Our Firm - Enrolled Agents
2013 Year-End Checklist
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Once again, it’s time to pay taxes, and Uncle Sam is waiting for his share of your hard-earned income.

This letter is full of information designed to help you prepare your tax documents so Uncle Sam gets only what is rightfully his. 

The following checklist will help you collect the docu-ments you’ll need to file your tax return. When all of the boxes are checked, you’re ready.

Your last 3 years’ tax returns (new client). Maybe we can amend and save money.

□ Social Security numbers and dates of birth are needed for all taxpayers, spouses and de-pendents.

□ W-2 Forms.

□ Your last paycheck stub of the year is full of information.

□ 1099 Forms for interest, dividends, retirement, Social Security, debt cancellation, and unemployment need to be entered correctly to comply with the IRS matching program.

□ Property tax statements contain important information. They list the tax (deductible) and special assessments (not deductible).

□ Forms 1098 for mortgage interest need to be entered as printed. The IRS cross checks.

□ Year-end statements from mutual funds showing the transaction detail for the year.

□ Purchase and sale information, including dates, relating to anything sold during 2013 is needed.

□ Child care provider information (name, address, SS#, amount paid) is needed for the child care credit (even if you are reimbursed at work).

□ Names, addresses, and Social Security numbers from whom you received interest, or to whom you paid interest.

□ Bankruptcy or divorce papers (if applicable).

□ If you paid an individual person $600 or more for services rendered in connec-tion with your business, please provide their name, address, and Social Security number.

□ Records showing income and expense for any small business or rental property you own will be needed.

□ If you have an investment in a Partnership, S Corporation, Estate or Trust you will need to bring Form K-1.

□ Bring IRA year-end statements.

□ Bring all other statements of income, whether you think they are taxable or not.

□ Forms 1098-T and amounts paid for post-secondary tuition are needed.

□ Bring your records of estimated taxes paid.

□ Student loan interest forms 1098-E.

□ Adoption costs if applicable. Also bring the legal adoption documents. You will have to attach copies of all documents to your tax return.

□ Form 1098-C for donations of automobiles or boats.

□ Details on all noncash donations greater than $500. Include date, place, fair market value, and original cost.

□ If you purchased a new fuel cell or electric vehicle in 2012, bring the year, make and purchase date.

Bring direct deposit information for any refunds you expect to receive.

Noncustodial parents claiming children need a signed IRS Form 8332 to claim the child.

If your mortgage was forgiven due to foreclosure, bring Forms 1099-C and 1099-A.

If you bought a new home or refinanced your existing home bring the closing papers.

Information on energy saving solar, wind, or geothermal home improvements might get you a tax credit.

If you were an investor caught in a Ponzi-type scheme, bring the details.

If you received Forms 1099-K for internet or credit card sales please bring them.

The basic strategy for year-end tax planning can be summed up in the following two statements:

● Channel your income into the year where it will be taxed at a lower rate.

● Channel your deductions to the year where your income will be taxed at a higher rate.