2023 Tax Preparation
| 2023 TAX PREPARATION NEWSLETTER Happy New Year! Property transactions: Did you sell any real estate this year? Be sure to provide copies of escrow statements, as well as the Loan Estimate form, the Closing Disclosure form, and California Form 593, Real Estate Withholding Tax Statement. We need these documents to properly prepare your return. If you can get them to us as early as possible, we can make sure we have everything we need, and make sure that any state withholding documentation is correct. THE PROCESS Important Life Changes We Need to Know About: Do you have a new address? Do you have a new bank account for direct deposit? Any new dependents or should we remove one? Are you or your dependents disabled or blind? Did your dependent work and did they file their taxes already? Did you sell and or purchase a new home in 2022? Did you purchase solar ? Link to Solar Client Letter How to send documents: Once you have all your documents, please send them to us either by email, fax or USPS. Email: Scanned PDF File. Please try to scan all docs in ONE file. Please scan to file to create a PDF. Fax: Private fax number is 949.386.1733 Mailing address is available upon request. Be sure to send copies and keep your originals. Main documents to include would be: *W-2 and all 1099 (All forms of income including unemployment) *Other Income from banks: 1099-INT or DIV and 1099-B *If self-employed or own rental properties worksheets are below in a link. *Please do not send misc. receipts or paperwork *Mortgage Interest form 1098-INT *Property Taxes Paid (If included in your mortgage payment, it will be on the form 1098-INT) *Qualified Education for yourself or dependents From 1098-T (please provide amount paid in books) Healthcare: *If you did not have healthcare the entire year, form 1095-B will need to be provided to us. *If you purchased healthcare on the marketplace you must provide us form 1095-A. RETIRED LAW ENFORCEMENT, FIRE/RESCUE OR AMBULATORY To qualify for an up to $3000 health deduction: 1. Must be retired at normal retirement age and receiving a pension with taxable wages 2. You have unreimbursed health or long-term care insurance expenses (monies that came out of your pocket) This includes coverage for you, your spouse and dependents 3. Premiums that were post-tax (did not reduce your taxable wages) FOR TAX YEAR 2022 – premiums had to be directly paid via your pension checks. 2023 this is no longer true. Affordable Care Act: Form 1095-A (This comes from your Insurance Medical Provider – NOT your employer) if you enrolled in an insured plan through the Marketplace (Exchange) *Marketplace exemption certificate if you applied for and received an exemption from the Marketplace (Exchange) Itemized Deductions (Can be listed in the email, documents not required): DMV License Fees Charitable goods donated Charitable money given Work related expenses (LINKS BELOW) Other Credit: Childcare paid- Amount paid for each child and whom it was paid to is needed. Tax Payer ID and address of childcare provider is needed if we do not have on file already. Sales tax on large items (car, boat or RV) Real Estate Property transactions: Did you sell any real estate this year? Be sure to provide copies of escrow statements, as well as the Loan Estimate form, the Closing Disclosure form, and California Form 593, Real Estate Withholding Tax Statement. We need these documents to properly prepare your return. If you can get them to us as early as possible, we can make sure we have everything we need, and make sure that any state withholding documentation is correct. The next step: When we receive your information I will send you an email confirmation. We will be working on the returns on a first come first served basis. Once the return is completed we will email you a copy to review, approve and sign. You can print or save on your computer. Hard copies mailed via USPS to clients are available upon request. Fees: We will send you an invoice of which you can pay online via a mobile phone or computer. Worksheets: Itemized Deductions!!! Although there were major changes to the Federal Tax Code eliminating work related deductions, California did not conform. We will still need to gather the usual deductions. Rental Property (Schedule E)Self-Employed (Schedule C) or Excel Spreadsheet Law Enforcement – Work Related Expenses Worksheet Cosmetology Charitable Contributions Info Nursing/EMT Teacher Firefighter |