PLEASE! Take a few moments to review the following information. Tax returns are processed only after all required information is given to your tax preparer. Being prepared will allow for your tax return to be completed in the fastest possible manner.
- If you are a new client, bring a copy of last year’s Federal and State tax return, (Returning clients do not need to bring a copy of the prior year.)
- New AND Returning Clients: Please bring a copy of your driver’s license so that we can update our files.
- Bring dates of birth and Social Security Cards for all taxpayers and dependents on the return. (This is needed for New Clients only, or if you are adding a dependent.)
- W-2’s, 1099’s from Banks and Other Financial Institutions that include Interest, Dividends and Capital Gains, Other 1099 forms for Misc. Income Received, Social Security or Rail Road Retirement year end statements, 1099’s received for Pension, Annuity and Retirement Income, Disability Income, Alimony Received, Unemployment Compensation.
- Did you receive the Premium Tax Credit for Health Insurance? If yes, you will receive form 1095-A, Health Insurance Marketplace Statement. This is important information and must be included on your tax return.
- Form 1099 B, Broker Transaction, Stock Sales, Mutual Fund Sales: Have the date stock was originally purchased and original cost available, as well as the date of sale and sales price of the stock/mutual funds. This information is not always included with the form 1099’s received at year-end. Contact your broker before your tax interview if necessary.
- Itemized Deductions: Medical Expenses (out of pocket) (limited to amounts paid OVER 7.5% of your adjusted gross income), mortgage interest, real estate taxes, personal property taxes, income taxes paid to state(s), Charitable Contributions (cash and/or property donations), volunteer mileage and out of pocket volunteer expenses,
- Deduction for home mortgage and home equity interest modified. Your deduction for mortgage interest is limited to interest you paid on a loan secured by your main home or second home that you used to buy, build, or substantially improve your main home or second home. For example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not. As under prior law, the loan must be secured by the taxpayer’s main home or second home (known as a qualified residence), not exceed the cost of the home and meet other requirements.
- Home sold or purchased? Bring Settlement Sheet(s). (Settlement sheet from original purchase and sale.)
- Did you refinance an existing mortgage or take a Home Equity Loan? Bring Settlement Sheet(s).
- Rental Properties? Bring summary of rental income and all rental related expenses, (expense examples: mortgage interest, real estate taxes, insurance, utilities, real estate fees/commissions, HOA dues, rental related travel and mileage, repairs, advertising, pest control) (Examples are not all inclusive), prior depreciation schedule for property (for new clients).
- Do you own a business? Bring a summary of business income and all business related expenses. (Examples: advertising, business assets, insurance, interest, equipment rental, supplies, rent, utilities, cost of goods, auto expense, business related travel and meals, employee wages and related taxes, postage.) (Examples are not all inclusive.) Prior depreciation schedules on business assets (for new clients)
- The standard mileage rate increased as of July 1 2022. Be sure you calculate your business miles driven from Jan 1 2022-June 30 2022 and then from July 1 2022- Dec. 31 2022.
- Contributions to IRA’s. (Regular IRA’s, Roth IRA’s, SEPS) Contribution to other plans, Keogh and Simples.
- Contributions to Coverdell Education Savings Accounts and/or 529 plans.
- Contributions made to ABLE accounts.
- Student Loan Interest Paid.
- College Tuition Paid and related expenses) (you may be eligible for certain education credits or deductions)
- Visit energystar.gov prior to your tax meeting to determine if you made improvements to your home that may qualify for energy credits. Click on link to “Tax Credits”. If you have qualifying improvements, bring supporting documentation.
- Did you purchase a new qualified electric vehicle (EV) in 2022? Bring supporting documentation.
- Casualty Losses when in a federally declared disaster area.
- Estimated taxes paid. Include dates and amounts paid.
- Alimony paid, name and SS# of payee. (for divorce agreements made before Jan 1 2019.)
- Dependent care provider (Day Care) name, tax ID# or SS#, address and amount paid to day care provider(s) for the year.
- Moving expenses have been suspended and are no longer deductible, except for US Armed Forces on active duty who move pursuant to a military order to a permanent change station.
- If you prefer to have your refund direct deposited into a bank account, be sure to have the bank routing number and the account number available. (A voided check has all of the information needed. Do NOT use routing numbers found on deposit slips)
Triple Services, Inc
2124 Richmond Hwy, Suite 204, Stafford VA 22554
TAX, ACCOUNTING AND BUSINESS SERVICES
Linda M. Cosgrove, C.P.A.
540-657-8480 540-657-8482 (fax)