May 25, 2012

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Your Taxlady

I keep track of your taxes so the government doesn't get it all!

Tax Time: What do I bring?

Tax Preparation Checklist:
Personal Data: 
  • Last year’s tax return (if you are new)
  • Social security numbers (if you are new actual cards for the family)
  • Dates of birth for the family
  • Child care provider name, address and tax ID number
  • Alimony paid and social security number
Employment & Income Data:
  • W-2 Forms for this year
  • Unemployment compensation form 1099-G
  • Miscellaneous income form 1099-Misc
  • Partnership, S Corp and Trust income Schedule K1
  • Pensions and annuities form 1099-R
  • Social Security benefits form RRB-1099
  • Alimony received
  • Jury duty pay
  • Gambling and lottery winnings
  • Prizes and awards
  • Scholarships and fellowships
  • State refunds form 1099-G
  • Student loan interest paid
Financial Assets:
  • Interest income statements form 1099-Int and 1099 OID
  • Dividend income statements form 1099-Div
  • Early withdrawal penalties on CD’s or other time deposits
  • Proceeds from broker transactions form 1099-B
  • Retirement plan distributions form 1099-R
Homeowner Data:
  • Mortgage interest statement form 1098
  • Second mortgage interest statement for 1098
  • Refinancing paper work
  • Real estate taxes paid
  • Sale of home or other real estate papers form 1099-S
  • Purchase of home real estate papers
  • Moving expenses
Other Expenses:
  • Gifts to charity written statement form each
  • Unreimbursed expenses related to volunteer work
  • Unreimbursed expenses related to you job (example, travel expenses, uniforms, union dues and subscriptions)
  • Investment expenses
  • Job hunting expenses
  • Job related education expenses
  • Childcare expenses
  • Medical savings accounts
  • Adoption expenses
  • Alimony paid
  • Tax return preparation fees and expenses
  • Gaming expenses if you were a winner
  • Personal property taxes paid
  • Medical expense documents
  • Federal, state estimated income taxes paid vouchers, cancelled checks or other payment records.
Self-Employment business data:
  • Business Income form 1099-Misc and or your own records
  • Business-related expenses receipts or other documents.
  • Business vehicle expenses records

Your Taxlady FAQ

Q: How much do you charge for tax preparation?
A: Fees start at $55 per state; $95 federal.
Q: What's the best way to borrow to make consumer purchases?
A: For homeowners, it's the home equity loan. Other consumer related interest expense, such as from car loans or credit cards, is not deductible. Interest on a home-equity loan can be deductible. So avoid other nondeductible borrowings and use a home-equity loan if you plan to borrow for consumer purchases.
Q: What special deductions can I get if I'm self employed?
A: You may be able to take an immediate expense deduction of up to $500,000 for 2011, for equipment purchased for use in your business, instead of writing it off over many years. Additionally, self-employed individuals can deduct 100% of their health insurance premiums. You may also be able to establish a Keogh, SEP or SIMPLE plan and deduct your contributions (investments).
Q: What's the best way to give to charity?
A: If you're planning to make a charitable gift, it generally makes more sense to give appreciated long-term capital assets to the charity, instead of selling the assets and giving the charity the after-tax proceeds. Donating the assets instead of the cash avoids capital gains tax on the sale, and you can obtain a tax deduction for the full fair market value of the property.
Q: I have a large capital gain this year. What should I do?
A: If you also have an investment on which you have an accumulated loss, it may be advantageous to sell it prior to year-end. Capital losses are deductible up to the amount of your capital gains plus $3,000. If you are planning on selling an investment on which you have an accumulated gain, it may be best to wait until after the end of the year to defer payment of the taxes for another year (subject to estimated tax requirements).
Your Taxlady

Contact Information

Address: 401 Windchime Place
City, State, Zip: Colorado Springs CO, 80919
Phone: (719) 548-4924
Email: officemgr@taxladyllc.com
Website: http://www.taxladyllc.com/
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