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DOCUMENTS FOR YOUR VISIT  

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TAX TIME

"Knowledge
is not only power but can also help you discover more deductions AND

tax breaks."

PERSONAL INFORMATION

FOR EACH FAMILY MEMBER

  • Name

  • Date of Birth

  • Social Security Card /ITIN/ATIN

  • Last Years Tax Return

  • Valid Drivers License

INCOME AND TAX INFORMATION

  • ​W-2s

  • Interest (1099-INT or substitute)

  • Dividend Slips (1099-DIV or substitute)

  • Stock Sales (1099-B or Broker Statement)

  • Self-Employment Income and Expenses

  • Sale of a Personal Residence

  • Rental Income and Expenses

  • Sale of any Business Assets

  • Gambling or Lottery Winnings (W-2G for some winnings)

  • State Income Tax Refund (1099-G)

  • Pension Income (1099-R)

  • Estimated Taxes Paid

  • Social Security or Railroad Retirement (SSA-1099 or RRB-1099)

  • IRA or 401(k) Distribution (1099-R)

  • Unemployment Compensation (1099-G)

  • Miscellaneous Income (1099-MISC)

DEDUCTIONS/ADJUSTMENTS

  • Medical Expenses

  • Real Estate or Personal Property Taxes

  • Mortgage Interest

  • Charitable Contributions

  • Employee Business Expenses

  • Gambling Losses

  • Moving Expenses

  • Traditional IRA Contributions

  • Higher Education Expenses

  • Educator Expenses

  • Student Loan Interest

TAX CREDIT

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  •  Child Care Provider/Address and Employer Identification Number (EIN) or Social Security Number (SSN)

  • Adoption Expenses

  • Retirement Savings Contributions

  • Education Tax Credit (tuition and related expenses) 

IRS W4 FORM

     When you start a new job, your employer will have you fill out an IRS W-4 Form. Many people just fill in the blanks, hand it in, and never really think about the implications of what they put in the space asking for withholding allowance. That amount is very important in assuring that you are paying the correct amount of taxes. If you are not having enough tax withheld, you will owe money to the IRS when you file your taxes. In order to lessen this burden on April 15th, you should reduce the number in the withholding allowance. You can do this at any time, just ask your employer for a new form. If you work at another job, your spouse has a full time job, or you have other income, you should review your W-4 form to see if you should reduce the number in the withholding space. You want to avoid having to pay the IRS a large payment or even a penalty.
    On the other hand, what happens if too much tax is being withheld from your salary? Youll receive a refund when you file your taxes, but that may not be a good thing. Remember, that your money. Do you really want the government using your money during the year? If you received a big refund last year, you may want to review your withholding's and update them to fit your present circumstances.
Your ultimate goal is to break even. The best time to review your W-4 Form is early in the year. Also, if you have had any life changing experiences such as the birth of a child, buying a new home, or your spouse retires, you will want to make changes to your withholding to reflect those changes.

IRS FILING INFORMATION

 


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A dependent must be either a "qualifying child" or a "qualifying relative." You are allowed one exemption for each person you can claim as a dependent.

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Filing Status 
Single, married filing jointly, married filing separately, head of household…all these and more explained.

Individual Retirement Arrangement (IRA)
No contributions are allowed to a traditional IRA in and after the year you turn age 70 1/2. At that age, there is a required minimum distribution (RMD) that must be withdrawn each year.
Life changes have tax consequences, from birth through death
During your lifetime, you may get a job, go to school, get married, start a business, change jobs, have children, send children to college, buy and/or sell a home, get divorced, contribute to a retirement plan, or draw money out of a retirement plan.

New Marriages - If you are married as of December 31st of a year, you are considered married for the whole year. Your filing status depends on your marital status.
 Births - Your child born on December 31 is assumed, for tax purposes, to have lived with you the entire year. For each qualifying child, you can claim a dependent's exemption of $3,500.
Deaths - The same filing requirements that apply to individuals determine if a final income tax return must be filed for the decedent.
Divorce - If you are divorced or legally separated as of December 31, for tax purposes you are considered to be unmarried for the entire year.
College Attendance - You may be able to claim the Hope credit of up to $1,800 for qualified tuition and related expenses for each eligible student in the first 2 years of postsecondary education at a qualified institution.
New Job - If job expenses are incurred and not reimbursed by your employer, you may be able to claim them as employee business expenses.
Retirement - Pensions and annuities are generally taxable when distributed. You must start withdrawing from a traditional IRA by April 1 of the year following the year you reach age 70 1/2.
Owning A Home - Points paid when you purchase your home are generally deductible in that year. Mortgage interest and real estate taxes paid on your home are deductible.

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Rental Income & Expenses
Owning rental property is often a good way to increase your net worth.

Earned Income Credit
The Earned Income Credit (EIC) is a tax credit for certain people who work and have less than $41,646 of earned income.

Mileage Deductions
Keep track of your deductible mileage on your vehicle and you could see big savings on your tax return. Remember that you MUST keep accurate records in order for the deductions to be allowed.

What Should You Bring To Your Tax Interview?
Personal information for each family member, income and tax information, deductions and credits.

Deductions
Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions.Avoid paying more tax than necessary. Your MJS Tax professional will probe to make sure that you claim all the tax deductions that you are eligible to claim.

Tax Changes
There's nothing as certain as an ever-changing tax code. Besides the usual increases in exemption amounts, standard deductions, and qualifying income levels for the earned income credit, there are several impact-ful changes for filing Tax Year 2018 returns.

Dependents
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