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.