A&E in the News
Once again, it is Tax Season and we are getting prepared for the 2013 filing season. Let’s get organized! Here are some deadlines and timelines:
- Client Organizers- Third Week of January 2014
- We will begin sending client organizers out on January 20, 2014. You will receive an email with instructions on accessing the organizer through our secure portal. If you would prefer your organizer on paper, just let us know and we will send one out to you.
- If you are new to us this year . . . Welcome! We can create an organizer for you based on your 2012 return or you can just follow the checklist below.
- If you need any help with organization, please check the Form and Links tab to the left for worksheets that may help you get organized.
- 1099 Issuance-Due by January 31, 2014
- If you paid anyone for services in excess of $600 this year, you are required to issue them a 1099-MISC. Included in this group would be any independent contractors used for your business or rental property, child care providers you pay directly and home health providers. The exception here would be: if you paid anyone with a credit card, you are not required to send a 1099-MISC. Those payments will be reported by the credit card company.
- If you paid attorneys in 2013, you must issue a 1099-MISC for any payment.
- If you paid interest to someone that has loaned you money (The Bank of Dad?) you should issue them a 1099-INT and, if it is for a home loan, they can issue you back a 1098.
- We would be happy to help. Fill out the 1099 Issuance worksheet and get it to us, either as an attachment or a fax. We will send them out to the recipients and file the form electronically. The fee is $10 per 1099.
- Engagement Letters - We will need signed engagement letters from all of our clients this year. A letter is included with your organizer and we have them available here at the office. You can also download an engagement letter under our Forms and Links section.
- Electronic Filing of Individual Returns begins late January , 2014 [Date to be announced]. There are several forms that are delayed and filing of those forms will become available as they are approved by the IRS.
- Corporate Tax Returns are due on March 15, 2014
- We need to have your information by February 20, 2014 in order to ensure a timely filed return. We will put all others on extension
- Individual, Partnership and Fiduciary Returns are due on April 15, 2014.
- In order to ensure a timely filed return, we need your information no later than March 14, 2014.
- Extensions- As a courtesy, it is our policy to put all previous year client returns on extension whether we have heard from you or not. Failure to file is an ugly and preventable penalty so we try to avoid it at all costs. If you have state returns that need to be filed, please let us know about any additional returns that may need an extension.
- Specific Reporting Documents – if you have an HSA, K-1, or 1098-B’s, we will automatically extend your return as many financial institutions will not issue these documents until near or after April 15.
And you can always contact us directly. Call 503-228-0962 or email
2013 Tax Preparation Checklist
Here’s a basic checklist of information to start organizing for your 2013 tax return. If you are fully prepared for your tax appointment, you will save time and help ensure that you receive all the tax benefits, credits and deductions allowed. Although this is not an all inclusive list, it will help steer you in the right direction. As you begin receiving important tax documents in January 2014, file them with this checklist.
- Copy of your 2012 tax return (unless we already have a copy or prepared the return last year)
- Any notices or correspondence you received from the Internal Revenue Service, your state or city or other taxing entity.
- Social Security number and date of birth for yourself, your spouse and your dependents [don’t forget your new baby].
- Physical address, email addresses for all and telephone numbers- cell, land, and fax.
- All W-2 Forms you and your spouse received for 2013 from all employers.
- Savings and Investments reporting forms including Form 1099-INT, Form 1099-DIV, Form 1099-B, Form 1099-S or Schedule K-1. (Excel copies of brokerage trades if possible) Please include all pages of the 1099-B.
- Statements of income from retirement distributions or Social Security Payments including Form 1099-R or Form 1099-SSA
- Any Cancellation of Debt, Form 1099-A or 1099-C
- Records of other income including but not limited to; unemployment, state tax refunds, gambling income and losses, spousal support/alimony received, jury duty, hobby income and expenses, prizes and awards. These may include Forms 1099-MISC or Form W-2G
- Closing documents on any real estate transaction you had during the year, including purchase, sale, refinancing or foreclosure – the final settlement [HUD] statements – 2 or 3 pages
- Any spousal support/alimony you paid and the social security number of the recipient.
- If you are a K-12 teacher, record of any unreimbursed classroom expenses and training
- Health Savings Account contributions and distributions, Form 1099- HAS & 5498-SSA
- Traditional IRA or Roth IRA contributions/year end values reported on Form 5498 or your December 2013 statement.
- Moving expenses if you moved more than 50 miles for business during the year (even if you were reimbursed). Include costs for moving and storing your stuff and moving and storing yourself.
- Colleges attended, tuition, fees paid and costs of required books, supplies and equipment and Form 1098-T.
- Student Loan Interest paid and Form 1098-E
- Record of estimated taxes paid to the federal government, state and local governments.
BUSINESS, RENTAL AND FARMING INCOME
- The Books/accounting records for your business, including all income and expenses, in whatever formats you keep your records. We would prefer digital copies rather than paper, depending on the format.
- Any Forms 1099-MISC and 1099-K (Income reported by credit card companies or third party payment processors such as PayPal)
- Records of all major purchases $200 or greater, such as machinery, equipment, furniture, including date of purchase and item that was purchased
- Inventory records (beginning and ending inventory, purchases and amounts for personal use)
- Mileage logs, including total annual mileage and business mileage for any vehicles with business use. We need the total miles and the business miles you drove between January 2013 and December 2013.
- For self-employed people, health insurance premiums paid for owner and family, including adult children less than 27 years old.
- If you need guidance in organizing this information, please check our website for worksheets.
- Medical expenses (co-pays, doctors, dentists, glasses, prescriptions, and medical mileage)
- Health Insurance payments, including payments for COBRA
- State and local income taxed paid (not those withheld)
- Mortgage interest paid, including Form 1098
- Mortgage insurance paid (at closing or reported on Form 1098)
- Investment interest expenses-margin account interest or interest on investment property
- Total cash charitable donations –We do not need to see the documentation but make sure you keep it with your records.
- Records of non- cash charitable donations including items donated, receiving charity, date and value of donation. If you donated a vehicle, Form 1099-C
- Total volunteer miles driven during the year.
- Details of any casualty loss or theft
- Union dues, job hunting expenses, unreimbursed employee expenses, including travel, supplies and equipment, memberships and associations and business mileage (not commuting).
- Investment expenses, including tax preparation, safe deposit box fees, investment advisors
- Dependent care expenses, including the amount paid, the provider’s name, address, and tax ID number and telephone number.
- Adoption expenses if you adopted a child in 2013 or finalized the adoption in 2013.
- Residential energy credits- including costs for insulation, high efficiency windows, doors, water heaters, furnaces, air conditioners, heat pumps
- If you received the First Time Homebuyer Credit in prior years, please make sure we have records of that original purchase and any correspondence you have received from the IRS.
Client Organizers: We will begin posting an online Web Client Organizer to our secure web portal the third week of January and each client will receive an email with instructions. The organizer can be filled out online and sent back to us with attachments or it can be used as a guide. Check with your preparer to see which they prefer. We can also send organizers as .pdf files attached to an email or on paper- whatever works for you! Our website also has worksheets that can help you get organized if you have different ventures this year than last.
Please remember that your return will not be started by our office until all tax documents have been received. As always you can attach them to the organizer/mail/fax/drop by the office – or we can send you a drop-box file to upload your documents.
Please be aware we must have your 2013 tax information no later than March 14th in order to timely file your tax return before April 15th. For tax returns on extension, we must have your information by September 16th in order to file your return by the final deadline of October 15th.
We are here to help! We don’t want the organizing part of your tax preparation to be a huge challenge. Please feel free to call us or email
us or just come in and see us if you need some help or guidance in getting everything together.
PARKING: We validate parking for Smart Park Garages (we no longer validate for the Star Park Garage). The two closet locations are:
620 SW 3rd Avenue (SW 3rd & SW Alder)
808 SW Start Street (O'Bryant Square)