Use these tips to ensure you’re ready for your appointment with AI Tax Solution. Start by gathering all relevant financial documents, such as W-2s, 1099s, and receipts for deductible expenses. Organize your records and make note of any changes in your financial situation from the previous year. If you have any specific questions or concerns, jot them down to discuss with our tax experts during your appointment. By following these simple steps, you’ll be well-prepared to make the most of your tax preparation session and ensure a smooth and efficient process.
Required documents to keep on file:
- Copies of Drivers License or State IDs
- Social Security Cards
- Proof of Residence for dependents claiming EIC
Income documents:
- Income from jobs: forms W-2 for you and your spouse
- Investment income—various forms 1099 (-INT, -DIV, -B, etc.), K-1s, stock option information
- Income from state and local income tax refunds and/or unemployment: forms 1099-G
- Taxable alimony received
- Business or farming income—profit/loss statement, capital equipment information
- If you use your home for business—home size, office size, home expenses, office expenses
- IRA/pension distributions—forms 1099-R, 8606
- Rental property income/expense—profit/Loss statement, rental property suspended loss information
- Social Security benefits—forms SSA-1099
- Income from sales of property—original cost and cost of improvements, escrow closing statement, cancelled debt information (form 1099-C)
- Prior year installment sale information—forms 6252, principal and Interest collected during the year, SSN and address of payer
- Other miscellaneous income—jury duty, gambling winnings, Medical Savings Account (MSA), scholarships, etc.
Other tax documents:
- IRA contributions
- Energy credits
- Student loan interest
- Medical Savings Account (MSA) contributions
- Self-employed health insurance payments
- Keogh, SEP, SIMPLE and other self-employed pension plans
- Alimony paid that is tax deductible
- Educator expenses
- State and local income taxes paid
- Real estate taxes paid
- Personal property taxes—vehicle license fee based on value
- Estimated tax payment made during the year, prior year refund applied to current year, and any amount paid with an extension to file.
- Direct deposit information—routing and account numbers
- Foreign bank account information—location, name of bank, account number, peak value of account during the year.
Tax deduction documents:
- Child care costs—provider’s name, address, tax id, and amount paid
- Education costs—forms 1098-T, education expenses
- Adoption costs—SSN of child, legal, medical, and transportation costs
- Home mortgage interest and points you paid—Forms 1098
- Investment interest expense
- Charitable donations—cash amounts and value of donated property, miles driven, and out-of-pocket expenses
- Casualty and theft losses—amount of damage, insurance reimbursements
- Medical and dental expenses.
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