What do I bring with me when I come in?

Obviously we need all your income and expenses, so bring all W-2 and 1099 Forms (see "Gross Income" section regarding different types of 1099's), as well as checks, credit card statements, and receipts to support your expenses. It would help to compile all your documents neatly and summarized by category (e.g. travel, meals, telephone, internet, books, software, hardware�). Also, since we will operate a 24-hour schedule during tax season we request that you email (info@taxpro.com, NOT TO STEVE) or FAX (eFax 917-386-2568) your documents at least one week in advance of your appointment so the night staff may prepare the return and alert you if any information is missing. This will greatly minimize the waiting time when you are here.

If you own a home bring your mortgage statement (Form 1098) and property taxes (if not on 1098). If you purchased your home in the current tax year also bring Form HUD-1 from the closing. If you traded securities, bring stock purchase details corresponding to all stocks sold (including mutual funds). If you employ a domestic or utilize a day care center be sure to bring the name, address and ID number of the provider. If you are self-employed, bring bank statements as the IRS has the right to examine them for unreported income. If you employ freelance individuals, bring the totals paid to them as well as their addresses and Social Security numbers so that we may issue 1099's to them (due February 28th but should be mailed by January 31st). If you are a new client, bring last year's returns as there may be items that affect the current year. Also be sure to have the birthday and Social Security number of anyone on your tax return (spouse, children, other dependents). U.S. non-residents, be sure to bring your passport with current visa, and a schedule of the dates you were out of the country. If you have any unusual circumstances please call or e-mail us for guidance. Anything else you may consider pertinent (excessive medical expenses, etc.) should be brought to our attention even if you think you may not be able to use it.


What is Alternative Minimum Tax?

AMT is a provision of the tax code intended to preclude individuals in higher income brackets from excessive abuse of certain tax preference items such as business expenses, accelerated depreciation, exempt interest, taxes and the like. Since the Bush administration AMT was used to close the deficit and affected nearly all taxpayers earning $115,000 to $600,000, particularly if the taxpayer simply lives in New York City and pays state and city taxes. Congress is currently reviewing legislation that will adjust the AMT threshold and computation for inflation (which it has not done in years, hence the massive number of taxpayers subject to it since 2002).

I received Form 1099-G, Statement of Tax Overpayment. Am I owed a refund?

Well, NO. This statement, issued by a state tax authority, reflects your prior year's state tax refund, reminding you that it is TAXABLE FOR FEDERAL PURPOSES if you claimed it as an itemized deduction during the previous year. You already received the money.

What if I don't receive my refund?

DON'T CALL US. We have nothing to do with payment of refunds, and don't assume it's anything we failed to do. More often than not, with 250 million people in America, refunds can get lost. If you were smart and filed electronically, your refund will be out within two weeks or so, but before you start screaming, check your bank account for a direct deposit of the refund. Paper returns take six to twelve weeks. If you are far beyond these time constraints and still have not received money due you, call (800) 829-4477 for Federal refunds or (518) 457-7177 for New York State. If there is a problem with the return itself visit the IRS website at www.irs.gov under �where�s my refund?� or call taxpayer service at (800) 829-1040. You can check State refunds on each state�s website (use Google).

I'm self-employed and work at home.

Can I deduct part of my rent? Actually, the laws have eased up since 1998. It used to be imperative that clients came to see you in the apartment such that without the actual space you would be unable to earn a living (good example: a shrink who uses the spare bedroom strictly to see patients). Now, as long as all or substantially all the work is performed in the apartment (e.g. a writer or software developer), the home office deduction is available. The work area must be separate (not an area, alcove or corner of the living room) and exclusive (the room can't double as a bedroom or den).

Should I lease or purchase a car?

Business use of a vehicle is not dictated by form of ownership. Your main concern should be the interest rate, leasing usually being the higher one. You can deduct actual costs of your vehicle (including depreciation) prorated by the business-use percentage (business miles vs. total miles) as long as it is at least 50%. Alternatively you can deduct 58.5 cents per business mile regardless of the percentage.

Can I deduct the interest on my credit card?

Yeah, right. Many years ago (back when dinosaurs walked the earth). But now? - you must be joking!!! Only mortgage interest, investment interest, and business interest are deductible, with certain limitations (see section on Interest).

Remember, always feel free to review this site for answers to common questions and, if you don't find the answer, e-mail us!


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  © 2012 TaxPro Financial Network Inc.

TaxPro Financial Network Inc.
PO Box 1291
Yorktown Heights, NY 10598-8291

Phone (914) 962-1900
Fax (914) 992-7800