Tax Article - Tax Organizer

One of the most frequently asked questions during tax season is "Do I have to fill out my organizer?".  The process of preparing your return can be more expeditious, efficient and accurate by completing your organizer.  We would like to review what should be done at a minimum.

• Go through the organizer and identify the information from last year.  Cross off any information that does not apply to this year and add any new information.  For example, if you closed a bank account cross it off, if you opened a new account – add it to the list.

• WAGES – Attach the original Form W-2 to the related pages (staple or paper clip).

• INTEREST AND DIVIDEND – Attach the appropriate Form 1099 to their related pages (staple or paper clip). 

• STOCK TRANSACTIONS – The most common delay and inefficiency in preparing tax returns is due to stock capital gains and losses.  The deluge of brokerage mailings, make it confusing as to which one is needed for tax purposes.  Please use the one that either refers to "Tax Documents" or "Form 1099". Please ensure that all the stocks cost basis and date purchased is listed on the brokerage statement.  

• ITEMIZED DEDUCTIONS – Go through your itemized deductions.  Your home mortgage interest is usually identified on a Form 1098.  Also, your real estate taxes may be found on this form.  If you do not pay your real estate tax through your mortgage company and cannot locate the payment, call your town or city and they should give you the information over the phone.  The most frequently missed itemized deduction on the organizer is excise tax on autos.  Please try to locate the amount paid to your city or town.

Charitable contributions are also an area we spend a lot of time.  Gather all your charitable contribution cancelled checks and compare them to the acknowledgement letters from the charity.  Quite often we are given the checks and acknowledgement letters and we spend a lot of time figuring out if they are duplicate donations.  Eliminate all duplicates.  Please make a list of the charities or place the check and acknowledgement letters in alphabetical order for us.

• ESTIMATED TAX PAYMENTS – If you made estimated tax payments, please provide us with copies of the cancelled checks.  The estimates were due April 15th, June 15th, September 15th and January 15th.

• ADDITIONAL ITEMS – Please also include with your organizer the Schedule K-1s, charity letters and real estate sale settlement report.  Real estate tax bills, cancelled checks for business expenses, etc. are optional.

Find out how our expertise in accounting can add value to your business. Email us or call us at 1 (888) 875-9770.

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