#3 Stimulus – $1,400 per Person
You will or may have already received a letter indicating the stimulus amount you received and will need to provide a copy of this letter. If eligible, and you did not receive the #3 Stimulus or received a lessor amount, a reconciliation is provided on your 2021 tax filing.
Child Tax Credit
If you received any type of child tax credit (payments began July, 2021 thru the end of the year), you will receive a letter indicating the amounts received. Please be sure you confirm the amounts received and provide a copy of this letter with your tax material. Phase outs begin at AGI over $400,000 for married filing jointly and all other taxpayers AGI over $200,000. Up to $3,000 per child ($3,600 if under six).
Note: Advanced child tax credits received will offset the tax credit allowed.
Driver’s license information is needed to file your tax returns
Please provide a copy of your driver’s license if:
• I did not prepare your 2020 tax return
• If you renewed your driver’s license during 2021
MARCH 21, 2022 (Monday) is the LAST DAY to submit your tax material to file by the due date April 18, 2022
INDIVIDUAL TAX PREPARATION CHECKLIST:
- 1All Forms W-2 (wages) including all copies of your employer, 1099-INT (interest), 1099-DIV (dividends), 1099-B (proceeds from broker or barter transactions), 1099-R (pensions and IRA distributions); Schedules K-1 from partnerships, S corporations, estates and trusts, and other income reporting statements
*Tax statements for investments may not be received until end of
February or even into March, please be sure to include all pages*
- Form 1095-A (health insurance purchased through a public exchange), Form 1095-B (health insurance purchased outside of a public exchange), or Form 1095-C (employer-provided health insurance coverage).
- Alimony payments are no longer deductible by the payer or included in income of the recipient, for agreements executed after January 1, 2019.
- Unemployment income Form 1099-G must be mailed. If you did not receive this tax document, you may have to obtain a copy on the ODJFS web site.
*Note: Please be aware that identify fraud has occurred and a 1099-G may have been issued to you –
please be sure to bring this tax document and note you did not receive these benefits
- Copy of the closing statement if you bought or sold real estate
- Mileage claimed, should include total mileage in addition to the business mileage driven for the year
*2021 mileage rate – 56.0 cents / 2022 mileage rate 58.5 cents
- Estimated tax payments – include amount and date paid for each payment
- Income and deductions detailed by category for each business or rental activity
- For those who are eligible to itemize, please provide details for medical, taxes, interest, charitable and other eligible itemized deductions.
— Medical deductions are first reduced by 7.5% of your adjusted gross income before any
deduction qualifies towards your itemized deductions.
— Be sure to have a copy of the acknowledgement letters received from charitable
organizations for contributions of $250 or more.
- Standard deductions have increased and are still available for all taxpayers who do not itemize. Standard deduction amounts are based on your filing status and increase for those over 65. For 2021, if you are taking the standard deduction, you will be eligible to deduct up to $600 of charitable contributions – you will need to provide this documentation.
*NOTE: If you are NOT using an organizer, please provide any changes in marital status and/or dependents.
In addition, update any changes in your address and/or contact information.
TAX PLANNING FOR INDIVIDUALS
There are many events that occur during the year that can affect your tax situation. Preparation of your tax return involves summarizing transactions and events that occurred during the prior year. In most situations, tax implications are established at the time a transactions occurs. However, negative tax effects can be avoided by proper planning. Please contact us in advance if you have questions about tax effects of a transaction or event, including the following:
Significant change in
income or deductions
Notice from IRS or other
Attainment of age
59-1/2 or 72
Sale or purchase of
Charitable contributions of
property in excess of $5,000
Sale or purchase of a residence or other
Gifts (over $15,000 to
*NOTE: please provide all pages of tax documents even if using an organizer.