Greetings from everyone at Profitability Squared! We are excited as we begin the New Year and upcoming tax season of 2020. This year, to keep things short and sweet, we are including a bullet point list with all the important things about tax season:
· Please send copies of all original personal tax documents, and keep the originals in a safe place with you. We are not responsible for the loss of original documents and you will need to maintain the originals, yourself, as proper proof of what is being filed on your return. If emailing your documents (our preferred method), please feel free to email documents to firstname.lastname@example.org. If mailing, please note that our address has changed since last tax season.
· We have included our “Tax Season Checklist” to help you gather important documents that you might need in order to have your tax return done speedily and accurately. We have also included a “Schedule A” form to complete with pertinent information, so that you don’t have to bring in loose receipts, donation paperwork, medical bills, etc. Please use this form in place of bringing those documents in.
· We are still limiting contact as much as possible since Covid is still an issue here in Alabama. If an appointment is absolutely needed, please call and discuss the situation with our receptionist, as we can better serve you when an appointment is scheduled ahead of time. Our office is closed at this time to ALL walk-ins and we will strictly meet by appointment only.
· Expect a turn-around time of at least two weeks, maybe more. If you need your return done quickly, consider this time frame when bringing your documents in, as we will be working to complete many returns at once and want to be able to give each return the time is deserves.
· The cutoff date to bring your documents in and have your tax return processed on time, is March 30, 2021. Anything brought in after this date that needs to be completed by the filing deadline of April 15, 2021, will incur a $50.00 expedition fee.
· Please take a moment to review our entire website! All forms, including intake paperwork, will be available online to re-print if needed, and to help speed up the time it takes to drop off your documents.
QUICK REFERENCE LIST FOR ITEMS REQUIRED TO PREPARE YOUR INDIVIDUAL INCOME TAX RETURN
*** PLEASE MAKE COPIES OF ALL DOCUMENTS AND KEEP YOUR ORIGINALS***
o W-2’s for you and spouse
o Copy of your driver’s license!! (and your spouse)
o Information for all dependents
o W-2G’s showing tax refunds from the State (and also from the casinos!)
o All 1099’s
o All Dividend and Interest Statements (from financial institutions)
o Year-end brokerage statements (Composite 1099’s)
o All 1098’s (Mortgage Interest Statements)
o Property Tax Statements for Real Estate
o Car Tag Receipt (actual receipt, not just an amount)
o Child Care Expense Statement
o Tuition payments for children and self
o Medical Insurance payments
o A list of Charitable Contributions
o Very important – copies of checks for estimated tax payments – State and Federal
o Health insurance Form 1095
o Listing of Medical Expenses
o Listing of Employee Business Expenses (mileage, etc.)
o If you have rental property – listing of rents received and related expenses – such as interest, insurance, property taxes, repairs
o If you have a business (Schedule C) – bring in the information you do annually
o If you have a new business – call us for assistance
o WHEN IN DOUBT BRING IT IN!!!!