List of Documents and Information Most Often Missed
HEALTH SAVINGS ACCOUNTS (HSA)
If you made contributions to your HSA account during the year you should receive a Form 5498-SA from the HSA trustee. If you took a distribution from your HSA to pay for medical expenses the trustee should have sent you a Form 1099-SA. Be sure to bring in the form(s) that apply to you.
ESTIMATED TAX PAYMENTS
Date and amount of each Federal and State estimated tax payment made for the year. The installments are due in April, June, September and January of the following year.
CASH DONATIONS
A detailed list of cash (or check) donations made for the year.
NON-CASH DONATIONS WHERE TOTAL VALUE GREATER THAN $500
a. Organization name and address where donated. b. Description of items donated (eg. clothing, household furnishings, etc.). c. Estimated value of items on date donated. d. Original cost of items donated (if known).
FOR VEHICLE RELATED DEDUCTIONS:
a. Total miles placed on the vehicle from January 1st through December 31st (total annual miles). b. Business portion of those annual miles. c. Commuting portion of those annual miles. NOTE: As of 1/1/2018 employee mileage is no longer deductible as it has been in prior years on Schedule A. Business mileage is still deductible for self-employed individuals.
FOR STOCK TRANSACTIONS REPORTED ON FORM 1099-B
a. Cost basis statement - this is the information which reports your cost in the security(s) sold during the year. Quite often this infomation is sent to you in January and often is called a "Cost Basis Statement." If this form is sent to you by your broker it should be brought in. If you do not receive this statement you may want to contact your broker and see if one is available. b. No cost basis statement available - if a cost basis statement is not available due to stock transfers between brokerages or the securities were not purchased through a broker, you need to go back to the original documents which gives the purchase information (date and cost). c. For mutual funds sold - If a cost basis statement is not available, you should bring in the annual statements which show the investment activity for the year. If the mutual funds sold had been originally acquired in a prior year then all the annual statements should be brought in in order to calculate the cost basis.
MISSING INTEREST AND DIVIDEND INCOME FORMS 1099-INT AND 1099-DIV
Before we meet you should review these forms to ensure that none are missing. It is a good idea to compare the forms received with the prior year interest and dividends reported on Schedule B of your prior year return or as reported on the electronic tax organizer I can send to you.
SELF EMPLOYED INDIVIDUALS
You should review your income and deduction records for the year and prepare a worksheet to ensure that you have accounted for all items of both income and deductions. On the deduction side you should have kept a record of all out of pocket cash payouts for business related expenditures. Letting deductions slip through the cracks will add up to a higher tax bill when the return is filed. Remember, if you make an expenditure and it is in any way business related, it is likely deductible and must be recorded.
SOCIAL SECURITY NUMBERS
Social security numbers of children born during the year.
DIRECT DEPOSIT / WITHDRAWAL BANK INFORMATION
The IRS and most states allow you to direct deposit (or withdraw) your tax refund (or payment). The benefit is that if you are getting a refund, the money is usually in your account within one to two weeks. If the check is mailed to you, it normally takes over four weeks to receive it. If you owe, you can decide on what date you want the money withdrawn from your account. You have the option of having funds withdrawn right away, or the withdrawal date can be set as late as April 15th. In addition to being very safe, there will be a confirmation received from the IRS and/or State confirming the withdrawal date and amount. For both direct deposits and withdrawals, I will need your bank routing number and account number. The bank routing number is the nine digit number listed on the bottom of your checks. If you will be using a savings account and don't know the routing number you should contact your bank.