Our firm provides bookkeeping service for your business and sole proprietors.
We can set up Corporation, Partnership, Limited Liability Company and DBA, depending upon your specific needs. We will also get EIN number for your entity from IRS and apply for S corp status if necessary.
We provide billing services for your business.
List of Tax Documents You Should Bring to Your Tax Appointment
1. Property ID: Driver License, DMV/State ID, Military ID, Passport, Matricular Consular Card, SS cards of filer, spouse and dependents and birth dates.
2. W-2, 1099-Misc. Bring entire form. Bring to our attention if you have out of state or overseas earnings. 1099-Q if your business takes credit card payment from your clients.
3. Home mortgage interest, PMI insurance and property tax paid on Form 1098. Bring closing statement(HUD) if you bought, sold or refinanced properties in the tax year.
4. List and total your annual medical expenses and health insurance premium.
5. Child (under age 13) and disabled dependent care expenses. Need provider's name, address and SS or EIN number.
6. Dividends and interest eraned on 1099-DIV or 1099-INT.
7. Stock trades on Form 1099-B from brockage.
8.Alimony received or paid. SS number of recipient is needed.
9. Moving expenses(more than 50 miles away).
10. Traditional IRA and KEOGH and SEP IRA contribution.
11. IRA and 401K distribution reported on Form 1099-R.
12. College tuition and school books and supply expenses.
13. Self-employed: all reportable and 1099-Misc income. Need to bring in Profit/Loss Statement and Balance Sheet.
14. Rental property income and expenses.
15. Bring in HUD and 1099-S if you sold primary residence. If there is foreclosure or short sale, bring in Form 1099-C or 1099A.
16. Gambling and lottery winnings reported on Form 1099-G.
17. Unemployment compensation income on Form 1099-G.
18. Foster child. Court documents are required to properly claim child. Adopted child. Need court documents to claim adoption credit of $13,360 per child.
19. Social Security and Disability benefits earning on Form 1099-SSA and 1099-RRB.
20. Pension and retirement payments on Form 1099-R.
21. Cash charitable deduction requireds canceled checks or letter from the charity.
22. List all unreimbursed job expenses.
Affordable Care Act Tax Provisions for Individuals and Families
The Affordable Care Act, or health care law, contains new health insurance coverage and financial assistance options for individuals and families. The IRS will administer the tax provisions included in the law.
Considerations for 2013
- Open Enrollment for the Health Insurance Marketplace: The open enrollment period to purchase health care coverage through the new Health Insurance Marketplace begins Oct. 1, 2013. When you get health insurance through the marketplace, you may be able to get the new advance Premium Tax Credit that will immediately help lower your monthly premium.
- Filing Requirement: If you do not have a tax filing requirement, you do not need to file a 2013 federal tax return to establish future eligibility or qualify for future financial assistance, including the advance Premium Tax Credit to purchase health care coverage through a Health Insurance Marketplace.
- W-2 Reporting of Employer Coverage: Certain employers are required to report the value of the health insurance coverage they provide. The value of health care coverage as reported by your employer in box 12 and identified by Code DD on your Form W-2 is not taxable.
- Itemized Medical Expenses: You can deduct your unreimbursed medical and dental expenses that exceed 10 percent of your adjusted gross income on your 2013 tax return. The 7.5 percent threshold will remain for those 65 and older for tax years 2013 through 2016.
Looking ahead to 2014
- Premium Tax Credits: If you get your health coverage through the marketplace, you may be eligible for a Premium Tax Credit. You can elect to have the advance credit sent directly to your insurer during 2014, or wait to claim the credit when you file your tax return in 2015. If you choose to have advance payments sent to your insurer, you will have to reconcile the payments on your tax return.
- Individual Shared Responsibility Payment: Starting January 2014, you and your family must either have health care coverage, an exemption from coverage, or make a payment when you file your 2014 tax return in 2015.
- Change in Circumstances: If you are receiving advance Premium Tax Credits to help pay for your insurance coverage, you should report changes such as income or family size to your marketplace. Reporting changes will help to make sure you are getting the proper amount of assistance.