Tax Preparation Services
ITS Financial Group, Inc. prepares taxes for both all individuals whether you are an employee or business owner. With an integrated team of financial professionals in-house, you will reduce guesswork, increase efficiency in record keeping, satisfy tax laws and avoid an IRS audit while maximizing your wealth at the same time.
Each tax season, individuals struggle with compiling tax documents. The consequences of missing these important documents can cause headaches. Moreover, it will also waste your valuable time and money. To help you better prepare and alleviate some stress, here are some recommendations:
- Purchase a large folder and label it 2016 tax documents.
- Print out the list below and attach it to the front page.
- Mark the items that are applicable to your situation. When you get the particular document from whatever entity, cross it off. For example, if you work for XYZ Company, then you will be getting a W-2 from this company. Mark this item off your checklist once you get this.
- If you don’t get a (or any) document by March 1, call the company who is responsible for issuing it.
- Bring your completed list to your tax preparer.
Here is the tax checklist. Keep in mind that some items might not be applicable to your situation. Give us a call at 424-999-8829 for an initial consultation.
□ First, middle initial, and last names of taxpayers and dependents as written on the Social Security cards, and dates of birth for taxpayers and all dependents, especially new dependents.
□ Address, (city, state, zip), telephone number, and e-mail address.
□ Marital Status: Single ___ Married ___ Head of Household ___ Separated ___
□ Number of Dependents: ___ Did any dependents have any income? Yes ___ No ___
□ Do all dependents live with you? Yes ___ No ___
□ Check for direct deposit
TYPES OF INCOME:
□ Wages – All W-2’s □ Income from Rentals – All 1099-MISC
□ Pensions/Retirements – 1099-R □ Business Income – All 1099-MISC
□ Social Security – SSA-1099 □ Farm Income
□ Bank Interest – 1099-INT □ Alimony Received – Total amount
□ Dividends – 1099-DIV □ Unemployment – 1099-G
□ Commissions – 1099-MISC □ State Tax Refund – 1099-G
□ Tips and Gratuities □ Miscellaneous – Jury Duty, Gambling, Other
□ Sales of Stock, Mutual Funds – 1099-B
BUSINESS INCOME & EXPENSE ITEMS: This list is not all encompassing. If you don’t see an expense listed below, ask.
Total (Gross) Income Advertising Auto: Parking &Tolls
Business Phone Expense Cell Phone Expense Subcontractors
Commissions Paid Insurance Interest Paid
General Office Expense Rent/Lease Fees Paid Legal or Professional Fees
Repairs Cleaning/Maintenance Dues & Publications
Equipment/Supplies Tools License Fees/Taxes Paid
Utilities Education Expense Association Dues
Bank/Credit Card Fees Postage Meals/Entertainment
Business & Total Miles Asset Purchases Hotel/Travel Expense
ADDITIONAL ITEMS FOR RENTAL PROPERTIES:
Keys Condo/PUD Fees Management Fees
Mortgage Statements Yard Work Termite Treatment Expense
Utilities Mileage/Travel Other
DEDUCTIONS/CREDITS TO INCOME:
Self-employed Health Insurance IRAs /Keogh/SEPs Student Loan Interest
Medical Savings Account Teacher Expenses Child Tax Credit
Penalty on Early Withdrawal of Savings Foreign Tax Paid
American Opportunity/HOPE/Lifetime Learning Expenses Adoption Expenses
* Total Alimony Paid: Must have name and Social Security number of recipient, and amount paid.
* Child Care/Day Care Credit: Must have name, address, Social Security number or EIN of provider, and amount paid.
ESTIMATED TAXES PAID:
Provide date payment was made and the amount paid. Be sure to include amounts for both the Federal and State quarterly tax estimate.
Medical & Dental bills Prescriptions Glasses/Contact Lenses
Out-of-pocket Expenses Medical Miles Lab Fees
Hearing Aids Medical/Dental/Long Term Care Insurance
Prior year state tax paid City/local tax Sales tax
Real estate tax Personal property tax Other
Church Boy/Girl Scouts United Way/CFC
March of Dimes American Heart Easter Seals
Red Cross MDA/MS Charitable miles
Salvation Army Food Bank Payroll deductions
Out-of-pocket Volunteer Expenses YMCA/YWCA Other
List Fair Market Value of household goods and clothing items given to Charitable Organizations.Google+