Randall Hancock’s 2014 Tax Time Document Chase List

Well, our Birmingham tax accountant offices have officially started jumping.

(Not literally of course.)

But the IRS started accepting electronically-filed returns last Friday (January 31), and we have already been working long hours to thoughtfully and thoroughly serve the Birmingham small business accountant clients with whom we’ve already met.

Today, I have something that will help that be YOU.

As I’ve mentioned before, if you are one of our Birmingham business clients, we are also glad to handle the preparation of your personal return. Depending on your business entity, we cannot file your personal return until your books are in order. Start that process now.

[And, of course, this is also something we are glad to help you with. Don’t try to “go it alone” in these areas … it can be a 4-5 figure mistake!]

Filing your taxes on your own is becoming much less fun for regular taxpayers, even with nice-looking softwares on the market which purport to make it “easy” for you. This is ESPECIALLY true for Birmingham-area business owners.

I truly do pity those inexperienced ones who try to muddle through all of the different codes and forms on their own, without devoting even a week’s labor to the transaction. It really doesn’t pay to “go it alone” for certain tasks.

So, I’ve put together a handy little list of what you’ll need to bring in, which is something I make a point to provide each year. There may be certain situations where we’ll need other documentation to get you even more deductions. But, of course, we’ll let you know about that, should the situation arise!

Let me know your thoughts … and of course, if you’d like to talk this over with us here at Team Randall Hancock, we’re here for you: (205) 715-4488 (our phone number) is your friend.

Randall Hancock’s 2014 Tax Time Document Chase List
“Everything is either an opportunity to grow or an obstacle to keep you from growing. You get to choose.” -Wayne W. Dyer

Yes, this is a long list — but it’s the unfortunate reality of our tax code that it’s not even comprehensive! But these items will cover 95% of our Birmingham-area (or otherwise!) clients.  Really, this is for ensuring that we’re able to help you keep every dollar you can keep under our tax code.

Even if for some strange reason you won’t be using our cost-effective services this year, feel free to use this list as a handy guide…

Personal Data
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

Automobiles
Personal property tax information
Department of Motor Vehicles fees

Expenses
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

We hope this helps, and we really look forward to seeing you in here in 2014!

I would ask that you forward this article to a Birmingham business associate or client you know who could benefit from our assistance–or simply send them our way. While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for Birmingham families and business owners. And we always make room for referrals from trusted sources like you.

Warmly (and until next week),

Randall Hancock
(205) 715-4488

Randall M. Hancock CPA, PCRandall Hancock’s 2014 Tax Time Document Chase List