Hammernik’s 2015 Tax Time Document Chase List
Well, our offices have officially started jumping.
(Not literally, of course.)
The IRS started accepting electronically-filed returns about two weeks ago, and we have already been working long hours to thoughtfully and thoroughly serve the clients with whom we’ve already met.
Today, I have something that will help that be YOU.
As I’ve mentioned before, if you are one of our business clients, we are also glad to handle the preparation of your personal tax return. Depending on your business entity, we may not be able to file your personal return until your books are in order. Start that process now.
[And, of course, this is also something we are glad to help you with. Don’t try to “go it alone” in these areas … it can be a 4-5 figure mistake!]
Filing your taxes on your own is becoming much less fun for regular taxpayers, even with nice-looking softwares on the market which purport to make it “easy” for you. This is ESPECIALLY true for business owners.
I truly do pity those inexperienced ones who try to muddle through all of the different codes and forms on their own, without devoting even a week’s labor to the transaction. It really doesn’t pay to “go it alone” for certain tasks.
So, I’ve put together a handy little list of what you’ll need to bring in, which is something I make a point to provide each year. There may be certain situations where we’ll need other documentation to get you even more deductions. But, of course, we’ll let you know about that, should the situation arise!
Let me know your thoughts … and of course, if you’d like to talk this over with us, we’re here for you: (414) 545-1890 (our phone number) is your friend.
Hammernik’s 2015 Tax Time Document Chase List
“My ability to concentrate and work toward that goal has been my greatest asset.” – Jack Nicklaus
Yes, this is a long list — but it’s the unfortunate reality of our tax code that it’s not even comprehensive! But these items will cover 95% of our clients. Really, this is for ensuring that we’re able to help you keep every dollar you can keep under our tax code.
Even if for some strange reason you won’t be using our cost-effective services this year, feel free to use this list as a handy guide…
Social Security Numbers (including spouse and children)
Child care provider tax I.D. or Social Security Number
Employment & Income Data
W-2 forms for this year
Tax refunds and unemployment compensation: Form 1099-G
Miscellaneous income including rent: Form 1099-MISC
Partnership and trust income
Pensions and annuities
Jury duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
Health Insurance Information (New for 2015)
* All 1095-A Forms from marketplace providers (if you purchased insurance through a Marketplace)
* Existing plan information (policy numbers, etc.)
* If claiming an exemption, your unique Exemption Certificate Number
* Records of credits and/or advance payments received from the Premium Tax Credit (if claiming)
Residential address(es) for this year
Mortgage interest: Form 1098
Sale of your home or other real estate: Form 1099-S
Second mortgage interest paid
Real estate taxes paid
Rent paid during tax year
Interest income statements: Form 1099-INT & 1099-OID
Dividend income statements: Form 1099-DIV
Proceeds from broker transactions: Form 1099-B
Retirement plan distribution: Form 1099-R
Capital gains or losses
Auto loans and leases (account numbers and car value) if vehicle used for business
Student loan interest paid
Early withdrawal penalties on CDs and other fixed time deposits
Personal property tax information
Department of Motor Vehicles fees
Gifts to charity (receipts for any single donations of $250 or more)
Unreimbursed expenses related to volunteer work
Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions)
Education expenses (tuition and fees)
Child care expenses
Medical Savings Accounts
Tax return preparation expenses and fees
Estimated tax vouchers for the current year
Self-employment SEP plans
Self-employed health insurance
K-1s on all partnerships
Receipts or documentation for business-related expenses
State and local income taxes
IRA, Keogh and other retirement plan contributions
Casualty or theft losses
Other miscellaneous deductions
We hope this helps, and we really look forward to seeing you in here in 2015!
Feel very free forward this article to a Waukesha County business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for Waukesha County families and business owners. And we always make room for referrals from trusted sources like you.
Warmly (and until next week),
Hammernik & Associates