Tax Time! The Only Time Day Care Expenses are a Good Thing

Tax Time Checklist 
 

For your individual taxes: 

• Copy of prior year tax return
  Definitely request an organizer if you haven't filed a return in a few years and you have more than just a W2.
• Statements of Income (W2's, 1099's, Income and Expense calculations)
• Taxpayer, Spouse - Full name, social security number, date of birth
• Dependents - born by 12/31/xx, full name, social security number, date of birth
• Do you want to efile?  Do you want direct deposit?
• Interest (from banks) and Dividend (from stocks) income
• Schedule A (Itemized Deductions)
  • Medical receipts (if it's going to be more than 7.5% of Adjusted Gross Income - we can discuss further)
  • Property Taxes (real estate)
  • Car tag receipts
  • Mortgage interest statement
  • Charitable contributions (cash and non-cash) - be prepared to answer the "picky" questions on these
  • Other miscellaneous deductions (subject to 2% limit of AGI) - Unreimbursed Employee Expenses, Safe Deposit Box rental, tax prep fee paid prior year (cost of Turbo Tax, H&R Block online filing counts)
• Schedule C (Business Income & Expenses)
  • We can discuss, but make certain you're prepared to give Vehicle Expense information and Home Office Deduction calculations
• Schedule E (rental property)
  • If you have vacation property, we need to discuss it at this point of the process
• Other information can/may qualify you for certain credits:
  • Student loan interest
  • QTP (Qualified Tuition Program)withdrawals/disbursements
  • Qualified Tuition Expenses (1098-T)
  • Child/Dependent Care Expenses
    • Make sure you have care givers' Federal ID number of social security number if he/is an individual providing care 

If you have started or want to start a new business, I have a new business checklist that I can and will give you or you can use the checklist as a starting point for things you can do yourself.  Then contact an accountant to help you fill in the blanks.

• What kind of business are you starting?
• How do you want to organize your business?  Sole Proprietor, Corporation, LLC (with or without S-Corp election)
• How many owners/members?  Please provide the following information for each member (name, home address, contact telephone number, social security number)
• What is the physical address of your business?  In what county does the business operate?  Are you in the city limits? 
  • Please advise if you do NOT want to use my address as your mailing address.
• Do you need Articles of Organization/Corporation?
  • Have you taken your articles to the county courthouse probate office?
• Do you have your business licenses?
• Do you need a Federal ID Number?  Yes, you do need a FIN if you plan on hiring employees even if you are a sole proprietor.
  Federal ID Number=Employer ID Number=Tax ID Number - They are all the same.Your checking account needs to be in the New Business Name and usually cannot be opened until you have your Federal ID Number.
• File Corporate Election Papers with the IRS.
• Apply for SWH, SUTA, and Local Occupational Tax** Numbers
  Apply for State, City and County** Sales Tax Numbers
• File initial PPT with Alabama Dept of Revenue within 2 ½ months of business beginning date
  
  **In Jefferson County, applying for a business license online will "trigger" the application for all applicable account numbers (sales tax, occupational tax, ad valorem, etc.).

 Ok...now relax and call Coe to handle the rest!  And don't forget to ask for the ChildCareBirmingham.com discount!!

Coe Allen - SeaCoe, LLC
Certified QuickBooks ProAdvisor
Bookkeeper/Accountant/Professional Tax Preparer
coea@seacoe.com
205.467.7562 (home/fax)
205.368.9736 (cell)