Information Organizer for 2014 Income Tax Returns

Transcription

1 ACCUTEK SOLUTIONS Financial and Tax Solutions for Individuals and Businesses Information Organizer for 2014 Income Tax Returns It is that time of year again, let us help you! You may have noticed that they have been busy extending and creating rules in Washington D.C.. Below is a tax organizer to help you get every possible deduction on your taxes. Please complete this form, using estimates when necessary, and return it at your earliest convenience. This may be done by , fax or mail. We will review it thoroughly, and call you to discuss any decisions you could make now that could save you money when you file. If you would like an interview in person, by phone, or by video chat, please let us know, and we will schedule you a time. Please ask us about our client referral discounts of up to $50. Please skip any part of this organizer that is not applicable or that is the same as last year. Your Name: Birth Date: / / Soc. Sec. No. Spouse Name: Birth Date: / / Soc. Sec. No. Address: City/State/Zip: Phone: (You) Home ( ) Work ( ) Cell ( ) Fax ( ) Phone: (Spouse) Home ( ) Work ( ) Cell ( ) Fax ( ) Are you a U.S. citizen? Circle: Yes / No Is your spouse a U.S. citizen? Circle: Yes / No In 2014 were you totally&permanently Circle For You: Yes / No Circle For Your Spouse: Yes/No disabled? In 2014 were you a full time student? Circle For You: Yes / No Circle For Your Spouse: Yes /No In 2014 were you blind? Circle For You: Yes / No Circle For Your Spouse: Yes /No Can anyone claim you on their tax return for ( Circle For You: Yes / No ( Circle 2014? For Your Spouse: Yes / No In 2014 did you adopt a child? Yes /No Have You Been A Victim of Identity Theft? Circle: Yes / No Direct Deposit of Refund To get your refund faster please provide a voided check or provide the routing number and account number found on the bottom of your personal checks. Routing Account Marital Status as of December 31, 2014 (check the appropriate box(es) below: Single Married (Is your marriage recognized as of 12/31/14 under the laws of the state you are filing in? Circle: Yes / No (Did you live with your spouse one or more days after June 30, 2014? Circle: Yes / No ) (Please circle the filing status you would like us to use on your tax return: Married Filing Jointly / - Married Filing Separately / Please figure our taxes both ways and tell us the difference ) Divorced or Legally Separated (Date of final decree or separate maintenance agreement: / / )- Widowed (Date of spouse s death: / / -) Dependents: Children (or others for whom you provided over 50% of support in 2014) living at home or at school (For dependent exemptions, child credit, additional child tax credit, dependent care credit, earned income credit, and medical Office Hours: 8 to 5 Mon Thurs. Office Hours by Appointment Office Hours by Appointment 51 North 1000 West, Suite 5 Black Ridge Terrace Bank of Nevada Building Hurricane, Utah South 250 West, Suite 502A 11 W. Pioneer Blvd.,2 nd Floor Conf Rm Phone (435) Mail: P. O. Box 1248 Mail: P.O. Box 1260 FAX (435) St. George, UT Mesquite, NV Toll Free Phone (877) Toll Free Fax (877) Toll Free Phone (877) Website: Sample solutions on our blog:

2 Information Organizer for 2014 Income Tax Returns Page 2 of 6 insurance coverage requirements). Important Note: Do NOT list these children here: If they are married. If they are not U.S. citizens. If you are divorced and your former spouse has rights to deduct some or all of your children on his or her return, In any of these cases, contact us to discuss what to do. Name (As It Appears on The Social Security Card) Social Security Number Months Lived With You This Year Full Time Student 5+ Months Birth Date Including Year Child s Gross Income College Tuition You Paid Relation- Ship to You (Child, Parent, None, Etc.) If you have additional dependents, please provide this information on another sheet, along with each person s relationship to you. Important: Please provide Social Security Card copies for each person and dependent you will include on your tax return. We must have a perfect match of name spelling, Social Security Number and birthday to avoid IRS correspondence and electronic filing delays. Checklist of Information to Provide Us (Photocopies or Originals OK, Your Choice) Income W-2 forms from every job you had in Tip Income All 1099 Interest & Dividend forms Any other 1099 forms retirement, disability, misc income, awards, tax refunds, unemployment, Social Security/ Railroad Retirement Benefits, Jury Duty, or payments to you from credit card companies (or PayPal) A statement of revenues collected and expenses paid for each business or farm you are involved in, including a list of equipment purchased or sold in 2014, with date, purchase price, amount borrowed, and description. A statement of revenues collected and expenses paid for each rental property venture Copies of all K-1 forms from each trust, partnership, limited liability company, and S corporation you participate or have an ownership interest in. All W-2G, gambling winnings. This income MUST be reported but may be offset by an itemized deduction for substantiated gambling losses. Please provide casino account statements or other support showing losses. All brokerage statements showing any stock sales. Please provide original cost and purchase dates of the shares of stock sold. This is not provided on most brokerage statements for older stocks.

3 Information Organizer for 2014 Income Tax Returns Page 3 of 6 Itemized Deductions The following deductions can be claimed if they total more than the standard deduction, which is: Single $6,200 Head of Household $9,000 Married Filing Jointly $12,400 Married Filing Separately $6,200 Medical and Dental Expenses The portion of medical and dental expenses exceeding 10.0% of income can be claimed as itemized deductions. (7.5% if you are over age 65) These expenses include, but are not limited to: Doctor & Dental Visits Insurance premiums paid with after-tax income Mileage to/from health care appointments (23.5 cents per mile) Eye care Lab fees Prescriptions (including prescribed oking cessation programs) Lodging on a limited basis while receiving treatment at a licensed hospital or equivalent The deduction is allowed in the year the expense is paid. Consider borrowing the money (even with interest) to pay a large bill in one year to maximize the amount you will be allowed to deduct from your taxes. Please let us help you with this decision. It may save hundreds of dollars! Taxes Paid. Including State income tax paid when filing last year's return, 4 th quarter 2014 estimate possibly made in January 2015, and 2014 state estimates made during Late state income taxes paid in 2014 including those resulting from an audit. (Do NOT include penalties or interest) Real estate taxes paid. Personal property taxes (vehicle, trailer, or boat) based on value. Utah vehicle taxes are NOT deductible, but most other states have a deductible portion from the auto registration. Mortgage Interest Any 1098 Mortgage Interest forms Interest paid on your primary and vacation homes. If the interest is paid to an individual, give name, address, and social security number in addition to the amount paid. Contributions to Charity All cash contributions made in tax years beginning after August 17, 2006, to any qualified charity must be supported by a dated bank record or a dated receipt. Also, beginning after August 17, 2006, no deduction is allowed for most contributions of clothing and household items unless the donated property is in good used condition or better. We suggest keeping pictures of the items with the donation receipt. Copies of cash charitable contribution receipts. Copies of all non-cash (clothing or other property) charitable contribution receipts Miles driven (worth 14 cents each) This did not increase in 2014 Out-of-pocket expenses as a volunteer worker. Include copies of receipts.

4 Information Organizer for 2014 Income Tax Returns Page 4 of 6 Employee Expenses Not Fully Reimbursed Auto expense. Actual cost or mileage (56.5 cents per mile) Meals on overnight business trips. You can deduct 50% of these. Your day-planner should list the duration of each trip and the business purpose. Use this to prepare a list of business trips, cities visited, and the total of meal receipts for each trip. There are five different meal allowance rates, varying from $46 to $71 per day, based on the location of travel. You are allowed 75% of the daily amount for the first and last days of each trip. We will help you determine whether using your meal receipts or the daily allowances is better for you. If your records only include dates, cities visited, and business purpose, but not receipts, we will help you determine a deduction using the daily allowances. Other employee business expenses. o Union/professional dues o Safety equipment o Continuing education o Business travel o Uniforms o Business meals and entertainment o Tools o Supplies The reimbursement is tax free, if your employer will reimburse you for these expenses. This is the best route to go, because these expenses may be only deducted if they are itemized, and because you will only get a partial deduction on your tax return. Other Itemized Deductions Adoption expenses Mortgage points Investment interest Moving expenses related to a change in employment location Casualty/theft loss Other Information Year-end or most recent statements from all IRA (including Roth and Simple), 401K, 403B, Keogh accounts, or other retirement plans. You have until April 15, 2015 to make IRA contributions for the 2014 tax year. An extension to file your tax return does not change this IRA contribution deadline. Copies of all Tuition Payment Statements made in 2014 (Form 1098-T). Qualified Higher Education includes tuition, fees, books, supplies, and equipment. Equipment is expanded to include computer hardware and nongame software. Also internet access at the institution. Please note that some student aid is considered taxable income by the IRS, we will help you determine what part is and is not taxable income. Copies of Student Loan Interest Statements you or your dependents received for 2014 (Form 1098-E) Copies of cancelled checks for all Federal and State estimated 2014 tax payments, including amounts and dates. It s important to provide a copy of your 2013 Income tax return if not prepared by Accutek Solution Residential energy credit. If you made a purchase for any energy saving devices or materials provide support. Examples would be insulation, windows, doors, water heater and solar. If you claimed this credit in years before Accutek did your return we will need copies of the return in which the credit was claimed. Was there any court ordered alimony/ spousal support paid or received? Please provide the name, address, and social security number of the person you paid alimony to or received it from. Child support is non-taxable. Copies of all Forms 5498-SA, or 1099-SA for each Health Savings Account (HSA) or Flexible Spending Account (FSA) you had in Please note that some contributions and withdrawals from these accounts are considered taxable income. We will review any such items carefully with you to assure the best legal reporting, including a review of any W-2 forms you received with code W indicated in box 12. Teachers expense deduction. Teachers may deduct as an above the line deduction a maximum of $250 for out of pocket expenditures to purchase books and supplies that are used in the class room for education purposes. Please provide copies of cancelled checks or receipts. This was allowed to expire as of 12/31/2014, so

5 Information Organizer for 2014 Income Tax Returns Page 5 of will be the last time you can claim this, unless Congress acts again to extend it. If you have more than $250 of these expenses, please let us know, as we may be able to claim an itemized deduction for it. Copies of all Forms 1099-A, or 1099-C for each debt from a mortgage or credit card cancelled or forgiven by a commercial lender in Please note that President Obama signed a law 12/19/2014 extending the nontaxable status of forgiven debt on some mortgage loans on your principal residence. We will review your situation carefully to see if this will benefit you. This has not been extended into 2015 yet, we will have to watch and see what decisions the President and Congress make in this area. Did you receive the First Time Homebuyers Credit in 2008? Are you still living in that principal residence? Did you live in an area affected by a natural disaster in 2014? If you did, where was it? Have you received any correspondence from the IRS regarding Earned Income Credit (EIC) you received in a past year. If yes, please provide us a copy. Child and Dependent Care Credit This is a tax credit for child or dependent care payments you made so that you (and your spouse, if applicable) could work or attend school full-time. Names of dependents for whom care was provided: Name and address of care provider: Telephone Number of care provider: Amount paid provider for care in 2014: Care provider's tax ID number: Relationship to you (if any): If more than one care provider was used in 2014, please attach a sheet giving the same information for each one. Health Care Coverage (includes Medicare, Medicaid, CHIP, Employer-Sponsored or Individual Health Insurance) Which months of 2014 did you have health care coverage for yourself, your spouse, and each dependent? In 2014, did you or your spouse receive an advance payment from the federal or a state health insurance marketplace or exchange to help you pay for your monthly health care premiums? Please note that any such advance payment may have been directly deducted from the premium you were billed, if so, we will need to know about it to avoid costly IRS correspondence after you file your 2014 tax return. If you are receiving advance payments of the premium tax credit to help pay for your health insurance coverage, you should report life changes, including income, marital status, and family size changes, to your marketplace or exchange. This will help assure you that you are receiving the correct amount of these payments. Please provide us with a copy of each Form 1095-A, 1095-B, 1095-C and 8965 you received, which will document this coverage items and help you avoid the related IRS penalties that began in 2014.

6 Information Organizer for 2014 Income Tax Returns Page 6 of 6 Please include any other information that you think might help us save you taxes. Thanks! We look forward to working with you to legally minimize your taxes.