Stay Ahead of Law Changes & Protect Yourself Against Being Audited: Corporate Transparency Act and Reasonable Compensation

What do I need to bring to my tax appointment?

Tax season is here, and you are starting to think… Man, what do I need to remember to bring this year? The good news is: we have a simple tax checklist you can find HERE. We also send you everything you need to know in your client organizer. This packet includes our engagement letter as well as a list of questions to help brainstorm any documents or information we need to be aware of.

 The following is a good general list of the items to bring in with you for your scheduled tax appointment:

Prior Year Tax Return Copies  

This is generally only needed if you are a new client. If so, bring your tax returns from the previous three years.

Personal & Dependent Information 

Social Security or ITIN Numbers with date of births for anyone who’ll be on your tax return

Childcare payment records with licensed provider’s ID number(s)

Amount of any alimony payments with ex-spouse SSN

Income Statements 

Bring any & all W-2, 1098, 1099 & schedule K-1 forms

Purchase date & total investment for any stocks or property sold

List of investment related expenses

Education scholarships or fellowships

Itemized Deductions 

Mortgage interest, real estate & personal property tax records

Casualty & theft losses

Amounts of state & local income tax paid in prior years

Records of cash donations to religious institutions, schools & other charities

Records on non-cash charitable donations

Unreimbursed job-related expenses (travel, tools, cell phone charges, uniform cost/cleaning, luggage, services fees, trade journals, meals & entertainment)

Job search/moving expenses

Retirement & Education 

Records of any contributions to IRAs, HSAs & other retirement plans

Records of tuition and other higher education expenses (books, computers, etc)

Health Care (New for Tax Year 2018)  

Form 1095-A if you received health insurance from an Exchange (State or Federal)

Marketplace exemption certificate if you applied for and received an exemption from the Exchange

Stocks & Mutual Funds 

If you sold stocks or mutual funds, please provide a spreadsheet/list showing:

The date(s) you purchased each item(s) sold

Total purchase price of each item sold.  Do not assume your cost information is provided on Form 1099.

Self-Employment 

Gross self-employment income for the tax year and your applicable expenses categorized and summarized by the type of expense (i.e. advertising, equipment, supplies, etc)

Rental Property 

If you received income from rental property (Schedule E), please prepare a simple 1-page income statement showing:

Gross rental income you received during the tax year

Your applicable expenses categorized and summarized by the type of expense (i.e. advertising, mortgage interest, real estate taxes, repairs, maintenance, condo fees, etc).

Rental start date and original cost base for all properties

If you used a portion of your home for business use, please provide:

Square footage calculation of the area used for business

The date you began using the space for business

Original purchase price paid for the property

Summary of your utility expenses (gas, electric, oil, condo fees, landscaping, snowplowing, maintenance, etc)

Major home improvements and direct office expenses (repairs, business phone, etc).

Business Use of Home Information

If you use a part of your home for your business, bring the following:

Square footage calculation of the area used for business

The date you began using the space for business

Original purchase price paid for the property

Summary of your utility expenses (gas, electric, oil, condo fees, landscaping, snowplowing, maintenance, etc)

Major home improvements and direct office expenses (repairs, business phone, etc)

If You Were Affected by a Disaster

There are deductions that are applicable if you were affected by a federally declared disaster.

Records of property loss

Records of building/repair costs

Insurance reimbursement/claims to be paid

FEMA assistance information

Violet Ly
Front Office Supervisor

The Molen & Associates Difference

Mike Forsyth

“Super helpful and timely. This is our first year with them and we look forward to trusting them with our taxes and business books for years to come.”

Caitlin Daulong

“Molen & Associates is amazing! They run an incredibly streamlined process, which makes filing taxes a breeze. So impressed with their attention to detail, organization, and swift execution every year. Cannot recommend them enough!”

Sy Sahrai

“I’ve been with Mr. Molen’s company for few years and I felt treated like family respect and dignity. They are caring, professional and honest, which hard to find these days. Love working with them.”

Tax Tips for Newlyweds

Tax & Financial Tips for Newlyweds in Houston Marriage is a significant milestone that not only unites two individuals in partnership, but in most cases, also merges their financial and tax situations. For newlyweds in Houston, understanding the tax implications...

Self-Employment Taxes: A Deeper Dive

Self-Employment Taxes: A Deeper Dive Self-employment taxes are a critical component of the tax system in the United States, impacting individuals who work for themselves. Understanding the nuances of these taxes can help self-employed individuals plan and manage their...

Education Tax Benefits: Maximizing Savings with Credits and Deductions

Education Tax Benefits: Maximizing Savings with Credits and Deductions Navigating the complexities of tax season can be daunting, but for those bearing the costs of higher education, there are valuable tax benefits that can ease the financial burden. Among these are...

How to request Individual Penalty Abatement

How to Request Penalty Abatement Penalty abatement is a great way to help reduce your client's tax debt. Here's how you can request apenalty abatement from the IRS. Let’s say you’ve determined that your client is eligible for a penalty abatement to help reduce their...

Understanding the Child Tax Credit for 2023

Understanding the Child Tax Credit for 2023 The Child Tax Credit (CTC) is a significant provision in the U.S. tax code designed to offer financial relief to families with qualifying children. As we navigate the 2023 tax year, it’s crucial to understand the current...

Tax-Smart Strategies to Pay for College

Tax-Smart Strategies to Pay for College   As the cost of college continues to rise and inflation soars, families are looking for ways to make ends meet. One way to do this is by taking advantage of tax breaks that can help offset the cost of tuition and other...

Unlocking Financial Freedom: The Strategic Power of Revoke-S Elections

Unlocking Financial Freedom: The Strategic Power of Revoke-S Elections As a small business owner, you understand that time, money, and peace of mind are precious commodities. The world of taxes can often feel like a labyrinth of complexities, with ever-changing rules...

The Augusta Rule: A Comprehensive Guide to the Section 280A Deduction for Small Business Owners

As a small business owner, you’re likely familiar with the home office deduction. This popular tax break allows you to write off up to 300 square feet of workspace in your home at a rate of five dollars per square foot, resulting in a potential $1,500 annual...

Unleashing the Mega Backdoor Roth: Maximizing Your Retirement Savings

Unleashing the Mega Backdoor Roth: Maximizing Your Retirement Savings Embark on a financial adventure with us as we introduce you to the not-so-secret world of the Mega Backdoor Roth – the financial strategy that's not only powerful but sounds almost as charming as a...

Get Organized and Sail Smoothly with a Family Tax Firm

How to Get Organized and Sail Smoothly with a Family Tax Firm? Tax season—an annual event that can trigger a range of emotions, from anticipation to anxiety. For small business owners, the prospect of tackling complex forms, deciphering intricate regulations, and...

Request an Appointment Today

9 + 4 =

Call us at

Pin It on Pinterest

Share This