WHAT SHOULD I BRING TO FILE MY TAXES AND WHY?
PERSONAL INFORMATION FOR EACH FAMILY MEMBER:
Name
Date of Birth
Social Security Card /ITIN/ATIN
Last Year’s Tax Return
Valid Driver’s License or I.D. Card
INCOME AND TAX INFORMATION USED TO CALCULATE INCOME:
W-2’s
Interest (1099-INT)
Dividend Forms (1099-DIV)
Stock Sales (1099-B or Broker Statement)
Self-Employment Income and Expenses
Sale of a Personal Residence
Rental Income and Expenses
Sale of Any Business Assets
Gambling or Lottery Winnings (W-2G)
Pension Income (1099-R)
Estimated Taxes Paid
Social Security or Railroad Retirement (SSA-1099 or RRB-1099)
IRA or 401(k) Distribution (1099-R)
Unemployment Compensation (1099-G)
Miscellaneous Income (1099-MISC)
DEDUCTIONS/ADJUSTMENTS YOU PAID:
Medical Expenses
Real Estate or Personal Property Taxes
Mortgage Interest
Charitable Contributions (cash and non-cash)
Employee Business Expenses
Gambling Losses
Moving Expenses
Traditional IRA Contributions
Higher Education Expenses
Educator Expenses
Student Loan Interest
TO GET APPROPRIATE TAX CREDITS:
Child Care Provider -Address and Employer Identification Number (EIN) or Social Security #
Adoption Expenses
Retirement Savings Contributions Credit
What are some deductions and credits I can claim?
The deductions and credits you’re eligible to claim will vary depending upon your situation.
The child tax credit provides a credit of up to $2,000 per qualifying child for tax years 2018 to 2024. Up to $1,400 of this credit is refundable. Eligibility begins phasing out at $200,000 in income for single filers and $400,000 in income for married couples filing jointly.
The child and dependent care tax credit is valued at 20%–35% of the costs of allowable care expenses, up to $3,000 in expenses for the care of one qualifying person. A taxpayer caring for two or more dependents could claim a maximum credit of $6,000.
Who is eligible for the EITC and CTC in a three-generation household when both a child and parent live with the grandparent of the child?
In a three-generation household, only one tax filer can claim the EITC and CTC, even if more than one family member works and is otherwise eligible. A working parent living for more than six months of the year with his or her child has priority to claim the tax credits. If the parent did not work or chooses not to claim the EITC or CTC, an eligible grandparent may claim these credits, as long as his or her adjusted gross income is greater than the parent’s.
When should I contact an accountant?
As soon as you start to think about your business, an accountant can help you take the next steps. We can discuss your business's organization, tax purposes and operations, along with target pricing and profit margins.
Disclaimer
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