Vicki Venable, Enrolled Agent
information needed to prepare your return...
This is meant to serve only as a guide for gathering and organizing your paperwork. It is important that you discuss your specific situation with your own tax advisor.
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Copy of last year's return ( if you are a new client) and any changes such as:
- address
- marital status
- dependents - All W-2 forms (wages) and/or 1099 Forms such as:
- Interest and dividends
- Annuities or pensions
- State tax refunds
- Unemployment compensation
- Social Security benefits received
- Commissions or rents - Copies of returns (K-1's) for partnerships, joint ventures, S-Corporations, estates or trusts
- If itemizing:
Amount of medical expenses paid including:
- Health Insurance premiums if not pre-taxed from your employment
- Doctor or hospital co-pays
- Prescription drugs (non prescription health supplements do not qualify)
- Vision care, eyeglasses, contact lenses and solutions
- Mileage back and forth to doctors or hospitals - Mortgage interest paid
- Property taxes paid in 2007 (regardless of what year they are for)
- Charitable contributions:
- Receipts, cancelled checks or bank record for all contributions to church or other charitable organizations.
- Itemized receipt for clothing or other items to Goodwill, Salvation Army, etc. Items must be in good or better condition. If total non-cash items are over $500, you must also provide the name, address and ID number of the organization, date of purchase, purchase cost, date of contribution and value at time of contribution for each item.
- Special requirements apply to appreciated items such as art or antiques.
- Statement of sale from the charitable organization for a donated vehicle. - Sales Tax - you can use the tables or actual receipts, but don't forget receipts for vehicles, boats, mobile homes, recreational vehicles, motorcycles, airplanes, leased vehicles - the sales tax paid on those items get added to the tables. If you paid State Income Tax to another state, you'll have the option of taking State Tax or Sales Tax, but not both.
- Job expense
- Un-reimbursed mileage (total miles for year, business miles prior to 9/1/05 and business miles after 9/1/05 to 12/31/05 and any reimbursements
- Uniforms
- Union dues
- Hotel and meal expenses for out-of-town travel - If you purchased or re-financed your home in 2007 we need the settlement statements. New in 2007 -- mortgage insurance premiums (PMI) for new policies written and paid in 2007 may be deductible subject to phase out and other rules.
- If you sold real estate, stock or a mutual fund during the year.
- Description of property
- Dates of purchase and sale
- Purchase and selling price
- Expenses of sale
- For real property -- a list of improvements and your settlement statements for both the purchase and sale - Estimated Payments (ES) you made for 2007
- Child Care Expense including:
- amount paid for each child
- Name, address and ID number of provider - If you have rental property:
- Your rental income and list of expenses
- Depreciation schedule if it was rented in prior year or purchase information if this is the first year - If self-employed:
- Your total income and list of expenses
- Mileage log if you are taking auto expense
- Health insurance premiums paid on insurance you purchase yourself
- Depreciation schedule if you have property placed in service in a prior year - Education expenses for post-high school including tuition and books.
- IRA's - Be sure to let us know if you made contributions to or took distributions from your IRA. Remember -- you have until April 15th to make your IRA contributions.
- Were you born in 1937 or 1938? The IRS requires that you start taking minimum distributions from your IRA's when you reach age 70-1/2. The penalty for failure to do so is 50% of the required distribution!
- Sell your residence? If you owned and lived in it 24 out of the 60 months before the sale -- you may be able to exclude up to $250,000 of the gain ($500,000 if you and your spouse both qualify).
