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Be Proactive: "Get Ready" For Tax Season!


Focus Accounting & Tax Services LLC Direct Telephone # 484-593-0320 Email: Website:

Being proactive almost always eliminates the need

to find excuses for not reaching desired goals, because being proactive will help greatly in reaching your desired goals. The records listed below are important to virtually everyone!

Most people on LinkedIn are business professionals, business owners, students, or just folks with a progressive mind set, and want to connect with like minded individuals. No matter how you label yourself it is important to get your tax records in order and get ready for tax season.

Read the list below entitled: Getting Ready For Tax Season

If you are not an accountant you are not expected to completely understand the list below. That's our job!

Contact Focus Accounting & Tax Services and secure a Tax Professional Today!

Focus Accounting & Tax Services, LLC Direct Telephone # 484-593-0320 Email: Website:

Here is the record information you will need to secure:

"Getting Ready" For Tax Season!

1. Personal Information With Detail: • Your social security number or tax ID number • Your spouse's full name and social security number or tax ID number • Amount of alimony paid & ex-spouse's full name and social security number

• Your tax return for the previous year needs to be checked for accuracy

2. Information About Other People Who Belong on Your Return: • Dates of birth and social security numbers or tax ID numbers • Childcare records (including the provider's tax ID number) if applicable • Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent (if applicable)

3. Education Payments: • Forms 1098-T from educational institutions • Receipts that itemize qualified educational expenses • Records of scholarships, fellowships received, and student loan interest

4. Employee Information • Forms W-2

5. Self-Employment Information: • Forms 1099, Schedules K-1, income records • Records of all expenses - check registers, credit card statements, and receipts • Business asset information (cost, date placed in service) for depreciation • Office in home information, if applicable

6. Business Use of Vehicle Information: • Log showing total miles driven for the year • Amount of parking and tolls paid • If claiming actual expenses, receipts for expenses paid for maintenance

7. Rental Property Income: • Records of income and expenses • Rental asset information (cost, date placed in service)

8. Retirement Income: • Pension/IRA/Annuity income /Form 1099-R • Social security/RRB income (1099-SSA, RRB-1099)

9. Savings and Investments:

• Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)

• Income from sales of stock or other property (1099-B, 1099-S) • Dates of acquisition of investment(s) your cost or basis in property

10. Other Income: • Unemployment, state tax refund (1099-G) • Gambling income (W-2G) • Amount of any alimony received • Health Savings Account and long-term care reimbursements • Jury duty records • Hobby income and expenses • Prizes and awards

• Other income - virtually all income is taxable and must be reported

11. Affordable Care Act - IRS Compliance • Proof of insurance • Marketplace exemption certificate if you applied for and received an exemption

12. Other Deductions and Credits • Receipts for classroom expenses (for educators in grades K-12) • Form 5498-SA showing HSA contributions • Record of moving expenses not reimbursed by employer • Forms 1098 or other mortgage interest statements • Amount of state/local income tax paid • Real estate taxes paid, and personal property tax records • Invoice showing amount of vehicle sales tax paid • Cash amounts donated to charitable organizations • Records of non-cash charitable donations (Ex: clothing donated) • Amounts paid for healthcare insurance, to doctors, dentists, & hospitals • Amounts of miles driven for charitable or medical purposes • Expenses related to your investments • Amount paid for preparation of last year’s tax return • Employment expenses dues, publications, tools, uniforms, cleaning, travel • Job-hunting expenses • Receipts for energy-saving home improvements • Record of tax payments made to IRS or other taxing authorities

13. IRA Information • Form 5498 showing IRA contributions • Traditional IRA basis

Note: If you were affected by a federally declared disaster please disclose.

Contact: Us and Secure a Tax Professional Today:

Focus Accounting & Tax Services, LLC Direct Telephone # 484-593-0320 Email: Website:

Currently Serving PA, NJ, DE, and NY

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