www.alltaxwork.com for help on all IRS Forms 1040, 1040A, 1040EZ, 1040X, 1065, 1120, 1120S, 1041, 1040NR, 990, associated schedules and related state forms. IRS letters and notices.
The wide variety of income tax situations, what is need to prepare your tax return
Full names of all living in the house & dependents, dates of birth, SSN/ITIN, Relationships of above with each other
Current address, telephone number & email and prior years return. It is important to determine any changes and in particular to omit any item included on last years return, for instance, relocated during year.
Activities of all those living in the home for instance, retired, homemaker, exployed, self employed or unemployed, at school, disabled, landlord
Medical coverage of all those living in the home or deemed to be living in the home
Administering trust, estate, will?
Managing investments? or Managing property
Details of income from all sources
Income from all employers eg W2
Self employed income, 1099 Miscellaneous, how supported, bank deposits? see below for self empoloyed expenses. This includes LLC, Partnership, Chapter S.
Social security, Unemployment compensation, Workmens comp
Interest and dividends, you will receive Forms 1099INT & 1099DIV, or this information will included on Form 1099B provided by your broker
If you are invested in the Stock Market, you will receive Form 1099B, as referred to above, and late in March Forms K1 recording income from Publicly Traded Partnerships (PTP). Due to double taxation inherent in C Corps, many entities prefer to be set up as partnership
If you are a landlord, renting out part of your house, or all of your house for part of the year, you may be obliged to file Schedule. See below on claiming expenses related to this.
Alimony & child support received and SSN of payer
If you are fortunate enought to benefit from an Inheritance, you should bring in details of the estate or trust
Cancellation of debt? Include statement of assets and liabilities at that date
Sale of home. Closing statements for purchase and sale, summary of all improvments<
Do you have an office in your home used regularly and exclusively for business? If so, provide all costs relating Home office? Monthly rent.
rental wexp(income, expenses, equipment purchased, business & personal mileage, vehicles)
All 1098, typically relating to mortgage or tuition expenses
All taxes paid, state tax, property tax, vehicle registration tax, sales tax on any large items purchased
Money and other contributions to charity. If charitable contributions exceed $500, contributions need to be itemized
Alimony & child support paid and SSN of payee
Medical expenses including Insurance for each member of household
Education expenses necessary for courses including EIN and name and address of school
401K, Traditional IRA or Roth. Contributions for current and confirm contributions made in prior year
1099B to see management and investment expenses
Company, Partnership, Estate or Trust Information
Type of entity, simple or complex trust, decedent estate etc, partnership, S or C Corp\?
Current address, telephone number & email and prior years return. Obviously the entity identification number (EIN) both federal and state, also Secretary of State number if relevant
Full names of all officers, members or fiduciaries related to this entity as well as percentage interest of members or beneficiaries
Current years fiancial statement, both profit and loss and balance sheet. In addition, details of any estimated tax payments, federal and state. Method of accounting (accrual or cash), fiscal or calendar year?