Open Season! Gather Your Documents
January 6th, 2012 by adminTax season has officially started and we are very fortunate this year that the IRS is able to accept “all” types of e-filed tax returns with out the delayed filing problems of 2010. The quotes are there because there are certain types of returns that are not able to be e-filed.
This year gathering your tax information may be more of a challenge for some people due to job changes. You may have multiple W-2′s, State Unemployment or even 1099, subcontractor income to claim on your tax return this year. All these documents should be mailed to you by January 31st, 2012. Please allow sufficient time to receive them. If your employer has gone out of business they should still be sending out W-2′s of 1099′s. If you do not receive them by February 15th try to contact the company or owner. If you cannot reach them please call us. We will need to follow specific procedures set up by the IRS and we will require the last paycheck stub you received. So take this time while you wait for your documents to look for that last paystub.
Another hassle you may be faced with is multiple mortgage company statements due to your loan being sold on the bank closing. This was a big problem last year but we still expect to see some more clients with multiple statements for the year. Please look at your mortgage statement and determine if the number looks realistic for your total amount paid. Last year we had a client whose mortgage interest dropped from $20,000 paid in 2009 to $13,000 paid in 2010. Unbeknownst to her the bank sold it from “Home Bank” to “Home Bank Loans”. She never noticed the difference but she had to track down the additional mortgage interest statement to claim the interest.
The good news is we look for these changes in filing and try to make sure each year is consistent with the previously filed tax return. We look forward to seeing you this tax season.







