Finance & Enjoyment Blog

With tax season upon us, these tips may be helpful to avoid follow up information requests and maybe even reduce your tax prep bill.

1. Read your organizer!  It is a very useful tool.  On the right side everything you reported in 2008 is listed.  Use this guide to enter (or gather) the necessary information for your 2009 taxes.

2. Remember to include ownership tax information for your car.  On the organizer, it’s listed just below real estate tax as “personal property tax.”  Simply refer to your auto/boat/motorcycle/trailer registrations for two amounts:  “Own Tax” and “Prior OT.”  These two amounts (and only these two) are deductible as personal property tax. 

3. Review your statements from any brokerage accounts.  Did you have any stock sales?  If so, is there a realized gain/loss report attached?  If not, please request that report from your broker.  You can request that it be sent directly to your CPA if you do not want to wait to mail in or drop off your information.  Just leave a note or tell us that you have done so.

4. Do you have any new investments that will produce K-1s that we do not know about?  Please list all of these so that we do not finalize the return before all K-1s have been received.

5. Do you have any new brokerage or bank accounts that are not listed on the organizer?  Make sure you include the 1099s for those accounts. 

6. Did any of your accounts listed on the organizer close in 2008 and have $0 income in 2009?  If so, note that on your organizer.
We look forward to working with you all through the (hopefully not too painful) process of completing your 2009 tax returns and hope this makes your life a little easier.

Posted in Your Financial House »

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