Tax Documents

What to bring to your tax appointment

Prior Year Tax Return

Copies of last two years tax returns (to confirm credits, deductions, carryover losses, depreciation, amortization, etc.)

Personal Information

Tax Identification Numbers are mandatory items on your tax prep checklist. All taxpayers will need the following information. New clients should provide copies of social security cards.

  • Your social security number or tax ID number
  • Copies of your driver’s license or state identification card (required to e-file in certain states)
  • Your spouse’s full name and social security number or tax ID number
  • Copies of your spouse’s driver’s license or state identification card (required to e-file in certain states)

    Dependent(s) Information

    Parents and caregivers should gather this information as they review what they need to file their taxes. New clients should provide copies of social security cards.

    • Dates of birth and social security numbers or tax ID numbers
    • Childcare records (including the provider’s tax ID number) if applicable
    • Income of other adults in your home
    • Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent (if applicable)

    Sources of Income

    Many of these forms won’t apply every year. For example, you will only receive the investment forms you may need to file your taxes if you had distributions or other activity.

    Employed

    • Forms W-2

    Unemployed

    • Unemployment, state tax refund (1099-G)

    Self-Employed

    • Forms 1099-MISC or 1099-NEC, Schedules K-1, income records to verify amounts not reported on 1099s (i.e. Profit & Loss per business, access to bookkeeping records, etc.)
    • Records of all expenses — check registers or credit card statements, and receipts. (The firm does not require that you provide copies of these items, but you are required to maintain proper books and records to substantiate your expenses in the event of audit for a period of at least 3-years. If you wish for us to do the bookkeeping of your records, we can do this for an additional fee)
    • Business-use asset information (cost, date placed in service, etc.) for depreciation
    • Office in home information, if applicable
    • Record of estimated tax payments made (Form 1040–ES)

    Rental Income

    • Records of income and expenses per rental location
    • Rental asset information (cost, date placed in service, etc.) for depreciation
    • Record of estimated tax payments made (Form 1040–ES)

    Retirement Income

    • Pension/IRA/annuity income (1099-R)
    • Traditional IRA basis (i.e., amounts you contributed to the IRA that were already taxed)
    • Social security/RRB income (1099-SSA, RRB-1099)

    Savings & Investments or Dividends

    • Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)
    • Income from sales of stock or other property (1099-B, 1099-S)
    • Dates of acquisition and records of your cost or other basis in property you sold (if basis is not reported on 1099-B)
    • Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC)
    • Expenses related to your investments
    • Record of estimated tax payments made (Form 1040–ES)
    • Transactions involving cryptocurrency (Virtual currency)

    Other Income & Losses

    • Gambling income (W-2G or records showing income, as well as expense records)
    • Jury duty records
    • Hobby income and expenses
    • Prizes and awards
    • Trusts
    • Royalty Income 1099–Misc.
    • Any other 1099s received
    • Record of alimony paid/received with ex-spouse’s name, SSN, and date of dissolution

    Types of Deductions

    The types of deductions you can take depend a lot on your life situation. It’s likely you won’t need all of the records listed below for your tax documents checklist.

    Please note: we do not require to see your receipts, but it is a good idea to maintain your receipts for your personal burden of proof. We just need total amounts by category for expenses.  If you wish to learn more about how we can help you with bookkeeping, please call 281-440-6279 to learn more.

    Home Ownership

    • Forms 1098 or other mortgage interest statements
    • Real estate and personal property tax records
    • Total cost for energy-saving home improvements (e.g., solar panels, installation)
    • All other 1098 series forms

    Charitable Donations

    • Cash amounts donated to houses of worship, schools, other charitable organizations
    • Records of non-cash charitable donations
    • Amounts of miles driven for charitable or medical purposes

    Medical Expenses

    • Amounts paid for healthcare insurance and to doctors, dentists, hospitals (Only applicable if your medical expenses are extremely high, normally over 7.5% of your annual income)

    Health Insurance

    • Form 1095-A if you enrolled in an insurance plan through the Marketplace (Exchange)

    Childcare Expenses

    • Fees paid to a licensed day care center or family day care for care of an infant or preschooler
    • Wages paid to a baby-sitter

    Educational Expenses

    • Forms 1098-T from educational institutions
    • Other expenses that itemize qualified educational expenses
    • Records of any scholarships or fellowships you received
    • Form 1098-E if you paid student loan interest

    K-12 Educator Expenses

    • Total expenses for classroom expenses (for educators in grades K-12)

    State & Local Taxes

    • Amount of state/local income tax paid (other than wage withholding), or amount of state and local sales tax paid
    • Invoice showing amount of vehicle sales tax paid

    Retirement & Other Savings

    • Form 5498-SA showing HSA contributions
    • Form 5498 showing IRA contributions
    • All other 5498 series forms (5498-QA, 5498-ESA)

    Federally Declared Disaster

    • City/county you lived/worked/had property in
    • Records to support property losses (appraisal, clean up costs, etc.)
      Records of rebuilding/repair costs
    • Insurance reimbursements/claims to be paid
    • FEMA assistance information

    PAssionately Engaged

    We aren't your average tax firm. We specialize in helping you maximize your tax situation and live more comfortably.

    Education Focused

    We guarantee you will learn something new. If you are looking for an average experience, we probably aren't the firm for you.

    Feels Likely FamiLY

    We started business 40 years ago out of the Molen's home and to this day, we still treat our clients like family.

     

    Latest News

    Dates to Remember

    Subscribe Now

    Never Too Young To Learn About Taxes

    Taxes is a topic that affects us young and old – whether we are worrying about how much taxes to pay if you win the lottery or buying your first item as a kid for $10.00 and realizing sales tax is a thing and it truly costs more than $10.00. While taxes do serve a...

    Ten Proven Strategies For Saving Big Money As An S Corp Owner

    Are you tired of paying massive amounts of money to the government? Strategy is essential when it comes to anything in life, but especially when it comes to saving money. Many different techniques can be used when it comes to slashing taxes as an S-Corp owner; each...

    Change Independent Contractors into Employees Trouble-Free

    Independent contractors are a vital part of the American workforce. They work for themselves, usually providing services to other businesses. While this setup offers many advantages to both the contractor and the hiring business, it can also create tax problems.   You...

    Is retirement the same thing it used to be?

    The modern concept of retirement has only been around for about 100 years. Though relatively new, what retirement looks like and how people are planning for retirement has changed significantly in the last few decades. With roughly 9000 Americans reaching the average...

    Cash in: Beat The Taxman With 11 Tax-free Income Breaks

    No one likes paying taxes, but what if there were a way to reduce the taxes you owe each year? Luckily, several tax-free income breaks can help lower your tax bill. Here are 11 of the best ways to beat the taxman. Break 1: accumulation and withdrawals of tax-free...

    I owe to the IRS, what do I do now?

    We know owing taxes can be a headache, especially if you don’t have a CPA or tax advisor to walk you through the process. If you fail to pay your taxes, in most cases you will only face interest or penalties, rather than going to prison for tax evasion. Even if you do...

    Credit, Debt and Personal Finances 101

    In an era of credit cards, services that allow you to “buy now, pay later”, and access to loans at your fingertips, it is easy to indulge in lifestyle you can’t necessarily afford on your budget. Before your fall too deep down the rabbit hole – or if you may already...

    Buying an Electric Vehicle? Know These Tax Law Changes

     Are you thinking of buying an electric vehicle or a plug-in hybrid and taking advantage of the Electric Vehicle Tax Law Changes? If so, you have much to consider—thanks to the newlyenacted Inflation Reduction Act and Electric Vehicle Tax Law Changes. Let’s get...

    Dealing With The New 62.5 Cents Mileage Rate

    Due to rising gas prices, the Internal Revenue Service (IRS) announced an increase in the standard mileage rate for business travel. As a result, small businesses that make use of the standard mile rates can deduct 62.5 cents per mile for business mileage.  This is...

    FAQ on Student Loan Cancellation

    What is the Student Loan Cancellation? Last month, President Biden laid out a plan to cancel up to $20,000 in federal student loan debt per borrower. Beneath this seemingly simple plan comes quite a few questions about how, exactly, it will work. Naturally, borrowers...

    Needs Analysis

    Free One Hour Discovery meeting for business owners looking for an advisor to help them with their taxes or accounting.

    S-Corp & Partnership Filing Deadline

    TX - June 15th, 2021

    Non-TX - May 17th, 2021

    Individual, Estate, Trust, & C-Corp Filing Deadlines

    TX - June 15th, 2021

    Non-TX - May 17th, 2021

    Monthly Newsletter

    We strive to be education focused in all we do. Sign up for our monthly newsletter to learn from the experts and improve your taxes and finances!

    Latest News

    Never Too Young To Learn About Taxes

    Taxes is a topic that affects us young and old – whether we are worrying about how much taxes to pay if you win the lottery or buying your first item as a kid for $10.00 and realizing sales tax is a thing and it truly costs more than $10.00. While taxes do serve a...

    Ten Proven Strategies For Saving Big Money As An S Corp Owner

    Are you tired of paying massive amounts of money to the government? Strategy is essential when it comes to anything in life, but especially when it comes to saving money. Many different techniques can be used when it comes to slashing taxes as an S-Corp owner; each...

    Change Independent Contractors into Employees Trouble-Free

    Independent contractors are a vital part of the American workforce. They work for themselves, usually providing services to other businesses. While this setup offers many advantages to both the contractor and the hiring business, it can also create tax problems.   You...

    Is retirement the same thing it used to be?

    The modern concept of retirement has only been around for about 100 years. Though relatively new, what retirement looks like and how people are planning for retirement has changed significantly in the last few decades. With roughly 9000 Americans reaching the average...

    Cash in: Beat The Taxman With 11 Tax-free Income Breaks

    No one likes paying taxes, but what if there were a way to reduce the taxes you owe each year? Luckily, several tax-free income breaks can help lower your tax bill. Here are 11 of the best ways to beat the taxman. Break 1: accumulation and withdrawals of tax-free...

    I owe to the IRS, what do I do now?

    We know owing taxes can be a headache, especially if you don’t have a CPA or tax advisor to walk you through the process. If you fail to pay your taxes, in most cases you will only face interest or penalties, rather than going to prison for tax evasion. Even if you do...

    Credit, Debt and Personal Finances 101

    In an era of credit cards, services that allow you to “buy now, pay later”, and access to loans at your fingertips, it is easy to indulge in lifestyle you can’t necessarily afford on your budget. Before your fall too deep down the rabbit hole – or if you may already...

    Buying an Electric Vehicle? Know These Tax Law Changes

     Are you thinking of buying an electric vehicle or a plug-in hybrid and taking advantage of the Electric Vehicle Tax Law Changes? If so, you have much to consider—thanks to the newlyenacted Inflation Reduction Act and Electric Vehicle Tax Law Changes. Let’s get...

    Dealing With The New 62.5 Cents Mileage Rate

    Due to rising gas prices, the Internal Revenue Service (IRS) announced an increase in the standard mileage rate for business travel. As a result, small businesses that make use of the standard mile rates can deduct 62.5 cents per mile for business mileage.  This is...

    FAQ on Student Loan Cancellation

    What is the Student Loan Cancellation? Last month, President Biden laid out a plan to cancel up to $20,000 in federal student loan debt per borrower. Beneath this seemingly simple plan comes quite a few questions about how, exactly, it will work. Naturally, borrowers...

    Dates to Remember

    Needs Analysis

    Free One Hour Consultation for any new business owner looking for an advisor to help them with their taxes or financials.

    S-Corp & Partnership Filing Deadline

    TX - June 15th, 2021

    Non-TX - March 15th, 2021

    Individual, Estate, Trust, & C-Corp Filing Deadlines

    TX - June 15th, 2021

    Non-TX - April 15th, 2021

    Subscribe Now

    LOCATION

    11555 Champion Forest Dr.
    Houston, TX 77066

    info@molentax.com

    Phone: (281) 440-6279

    Fax: (281) 716-6000

     

    Hours

    Mon - 9:00am-5:00pm

    Tues - 9:00am-5:00pm

    Wed - 9:00am-5:00pm

    Thurs - 9:00am-8:00pm

    Fri - Sun - Closed

    Entrepeneurial operating system
    Molen & Associates BBB Business Review

    Building Relationships that Last Generations

     

    Pin It on Pinterest

    Share This