Information needed from you for us to prepare your 2017 tax return in 2018
In General: Any personal changes to your filing status, number of dependents in 2017, Job situation, resident address, mortgage status (for primary or second home or other mortgages). For any other changes it is a good idea to call and go over them with Rich.
Income to report: Any reportable income from; Wages on W-2, self-employment income or non-employee compensation income whether on a 1099-MISC form or not, Social Security/Disability income on SSA-1099 form, Gambling winnings on W-2G, retirement distributions on forms 1099-R, interest earned on 1099-INT forms, dividends earned on 1099-DIV forms, security sales (from stocks, bonds or mutual funds) on 1099-B forms. Other possible 1099 forms: 1099-A or 1099-C from abandonment of property or debt forgiveness (from credit cards or home short sales), sale of real estate 1099-S form and other real estate sales where a 1099-S was not issued.
Business or Trust K-1 forms are sent from Partnerships, S Corporations, or Trusts. Note: S Corporation K-1s usually aren’t ready until after March 15th and Partnership/Trust K-1s can come in as late as the last week of April just before the filing deadline date. Contact the person in charge of issuing K-1s if you don’t have them, you may have to file for an extension. Note: special tax returns are prepared to generate these K-1 forms. Also, they may come from a different tax service too (not prepared by FLP Tax).
Business Income & Expenses: If you’re self-employed a statement of Gross income, Business expenses, Business mileage, plus a list of any assets purchased for the business (such as: computers, furniture, etc.). Call Rich if you need a work sheet to help organize in advance.
Rental property also requires the same type of information including the number of days rented.
Deductions: If you itemize deductions, add up all of your: medical expenses (out of pocket), real estate taxes paid in 2017, mortgage interest (usually sent to you on a 1098 form from the lender). Note: If you re-financed in 2017 you may be getting two 1098 forms. Keep track of business expenses if you are employed and the employer doesn’t reimburse you for your out of pocket necessary business expenses (examples: union dues, business travel expenses, uniforms, etc.) and charitable donations of cash or property donations. Contact Rich for a Donations Guide.
Credits: Education credits (need form 1098-T and payment receipt), child care provider should give a statement with amount you paid for 2017 and provide their EIN (tax ID number). Premium Assistance Tax Credit for ACA (Affordable Care Act) if you are due a credit for purchasing health insuranc, you may receive a form 1095-A, 1095-B, or 1095-C (forms may be required to file in 2017). Also, If you received a premium tax credit-you MUST File a tax return.
ACA Penalty: If you were required to buy health insurance and did not, you may have to pay a penalty for not buying health insurance or have to repay all of the advance credit payments made on your behalf. If in doubt how the ACA affects you call Rich Kruth 847-608-0547.
38W780 Hogan Hill
Elgin, IL 60124