What to do to get ready for 2019 tax return filings:

Naturally, we will require your W2s, 1099 Misc, 1099 Div, K-1s, W2Gs – anything that shows your income for the tax year, including bank account interest.  

We will also need your charitable donations, mortgage interest statement, and tax statements for property tax and personal property tax.  If you made estimated payments to any taxing jurisdiction, we’ll need to know how much and when you paid those.

You have already received your “important tax information” statements by now.  If you are expecting any new K-1s or anything that is new for your 2019 tax return, please send that information along as well.

Put all of these documents together and send via snail mail or as pdf email attachment.

Organizers are usually sent out in January to help with information gathering.

How soon you get your tax returns done to e-file depend on the completeness of the information you provide and how early we get such information.

Don’t wait until September or October to get your information to us!! We do our best work when we aren’t rushed.  (Isn’t it amazing how fast 2020 is flying by already?!)

What was new last tax season? A lot! Besides the biggest tax reform in over 30 years, have you seen the new Form 1040 which makes it look like you can file your tax returns on a “postcard?” Well…….not so fast! Attach are the printable new forms with instructions or visit the IRS site for more information.

  • 2018 Form 1040 with Schedules 1 – 6 (pdf)
  • 2018 Form 1040 Instructions (pdf)

Another big change under the 2017 Tax Reform and Jobs Act aka “TCJA” is the Qualified Business Income “QBI” deduction. It is the net amount of qualified items of income, gain, deduction and loss with respect to qualified trade or business from sole proprietors, pass-thru entities such as Partnerships (excluding publicly traded), S Corporations, LLC’s taxed as partnerships or S corps, and Trusts. The QBI calculation can be quite complex so be sure to check with your tax professional about it if the deduction applies to your tax situation.

  • Section 199A Qualified Business Income Deduction Flowchart (pdf)
  • QBI Deduction Scenario and Example – see attached (pdf)
  • The QBI Deduction goes on Line 9, page 2, of the new Form 1040 (pdf)

2017 TCJA Client Newsletter What It Means For INDIVIDUALS and For BUSINESSES

Another tax season is over! However, the outcome of the much hailed 2017 Tax Cuts and Jobs Act came in with mixed results and not what many had expected. The IRS reported that overall, tax refunds were down compared to the prior year. As I had outlined in my blog titled “The Good, The Bad and The Ugly of the 2017 TCJA,” it’s definitely a mixed bag. Best wishes to another prosperous year and until next “Taxing Time 2020” – life goes on. Cheers!

Where client relationship and personalized service do not end after tax season Ends -Balanced Accountability