• “Don’t worry about failures, worry about the chances you miss when you don’t even try.” – Jack Canfield

    While the New Year has just begun, the financial year is coming to an end and you must prepare to file your tax returns in time to avoid incurring penalties and interests.

    Following is a checklist from our team of expert tax accountants to help you maximize your tax returns. The checklist is long as are the complexities in the requirements of the tax codes. The following elaborate list will benefit almost 95% of our clients, if not all.

    Filing for tax returns is a cumbersome process and can be complicated. Seeking professional help will relieve you from this time consuming task and help you save many valuable dollars, which you otherwise won’t know how to keep.

    Items Checked
    Social Security Numbers (including spouse and children)
    Child care provider tax I.D. or Social Security Number
    Employment & Income Data
    W-2 forms for this year
    Tax refunds and unemployment compensation: Form 1099-G
    Miscellaneous income including rent: Form 1099-MISC
    Partnership and trust income
    Pensions and annuities
    Alimony received
    Jury duty pay
    Gambling and lottery winnings
    Prizes and awards
    Scholarships and fellowships
    State and local income tax refunds
    Unemployment compensation
    Homeowner/Renter Data
    Residential address(es) for this year
    Mortgage interest: Form 1098
    Sale of your home or other real estate: Form 1099-S
    Second mortgage interest paid
    Real estate taxes paid
    Rent paid during tax year
    Moving expenses
    Financial Assets
    Interest income statements: Form 1099-INT & 1099-OID
    Dividend income statements: Form 1099-DIV
    Proceeds from broker transactions: Form 1099-B
    Retirement plan distribution: Form 1099-R
    Capital gains or losses
    Financial Liabilities
    Auto loans and leases (account numbers and car value) if vehicle used for business
    Student loan interest paid
    Early withdrawal penalties on CDs and other fixed time deposits
    Personal property tax information
    Department of Motor Vehicles fees
    Gifts to charity (receipts for any single donations of $250 or more)
    Unreimbursed expenses related to volunteer work
    Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions)
    Investment expenses
    Job-hunting expenses
    Education expenses (tuition and fees)
    Child care expenses
    Medical Savings Accounts
    Adoption expenses
    Alimony paid
    Tax return preparation expenses and fees
    Self-Employment Data
    Estimated tax vouchers for the current year
    Self-employment tax
    Self-employment SEP plans
    Self-employed health insurance
    K-1s on all partnerships
    Receipts or documentation for business-related expenses
    Farm income
    Deduction Documents
    State and local income taxes
    IRA, Keogh and other retirement plan contributions
    Medical expenses
    Casualty or theft losses
    Other miscellaneous deductions

    Jay Walia and his team of expert tax attorneys at Worcester Tax will help you prepare and file your tax returns so that you keep every dollar you can, without breaching the tax code.