupatin Spuse s Name SSI# DOB Occupatin Current Address City State Zip (t be used n tax return) Hme Phme Wrk/Cell Phne Spuse s Phne List the state(s) where yu have lived in the last year: List the state(s) where yu have wrked in the last year: FILING STATUS Single If yu were unmarried r divrced at the end f the year and dn t qualify fr head f husehld status Married Filing Jintly Nte: if yu spuse died during that year, yu may file a jint return with that spuse fr the year f death. Married Filing Separately A married cuple may elect t file their returns separately. The IRS disallws many deductins under this filing status, and when ne spuse itemizes, the ther must itemize als. Prvide spuse s name/ss N. abve. Head Of Husehld If yu were unmarried, and yu paid mre than half f the cst f maintaining a hme fr yu and a qualifying persn (relative) wh lived with yu mre than half f the year. Yu may als qualify if yu paid mre than half f the cst f keeping up n a parent s hme, even if that parent did nt live with yu, but yu must als be able t claim an exemptin fr yur parent in rder t qualify. Qualifying Widwer If yur spuse died during 2014 r 2013, yu have a dependent child living with yu, and have nt remarried.

4 DEPENDENTS Please see guidelines belw Name as it appears n SS Card DOB SS# Relatin Mnths in Hme Daycare Csts Full Time Student N. Of Mnths Of Qualifying Healthcare Cverage Are any f yur dependents listed abve permanently disabled? Y/N If yes, which dependent? Are any f yur dependents listed abve 19 r lder during 2017 and nt a full-time student fr at least 5 mnths during 2017? Y/N If yes, which dependent? If yes t abve, what is that individual s grss incme fr 2017? Any children under the age f 18 (24 if cllege student) have any have incme? If yes, give details. DEPENDENT & CHILD CARE EXPENSES Fr dependents under the age f 13, r if dependent r spuse is physically r mentally incapable fr caring fr themselves. Name f Prvider Address Tax ID# r SS# Amunt Paid Can anyne else claim yu r yur spuse as a dependent? Y r N D yu have any dependents living with yu r are yu supprting anyne nt living with yu? Give Details. QUESTIONS Please review the fllwing questins and check bx if applies: (These questins are t ensure we dn t miss smething imprtant.) Change in marital status during the year? Explain: Did yu/yur spuse change names last year (remarriage r divrce)? Bring a cpy f new SS card. Did yu and yur spuse live apart fr the entire last 6 mnths f the year r lnger? D yu wish t have $3 ($6 jint return) f yur taxes applied t the Presidential Campaign Fund? Are yu r yur spuse legally blind r disabled? Did yu and/r yur spuse reach r will reach 70½ this year r next year? Did yu maintain a hme fr smene nt claimed as a dependent? Did yu start r dispse f a business during the year? Did yu make any larger purchases r hme imprvements? If yes, prvide details f each purchase including the date f purchase, amunt f purchase and amunt f sales tax paid. Any new K-1, new LLC, S Crp, Investments, etc.? Partnerships. Sub S-Crps, Jint Ventures, Estates and Trusts Prvide all K-1 frms.

5 Did yu inherit assets in 2017? Did yu r yur spuse receive a damage award fr persnal injury, sickness, r discriminatin? D yu have a casualty f theft lss? If s, attach itemized list (including riginal cst and the value n date f lss), insurance infrmatin regarding cverage, reimbursement and plice reprt Were yu r yur husband a victim f an investment Pnzi scheme? Did yu r yur spuse wrk ut f twn during 2017? Have yu started r finalized an adptin r incurred adptin expenses? Did yu cntribute t a 529 Qualified State Tuitin Plan? Did yu give a mnetary gift f mre than $14,000 t any individual? Have yu received any letters, audit/tax ntices frm federal, state r lcal authrities? Please prvide. Did yu pay a husehld emplyee in 2017? If yes, have payrll returns been filed? Over $2000 D yu expect significant changes in incme, expenses, r dependents fr 2017? Did yu file fr bankruptcy in 2017 r are yu planning t sn? Did yu have debt frgiven, a shrt sale, r freclsure? 1099A r 1099C frm Abandnment r Cancellatin Debt D yu have any legal issues r lawsuits ging n? Were yu the recipient f r did yu make a belw-market r interest-free lan? Did yu have qualifying health care cverage, such as emplyer-spnsred cverage r gvernmentspnsred cverage (i.e. Medicare/Medicaid) fr every mnth f 2017 fr yur family? Yur family fr health care cverage refers t yu, yur spuse if filing jintly, and anyne yu can claim as a dependent. If yu r any member f yur family did NOT have cverage all year, indicate the # f mnths f cverage fr each persn in the dependent sectin at the beginning f this rganizer. Did anyne in yur family qualify fr an exemptin frm the health care cverage mandate? Did yu enrll fr lwer cst Marketplace Cverage thrugh healthcare.gv under the Affrdable Care Act? If yes, please prvide any Frm(s) 1095-A yu received. Any freign incme r did yu pay any freign taxes? Were yu a citizen f r lived in a freign cuntry? D yu and/r yur spuse have a freign bank accunt r trust, signing rights n a freign accunt, r wnership r beneficial interest in a freign bank accunt? Did yu receive gifts in excess f $16,111 frm a freign entity? Did yu receive gifts in excess f $100,000 frm a freign persn? State and lcal tax refunds received: Distributins frm Pensin(s), IRAs r annuities Please prvide 1099-R r W2-P frms Nte: If yu change jbs and have 401(k) lans, that is cnsidered a distributin Prvide 1099-R Scial Security received Prvide SSA-1099 frms received Gambling winnings: Gambling Lsses: Prvide all W2-G s Self-emplyment incme: (self-emplyed business r farm) see business rganizer Cashed in US savings bnds Penalty fr early withdrawal f savings frm savings accunts and CDs: Prizes and awards (yu/yur spuse): Jury duty (yu/yur spuse:

6 Schlarships/taxable fellwships: Prvide all 1099 r W2 frms Unemplyment cmpensatin: Prvide 1099 Educatr expenses (fr teachers supplies, etc.): Student lan interest paid: Alimny paid (NOT child supprt): Paid t SS# Amunt Did yu pay anyne fr dmestic services in yur hme? Are there any ther matters we need t be aware f? If yes, explain belw.

7 INCOME WAGES & SALARIES Please prvide all W-2 frms, and yur last paycheck stub. INTEREST & DIVIDEND INCOME RECEIVED Please prvide all 1099 frms received, including mutual fund year-end reprts. Even if yu are able t claim exempt frm tax, the IRS requires that yu reprt nn-taxable interest, such as that earned n municipal bnds, etc. Bring all 1099 s received. If yu are missing a 1099 call payer fr anther cpy CAPITIAL GAINS Capital gains cme frm sales r redemptins f stcks, mutual funds, bnds, real estate r persnal prperty. We need any 1099 frms, brkerage statements, r mutual fund statements. Many times the brkerage statements will cntain this infrmatin. We dn t need n transactins in yur tax deferred accunts, such as 401K, pensin r IRA accunts. Please fill in the frm belw, bring yur brkerage statements, r make a list. It is very imprtant that we have the infrmatin shwn in the clumn headings f the table belw. Brkerage statements attached Emplyee stck ptins exercised attached statements Stcks r securities became wrthless, r mney due t yu became uncllectible Participated in puts, calls, r shrt the bx stck transactins Tax free exchange (Sectin 1031 Exchange) last year attached clsing statements DEDUCTIONS FOR MOVING EXPENSES If yu mved at least 50 miles clser t wrk, yu can deduct sme f yur mving expenses. If yur emplyer reimbursed sme r all f yur expenses, we need t see the paperwrk. Miles frm ld hme t new wrk place: Miles frm ld hme t ld wrk place: Miles driven in mve: Mving Date: Mving Van Packing Materials Transprt Strage f Gds Ldging HEALTH SAVINGS ACCOUNT (HSA & MSA) These plans use a high deductible health insurance plicy, cupled with an IRA-like savings accunt. They allw yu t make tax deductible cntributins t the savings accunt which can be used t pay fr qualified medical expenses tax free. Did yu make cntributins t ne? Please prvide details. Type f Plan: Family Plan Individual Plan Emplyer Yu Amunt paid fr High Deductible Insurance: Cntributins t HSA Savings Accunt: Amunt Disbursed frm HSA: Qualified Medical Expenses: Other (nn-qualified): HSA Medical Expenses carried frward:

8 DEDUCTIONS FOR IRA, SEP, SIMPLE, KEOGH PLANS AND OTHER RETIREMENT PLANS If yu r yur spuse has a nndeductible IRA, be sure t prvide statements shwing the beginning and the ending value f all accunts. (Answer belw Y/N) Cvered by a retirement plan? Cntributins already made fr: IRA-Deductible IRA-Nn-Deductible Rth IRA SEP/Simple/Kegh Yu Spuse Did yu cnvert a regular IRA t a Rth IRA during the year? Did yu withdraw mney frm an IRA r Rth? Please prvide details. Did yu have a rllver frm ne plan t anther during the year? Please prvide details. If yu have am SEP, Kegh r ther business retirement plan yu may have t file frm Are yu interested in cntributing t an IRA, Rth IRA, SEP (self-emplyment plan) fr the current tax year nce yur taxes are calculated? IRA and Rth IRA cntributins must be depsited by 4/15, SEP cntributins must be depsited n later than 10/15 if valid extensin is filed. SALE, REFINANCE OR PURCHASE OF RESIDENCE Please prvide clsing (settlement) statements fr any huse refinanced, sld r bught. If yu sld yur hme during 2017, was it yur principal place f residence fr at least 2 ut f the 5 years? Y/N Was any part f residence rented r used fr business? Date New Residence Acquired (r cnstructin began) If married d yu and/r yur spuse meet the wnership and residence requirements? If yu refinanced yur residence, hw many years is the new lan? Prvide imprvements t Persnal Residence ESTIMATED TAXES PAID FOR 2017 Please be careful! Incrrect data will likely result in ntices and penalties frm tax authrities. 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Date Paid Amunt Date Paid Amunt Date Paid Amunt Date Paid Amunt TOTAL Federal State City

9 ITEMIZED DEDUCTIONS MEDICAL EXPENSES Hspital, health facility, nursing help Eye glasses, cntacts, hearing aids Mileage t/frm dctr, etc. Ambulance, parking, taxi/bus Other: Sick rm supplies, wheelchair, etc. Prescriptin drugs Hme imprvements fr health Health Insurance Lng Term Care Insurance premiums Shw the amunts NET f insurance reimbursements and amunts paid by a cafeteria/125 benefits plan TAXES PAID Dn t include withhlding r estimated taxes here. Real estate taxes hme(s) Real estate taxes land, etc. Other: Aut/Bat persnal prperty taxes Persnal prperty taxes paid SALES TAX PAID ON USED VEHICLES, BOATS, RV s Prvide purchase paperwrk. See adjustments t incme sectin if yu purchased a NEW vehicle r RV in INTEREST EXPENSE Mrtgage Interest Amunt Interest Expense Amunt First Mrtgage Investment Interest Paid Hme Equity/2 nd /Other Other hme interest Pints paid-refinancing this year Interest paid n partnership buy-in lan Bring 1098 frms and/r mrtgage statements. Bring settlement statement if yu refinanced. Cnsumer Interest credit cards, cars, etc.) is nt deductible, unless used fr business, farm, r rental. Were the cmbined ttal lan balances f all yur hme lans ver $1 millin during the year? Were the cmbined ttal lan balances f yur hme equity lans ever ver $100,000 during the years? If yes t either f the abve, we will need detailed lan histry n all lans r hme frm the lenders/banks. CHARITABLE CONTRIBUTIONS CASH AND CHECKS The law nw requires that yu have a receipt r cancelled check fr all cntributins and fr any cntributin ver $250; yu must have a written statement frm the charity. If $250 r mre, a cancelled check is nt enugh. List Cash Charity Entity and amunt List Nn-Cash Charity Entity, Date f Charity and Details f Dnatin List Charitable Miles Value at market value, nt garage sale value! IMPAIRMENT (DISABILITY) WORK RELATED EXPENSES Hearing aid batteries, reading glasses, crutches, and ther expenses necessary t allw yu t wrk:

10 EMPLOYEE BUSINESS AUTO EXPENSES If yu used yur car fr yur jb, ther than t cmmute t wrk, and yu didn t get reimbursed yu may claim yur emplyee business aut expenses. Check the bxes that apply t yu: N reimbursement received frm emplyer. Emplyer did nt reimburse all expenses. Emplyer pays mnthly flat allwance r set amunt. If s, yu need t claim emplyee mileage, since a flat allwance is included as taxable incme in yur W-2. Reimbursement received nt n W-2 In rder t deduct mileage fr aut expenses in a tax return, a lg must be kept which details mileage driven fr business purpses. This lg, r smething which keeps track f mileage, wuld be needed t justify the write ff fr the expense in the event f an audit. Actual Autmbile Expenses Ttal Miles Driven Car 1 Car 2 Ttal Mileage Business Mileage Business Use % Average Daily Cmmuting Written Recrds Available Y/N Y/N Is anther vehicle available fr persnal use? Y/N Y/N Is an emplyer-prvided vehicle available fr persnal use? Y/N Y/N Gas & Oil Insurance Licenses Lubricatin Repairs Tires, Tire Repair Wash Other: Miscellaneus Deductins Subject t 2% AGI Unreimbursed Emplyee Business Expense Unin & Prfessinal Dues Safe Depsit Bx Rental.. Tax Return Preparatin Fee. Business Publicatins Business Telephne Calls Tls, Supplies, Equipment Emplyment-Related Educatin Investment Expenses Other... Miscellaneus Deductins Nt Subject t 2% AGI Gambling Lsses (limited t winnings).. OFFICE IN HOME Fr an emplyee, related t jb: A deductible is nly required by emplyer, r necessary fr health and safety f emplyee. Hme ffice area must be used regularly and exclusively fr business. Ttal square ftage f hme Exclusive business us Sq. Ft. Hme ffice is fr yu r spuse Expenses: Rent/lease payments Huse/yard repairs, maintenance, cleaning, windws, carpets, etc. Hme insurance Utilities: gas, electric, water/trash, hme phne, cable, etc. Assciatin dues