Get your Taxes Filed Quickly by a Tax Professional! 833-836-6398

Do not rely on yourself or the seasonal tax companies to handle your returns. Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer. Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional. Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts. Your tax return can be filed electronically so you will get a refund back quicker. Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months. We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability. We are experts in personal and all business tax returns. If you have issues with your books, no problem we can put the years profit and loss together bases on very little information. 

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WHAT DO I NEED TO FILE MY TAXES

PERSONAL INFORMATION 

Tax Identification Numbers are mandatory items on your checklist. All taxpayers will need the following to do their taxes.

Your social security number or tax ID number
Your spouse’s full name, social security number or tax ID number, and date of birth
Information about your stimulus payment — also known as an economic impact payment (EIP) — if applicable — you may have IRS
Notice 1444 or other records showing your EIP amount
Identity Protection PIN, if one has been issued to you, your spouse, or your dependent by the IRS
Routing and account numbers to receive your refund by direct deposit or pay your balance due if you choose

DEPENDENT(S) INFORMATION

Parents and caregivers should gather this information as they review what they need to file their taxes.

Dates of birth and social security numbers or tax ID numbers
Childcare records (including the provider's tax ID number) if applicable Income of dependents and of other adults in your home
Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent (if applicable)

SOURCES OF INCOME 

Many of these forms won’t be needed to file taxes every year. For example, you will only receive the investment forms you may need to file your taxes if you had distributions or other activity.

Employed:

Forms W-2

Unemployed:
Unemployment (1099-G)

Self-Employed Forms:
1099, Schedules K-1, income records to verify amounts not reported on 1099-MISC or new 1099-NEC
Records of all expenses — check registers or credit card statements, and receipts
Business-use asset information (cost, date placed in service, etc.) for depreciation
Office in home information, if applicable Record of estimated tax payments made (Form 1040–ES)

RENTAL INCOME:
Records of income and expenses
Rental asset information (cost, date placed in service, etc.) for depreciation
Record of estimated tax payments made (Form 1040–ES)

RETIREMENT INCOME:
Pension/IRA/annuity income (1099-R)
Traditional IRA basis (i.e., amounts you contributed to the IRA that were already taxed)
Social security/RRB income (SSA-1099, RRB-1099)

SAVINGS & INVESTMENTS OR DIVIDENDS:
Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)
Income from sales of stock or other property (1099-B, 1099-S)
Dates of acquisition and records of your cost or other basis in property you sold (if basis is not reported on 1099-B)
Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC)
Expenses related to your investments
Record of estimated tax payments made (Form 1040–ES)
Transactions involving cryptocurrency (Virtual currency)

OTHER INCOME & LOSSES:
Gambling income (W-2G or records showing income, as well as expense records)
Jury duty records Hobby income and expenses
Prizes and awards
Trust income
Royalty Income 1099–MISC
Any other 1099s received
Record of alimony paid/received with ex-spouse’s name and SSN
State tax refund



TYPES OF DEDUCTIONS:

The types of deductions you can take depend a lot on your life situation. It’s likely you won’t need all of the documents listed below for your taxes.  

Home Ownership:
Forms 1098 or other mortgage interest statements
Real estate and personal property tax records
Receipts for energy-saving home improvements (e.g., solar panels, solar water heater)
All other 1098 series forms

Charitable Donations:
Cash amounts donated to houses of worship, schools, other charitable organizations
Records of non-cash charitable donations
Amounts of miles driven for charitable or medical purposes

Medical Expenses:
Amounts paid for healthcare, insurance, and to doctors, dentists, and hospitals 

Health Insurance:
Form 1095-A if you enrolled in an insurance plan through the Marketplace (Exchange) 

Childcare Expenses:
Fees paid to a licensed day care center or family day care for care of an infant or preschooler
Amounts paid to a baby-sitter or provider care of your child under age 13 while you work
Expenses paid through a dependent care flexible spending account at work

Educational Expenses:
Forms 1098-T from educational institutions
Receipts that itemize qualified educational expenses
Records of any scholarships or fellowships you received
Form 1098-E if you paid student loan interest

K-12 Educator Expenses:
Receipts for classroom expenses (for educators in grades K-12) 

State & Local Taxe:
Amount of state and local income or sales tax paid (other than wage withholding)
Invoice showing amount of vehicle sales tax paid and / or personal property tax on vehicles 

Retirement & Other Savings:
Form 5498-SA showing HSA contributions
Form 5498 showing IRA contributions
All other 5498 series forms (5498-QA, 5498-ESA) 

Federally Declared Disaster:
City/county you lived/worked/had property in
Records to support property losses (appraisal, clean-up costs, etc.) Records of rebuilding/repair costs
Insurance reimbursements/claims to be paid
FEMA assistance information
Check the FEMA website to see if your county has been declared a federal disaster area




Tennex Tax Solutions, Tax Return Preparation, Sebastian, FL