Everyone is
concerned about the cost of accounting fees. To
save you money on your return, please prepare
according to the guidelines below. We need:
General Information- Individual
- Your social security number and date of birth, if not
previously provided
- Spouse’s social security number and date of birth, if
not previously provided
- Children’s social security numbers and dates of birth,
if not previously provided
- Social security number of any new dependents in 2007
- Divorce paperwork, if divorced in 2007
- Estimated payments -- date of payment and amount
- Current e-mail address ______________________
- For direct deposit:
Bank Routing
transit number
Account number
Type
of account: checking ___ savings ___
- IRA contribution: Traditional _____ Roth
_____
- Moving expenses (if you moved over 50 miles closer to
your employer).
-
Current address if you have moved in last 12 months
Income
- W-2 Wage Statements
- 1099’s – Interest from banks or self-employment income
- Alimony (if recently divorced – divorce settlement
papers)
- Refunds from state departments of revenue (i.e.,
Arizona refund)
- Capital gain
– from mutual
funds
- Any pension distributions
-
Rental income
- Unemployment compensation
- Social Security benefits
- Information on any sale
Sale price
Date of purchase
Date of sale
Acquisition price
Improvements – if on a piece of rental property
All income is subject to
taxes. The above is a list of the most common sources of income.
Deductions
- Medical expenses (including medical mileage)
- State
taxes paid on prior years (paid in 2007)
- Real estate taxes
- Personal property taxes (in
Arizona, that
is your car licenses)
- Home mortgage interest
Charitable gifts, both cash and
noncash
- Cost of tax preparation (paid in 2007)
-
Employee
expenses – traveling between jobs, professional dues, education, etc.
- Investment expenses, safe deposit box, investment
magazines
- If you have your own business, any business expenses
Advertising
Car expenses
Total miles driven
Business miles driven
Commute miles
Actual
expenses: repairs, gasoline, service, license plate tags, etc.
Year and make of car
- Commissions and fees
- Furniture and
Equipment purchases (also need dates purchased)
- Business insurance
- Rent (that you paid to someone for space)
Did you remember to issue a
Form 1099 to the landlord?
- Legal and professional services
- Office expenses: utilities, cleaning service, telephone
- Supplies: paper, pens, computer cartridges, etc.
- Travel
- Meals and entertainment
- Other expenses (example: long distance telephone calls)
- Retirement contribution
- Medical Savings Plan contribution
-
Rental expenses from homes or other
property that you rent to someone else.
- Teaching
supplies, if you are an educator
The
above list is not exhaustive. Generally, deductions are allowed if used
to produce income.
Other
Miscellaneous Items
- Please
bring mortgage documents if you have purchased, sold or refinanced your
home in 2007
-
If you are a new client, please
bring the past two years of tax returns, in addition to the completed client information
sheet.
|
