If we could give one piece of advice to our clients before heading into tax season it would be – REVIEW YOUR TAX ORGANIZER IN DETAIL.
Organizers have been previously mailed and emailed. By using the organizer (or by using last year’s tax return) you can identify most of the documents we’ll need to prepare your taxes this year.
Problem Areas
- 1095-A Marketplace Insurance. Not everyone uses marketplace insurance. However, if you did during any point this year then you should receive a Form 1095-A no later than mid-February. This is a tax document and is required for your annual tax filing. It was the #1 missed or forgotten item during last year’s filing season. Please note: This is not a request to all clients for Form 1095-B or 1095-C (employer provided health insurance documents). This is specific to Form 1095-A individual and family marketplace insurance.
- New Dependents. Please notify your GBE advisor of any new dependents whether through birth, adoption, care of adult parents, or other circumstances. We will need your dependent’s name, date of birth, and social security number. Believe it or not, it was the #2 missed or forgotten item last year.
- Student Loan Interest. Most lenders no longer mail this document to you. Instead, they make you login online to find the 1098-E document that we need in order to complete your taxes.
- Tuition and Books. If someone in your family is taking college credit classes at a post-secondary institution there is a 1098-T issued for their tuition expenses. You will likely have to login online to download this document. We must see a copy of the 1098-T in order to calculate your college tax deductions. Don’t forget to add up those expensive books purchased during the year and provide us the total amount.
Try Your Best the First Time
Not having all documents to us the first time can increase your tax preparation price. Plan ahead, review the organizer, and identify all of those documents necessary at tax time.
Thanks for your business! We’ll see you soon.