Welcome to tax season! For the most effective tax preparation, be prepared! I advise clients to work with a tax pro using professional software. I use Intuit’s Proseries Professional, which provides a Tax Organizer to make sure you don’t miss a thing! (Intuit is the maker of Turbotax, Quicken, and Quickbooks). I and only I offer my clients Tax Mastery© my custom tax program that shows them how to pay the lowest legal taxes.
My goal is to provide clients with “ease and effectiveness,” sothey pay the lowest legal taxes with the least effort and the lowest tax preparation fees. To do that:
- Make sure that your preparer has considerable tax training and experience.
- Make sure your preparer, whether a CPA or not, spends the majority of his time with tax matters..
- Send your preparer a completed Tax Organizer with all required documents: W-2’s, Form 1099’s, Form 1095-A, etc.Don’t send documents piecemeal.
- Meet personally with the tax preparer and discuss needed decisions.
- Provide birthdays of taxpayers and dependents.
- Review all credit card and checking statements for tax related items.
- Don’t duplicate tax information on the organizer.
- Round entries to the nearest dollar.
- If you have a list that adds up to an entry in the Organizer, explain it.
- If you buy or sell an investment or a business asset, list its date purchased, cost, selling price and sale date.
- List each charitable gift and date, the name of charity and its address. Describe gifts of property and cost.
- Provide closing statements for new or refinanced mortgage loans.
- If you are an employee with job-related expenses, list Employee (Miscellaneous) deductions. Your preparer should have plenty of ideas for these. I offer my clients checklists for these and many other deductions.
- If you have a Business, its revenue and expenses are reported on Schedule C, not Schedule A.
- If you have rental properties identify their rent and expenses separately. List the cost and date of rental use.
- For each business vehicle, enter business mileage and total mileage.
- For dependent care, list the provider’s name, tax number & address.
With more than thirty-five years of experience, there is so much more I could say. Furthermore, with my one of a kind Tax Mastery© program I can give you advice designed just for you to help you pay the lowest legal taxes. Call today for an appointment.