Kyle Nagy’s: “What Documents Do I Need For Tax Time?”

Kyle Nagy’s: “What Documents Do I Need For Tax Time?”

Well, now the holidays are truly behind us, and this is the week where reality sets in for everybody. With the way the schedule worked out this year, it almost feels like we’ve been in a holiday stupor for three weeks!

But this week is when life gets closer to normal. And, in my opinion, how it plays out is crucial to how the rest of your year goes.

Because intentions and actions matter. No, I don’t subscribe to a mystical “law of attraction” — but I DO believe that how we walk out our stated goals and intentions for this week sets a subconscious pattern that can have an impact for months at a time.

In other words — do what you *intend* to do this week, and it’ll be much easier to carry that forward into more of 2016.

At least, that’s been my experience.

What about you? Do you find the beginning of the year to be full of opportunity? Or is it full of discouragement? I’d be interested to hear your thoughts.

And, for my staff and me … it’s certainly full of preparation!

This is one of our most intense years of groundwork for tax season, simply because the tax code is getting even MORE complex. The stakes are higher every year. And, it seems as if I say that *every* year … which probably isn’t a great sign for families who are wanting to do their own taxes.

Let me know your thoughts, and, of course, if you’d like to talk this over with us, we DO have a couple appointment slots left for this week. Call or email (simply click the button at the top of this page) soon, though!

Kyle Nagy’s: “What Documents Do I Need For Tax Time?”
“Be true to your work, your word, and your friend.” – Henry David Thoreau

With the increased penalties associated with the ACA in 2016, and all of the other changes every year, preparing for tax time on your own is becoming much less ‘fun’ for regular taxpayers — even with nice-looking softwares on the market which purport to make it easy for you.

I truly do pity those inexperienced ones who try to muddle through all of the different codes and forms on their own,without devoting even a week’s labor to the transaction. It really doesn’t pay to “go it alone” for certain tasks.

Yes, this is a long list — but it’s the unfortunate reality of our tax code that it’s not even comprehensive! But these items will cover 95% of our clients. Really, this is for ensuring that we’re able to help you keep every dollar you can keep under our tax code.

Even if for some strange reason you won’t be using our cost-effective services this year, feel free to use this list as a handy guide…

Personal Data
Social Security Numbers (including spouse and children)
Child care provider tax I.D. or Social Security Number

Employment & Income Data
W-2 forms for this year
Tax refunds and unemployment compensation: Form 1099-G
Miscellaneous income including rent: Form 1099-MISC
Partnership and trust income
Pensions and annuities
Alimony received
Jury duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
Unemployment compensation

Health Insurance Information
* All 1095-A Forms from marketplace providers (if you purchased insurance through a Marketplace)
* Existing plan information (policy numbers, etc.)
* If claiming an exemption, your unique Exemption Certificate Number
* Records of credits and/or advance payments received from the Premium Tax Credit (if claiming)

Homeowner/Renter Data
Residential address(es) for this year
Mortgage interest: Form 1098
Sale of your home or other real estate: Form 1099-S
Second mortgage interest paid
Real estate taxes paid
Rent paid during tax year
Moving expenses

Financial Assets
Interest income statements: Form 1099-INT & 1099-OID
Dividend income statements: Form 1099-DIV
Proceeds from broker transactions: Form 1099-B
Retirement plan distribution: Form 1099-R
Capital gains or losses

Financial Liabilities
Auto loans and leases (account numbers and car value) if vehicle used for business
Student loan interest paid
Early withdrawal penalties on CDs and other fixed time deposits

Automobiles
Personal property tax information
Department of Motor Vehicles fees

Expenses
Gifts to charity (receipts for any single donations of $250 or more)
Unreimbursed expenses related to volunteer work
Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions)
Investment expenses
Job-hunting expenses
Education expenses (tuition and fees)
Child care expenses
Medical Savings Accounts
Adoption expenses
Alimony paid
Tax return preparation expenses and fees

Self-Employment Data
Estimated tax vouchers for the current year
Self-employment tax
Self-employment SEP plans
Self-employed health insurance
K-1s on all partnerships
Receipts or documentation for business-related expenses
Farm income

Deduction Documents
State and local income taxes
IRA, Keogh and other retirement plan contributions
Medical expenses
Casualty or theft losses
Other miscellaneous deductions

I do hope all this helps. To your family’s financial and emotional peace…

Warmly,

Kyle Nagy
816-272-8151

Kyle P Nagy, CPA

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