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Updated: 7:49 p.m. Monday, March 19, 2012 | Posted: 7:48 p.m. Monday, March 19, 2012

Take the right tax documents when you meet preparer

By Ria Megnin

Contributing Writer

It’s tax season. If for you that means hauling out the grocery bags stuffed with receipts and finding someone to help open your months-old mail, these tips from local tax accountants may help you survive past April 17, this year’s filing deadline.

“When you get the envelopes in the mail where it says important tax document enclosed, take the documents out, look them over and unfold them. It saves a lot of time,” said Bruce Brenner, a Dayton enrolled agent.

Then, double-check your email and any online accounts to make sure you’re not missing any electronic forms.

“Be really conscious, because it’s easy to get into a situation where you have to amend your tax return,” said Lance Bradstreet of Centerville-based Bradstreet & Company Inc. “Check (last year’s) forms and see what they asked for, because in most cases, you’ll need them again this year.”

Then, start organizing your documents into the following two general categories: income sources and potential reductions.

Some common income sources and related tax forms include:

Wages (W-2)

Interest, dividends, capital gain distributions (1099)

Pensions, annuities and other retirement accounts (1099)

Unemployment compensation (1099)

Scholarships or fellowships (1099)

Social Security and railroad retirement benefits (1009-S or 1099-R)

Alimony (need payer’s Social Security number)

State and local income tax refunds.

For tax reductions, talk with your accountant about major life events and expenses that may be eligible. Some to consider include:

Health care expenses and insurance

A new baby or an adoption

Care for a child or disabled dependent

Home mortgage or equity loans and home improvements

Charitable contributions and volunteering

Union and professional dues

Business, education and job-seeking expenses

Investments including IRAs

Alimony and tax payments

Losses due to theft, casualties or gambling.

As you assemble materials, accountants recommend keeping a master notebook handy that lists what documents you have or still need, as well as any questions that come up. Leave space for notes and answers. It’s easier for accountants to manage questions at a single meeting than in multiple calls or emails over the tax season.

When you meet, don’t forget to mention life events that may occur for your family in 2012. Your accountant may have helpful tips for preparing, documenting and receiving benefits for some of those activities.

Contact contributing writer Ria Megnin at ria@riamegnin.com.


Where to find free tax assistance

Online information and assistance: www.irs.gov

Internal Revenue Service telephone assistance: Call (800) 829-1040, press 1, then 5.

IRS Volunteer Income Tax Assistance (VITA): Free basic income-tax return help by IRS-certified volunteers at community centers for people annually earning $50,000 or less. Call (800) 906-9887.

AARP’s Tax-Aide services: IRS-certified volunteer help with taxes for anyone, but geared toward and priority given to people aged 60 and older. Call (888) 227-7669, or go online to www.aarp.org/money/taxaide.

Military One Source: Filing service for members of the military. Call (800) 342-9647.

Have these ready

Photo ID

Social Security card, individual taxpayer ID letter or proof of foreign status for self, spouse, dependents

Birth dates for you, spouse, dependents

Wage and earning statements from all employers (W-2 and 1099 forms)

Interest and dividend statements (1099 forms)

Total paid to child-care providers, health expenses, etc.

Copies of previous year’s federal and state returns

Proof of routing and account numbers for direct deposit, i.e. a blank check

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