Tax Information

GENERAL INFORMATION - Have this information readily available. INCLUDE THIS INFO IF IT HAS CHANGED SINCE LAST YEAR

• Occupation for you and your spouse
• Social Security number for you and your spouse.
• Social Security number for new Dependents that you can claim as exemption
  NEW THIS YEAR – IRS NEEDS DOB for Dependents
• Date of birth for Dependents
  INCLUDE COPIES OF FOLLOWING ITEMS
• W2’s - Earnings
• 1099’s - Interest Statements & Independent Contractors - if you do not receive a 1099 for interest - please look on your last statement in December - they usually list a year to date total for interest earned. (1099-INT - Interest, 1099-DIV - Dividends, 1099B - Capital Gains (stock, etc) or 1099-MISC - most likely - independent contractor income.) There are also 1099’s for cancellations of debt, gambling winnings, etc. Send any 1099’s you receive.
• SSA-1099’s - Social Security
• 1098’s - Mortgage Interest
• 1098-E - Student Loan interest that is deductable
• Any other tax related forms you receive.
• Contributions to IRA
• Contributions to Section 529 Tuition Account
• First Time Homebuyer Credit

 

DEDUCTIONS

It does benefit some families to itemize their deductions. If you will be MARRIED FILING JOINTLY or QUALIFYING WIDOWER and the following expenses will exceed $10,900.00, please have your papers in order and total your receipts up for the following expenses. If you are SINGE - the following expenses must exceed $5450. If you expect to file as HEAD OF HOUSEHOLD - the following expenses must exceed $8000.

 

• State & Local Income Taxes - If you had an amount due last year that you needed to pay by April 15, list that amount.
• If you itemized last year and you received a refund of state & local income taxes - please list the amount for me. You should receive a 1099G listing this amount.
• Medical & Dental Insurance Premiums (Paid out of pocket if your employer does not provide Medical or Dental Insurance, or if you have opted out of their plan and purchased your own insurance that is not reimbursed) If you are unsure of allowable premiums - enclose your last pay stub of the year.
• Medicare B (located on your SSA-1099)
• Qualified Long Term Care Insurance
• Doctor, Dentist & Hospitalization expenses, not covered by insurance or reimbursed.
• Prescription medicines & drugs
• Medical Aids such as eyeglasses, contact lenses or hearing aid
• Parking Fees & Tolls for attending Doctors Office or Hospital
• Number of Medical Miles Driven (if not using actual vehicle expenses)
• PA SUI Taxes paid (If you are an employee - this will be on your W-2)
• Occupational Privilege Tax
• Per Capita Taxes
• Real Estate (Property) Taxes (this may be on your 1098 from your mortgage co.)
• Mortgage Interest & Points (1098)
• Qualified Investment Interest Expenses
• Charitable Contributions to Charities & Churches
• Unreimbursed Employee Expenses - Must exceed a percentage of income for Federal - but worth including for state
• Uniforms (cost or cleaning)
• Shoes
• Safety Equipment
• Professional License
• Small Equipment
• Small Tools
• Protective Clothing
• Union Dues
• Tax Preparation fees
• If you made a large purchase this year - Sales Tax - we will use the larger amount of either Sales Tax or State & Local income tax paid.
• Casualty & Theft Losses
• Gambling Losses (Can not exceed Gambling Winnings)
• Home Improvements that are energy efficient – ie. Replacement Windows, Energy Star Appliances, such as a new Central Air Unit.
• Purchasing a Hybrid vehicle

 

OTHER ITEMS TO REDUCE LIABILITY - MOST POPULAR ONES

• Educator Expenses - credit up to $250 (homeschoolers don’t qualify - sorry)
• Student Loan Interest (1098-E)
• Tuition & Fees deduction

 

NEW CLIENTS - INCLUDE SOCIAL SECURITY NUMBER AND DATES OF BIRTH FOR YOU AND YOUR SPOUSE.

 

For individuals that have Home Based Businesses and are Self-Employed - click here

 

Updated February 2009