It’s Tax Time – What Do I Need???

The 2019 Tax Season officially began on January 27^th . So if you haven’t started getting ready for it… IT’S TIME!

Here are the things you may need to gather so you’ll be ready for tax preparation services:

IF you worked, received social security or retirement income, received a settlement payment, received Unemployment Insurance payments, made gambling winnings, had a debt forgiven or any other form of income, you’ll need:

• All Form W-2, 1099s, 1098s, and other income forms

• All income and expense statements for your small business or gig-services performed (UBER, Lyft, Door Dash…)

IF you or one of your dependents attended and paid post-secondary education in 2019 you may qualify to receive an EDUCATION CREDIT.  Please send:

• Form 1098-T (Tuition Statement) received from the educational institution
• A copy of the statement of account showing all the expenses charged and payments made to the school.

If you’re a Small business owner (including landlords)

• Send a spreadsheet of your correctly categorized business expenses and income. If you need an Excel template to help you get organized, I can send you one.

NOTE: If you’d like me to categorize your expenses for you, this add-on service rate is $65/hour (discounted rate for long-term loyal clients is $45/hour).

• If you paid any individual or non-incorporated business more than $600 during 2019, Federal law requires you to report those payments to the IRS and to give the recipient a form 1099-misc showing their income by January 31, 2020.

• IF you received income from an inherited asset via a trust, or business income other than your own Solo Prop, you’ll need a Schedule K1 from that trust or business.

Theses are the basics for most people. 

Be kind to your Tax Pro! We’ve had a rough two years.