DO YOU KNOW WHAT TO LOOK FOR?

The IRS receives copy of all your tax-related forms. They are compared to your return.  You can’t miss any of these documents.  Watch the mail.

Envelopes will have “IMPORTANT TAX INFORMATION ENCLOSED” clearly printed.  You need those.

• 1099’s.  You will either get 1099-INT or 1099-DIV for any account paying interest or dividends.  Keep them all together.  Make sure you have one for each account.
• Real estate sales are on 1099-S.
• Stock sales, 1099-B.
• Pensions or IRAs, 1099-R.

If you have collected unemployment – you will get a form for your unemployment benefits. Make sure you have kept all of your job-searching expenses together.  These are all potential deductions.

Form 1098 show deductions.  The form reports your mortgage interest.  For a private loan, get your payment book.  If your lender was the seller, you need name, address, and tax ID number.

Form 1098-T is for college tuition.  Earlier we posted information that the 1098  will be mailed to your college student – it isn’t coming to you.  Make sure you college student gives you that form.

Form 1098-C is for a charity.  If you donated a vehicle to charity, expect Form 1098-C.

AFTER JANUARY…

We can figure out what you are missing.  If you haven’t received  your W-2 – contact the employer.  If the employer can’t be located, pull out all of your pay stubs.  If you are missing a 1099, contact the bank or broker.  Don’t guess.

LET’S SET UP A TIME TO GET TOGETHER.
GIVE US A CALL AT 619-589-8680.

For more than 30 years R. Patrick Michael has been providing tax preparation services for individuals, small businesses, start-ups, cottage industries and in-home child care providers.  Pat and his team have built a solid client base, that include generations. R. Patrick Michael takes care of clients year-round with tax preparation, business entity creation and support, as well as tax planning for retirement, and estate planning.  Give him a call if you need tax preparation services.