Important Documents you will need to give your tax preparer:
Copy of previous year tax return. If necessary, contact the IRS for a copy of last year’s return.
W-2 forms from each employer
All 1099 forms (1099-INT, 1099-DIV, 1099-misc., etc.) showing interest and/or dividends as well as documentation showing the original purchase price of your sold assets
If you were paid Social Security benefits, bring your SSA-1099
If you received a pension or annuity, bring your 1099R
All forms indicating federal income tax paid
If applicable, unemployment compensation statements
Child care provider information (name, employer ID, SSN)
If itemizing deductions, bring details for items such as medical expenses, taxes paid, mortgage interest paid, and charitable contributions.
Social Security numbers and dates of birth for all dependents.
These are among the lesser-known of some 350 possible deductions.
· Vehicle registration fees: In some states, you can itemize car registration fees based on vehicle value and other factors.
· Travel costs for volunteer/charity work.
· Got a hobby? If it generates income, you may be able to deduct such expenses as storage or specialty magazines.
· Car mileage for medical care for yourself or your dependents: It’s 19 cents a mile between January and June 2008 and 27 cents a mile between July and December.
· Parental support: If you care for an aging or ill parent, you may qualify for a medical expense deduction if you provide more than 50 percent of that parent’s support and those expenses exceed 7.5 percent of your adjusted gross income.
· And, yes, you can deduct the cost of tax preparation software. If you use an accountant or other trained tax preparer, you can deduct that fee as well.
Meira Findel
One Step Accounting
732-387-8919
Email: Meira@OneStepAccounting.Net
www.OneStepAccounting.Net
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