Tax Prep list, updated for 2017 filings, and some of 2018 changes coming.

Please be sure to bring a copy of your prior year's returns (Federal 1040 and your prior year state returns).For new clients only

For 2017 returns efiled in 2018 - We will need your drivers license for identity purposes, both you and your spouse if filing joint!

Income: Gather all your information regarding the income you received. Your sources of income may include one or more of the following:

Wages
Savings account interest
Checking account interest
Mutual fund interest
Sale of real estate (second home)
Consulting fees
Self employment income
Stock dividends
Cap gain from sale of stock
Sales of bonds
Insurance policy dividends
Savings plan withdrawals
IRA withdrawals
Pension account withdrawals
Social Security income
Annuity income
Gambling winnings
Lottery winnings
Estate and Trust income
Partnership income
Rental property income
Small Business income
Sub S Corp. income
LLC income
Capital Gains on funds
Prizes and awards

Expenses and deductions: Self Employed - Do not forget your Insurance provider forms for 2017, we will need the forms from your insurance company to calculate your coverage credits, if any. Forms are 1095 A or B or C depending on your type of coverage. 1095A is for you if you purchased health coverage on the ACA website, 1095B is from private plan providers and 1095C is for ALE - applicable large employers whom offer health insurance as part of their benefits plans.

Your deductible expenses may include one or more of the following:

Home mortgage interest
Real estate taxes
Second mortgage interest or Home equity interest (Home equity interest eliminated for 2018)
Boat loan interest
Mobile home interest
Investment interest
Job Related expenses - eliminated for 2018
Professional journals / subscriptions - eliminated for 2018
Prescription drug expenses
Medical expenses and medical insurance premiums / supplemental policies, medicare etc.
Job search expenses including resumes, postage, mileage to interviews, internet sites, job boards, etc - eliminated for 2018
Rental property expenses
Tax preparation fees - eliminated for 2018
Charitable donations, make sure you obtain a letter if you donate more than 250 in funds. And if over 500 in clothing / goods
Loss on sale of securities (up to 3,000 per year write off)
State and local taxes
Moving expenses
Gambling losses (to the extent of winnings)
Casualty losses - capped for 2018 - has to be a disaster
Personal vehicle use in business - eliminated for 2018
Qualified Education expenses - tuition books and fees
Childcare expenses
State and Local Sales taxes (Made permanent in 2015), Capped at $10,000 for 2018.

Some of the above items are subject to a percentage of gross income, others are restricted to income, such as gambling losses offset against gambling winnings. For those items which a statement is not available, you may refer to your checkbook or credit card statement to obtain the total amount. Questions regarding deductibility can be determined during the preparation of your the tax return.

Please note our office in Flemington NJ, 200 Raritan Commons, 200 Route 31 north, Flemington - Right across from Hunterdon Medical center. The phone number is 908-399-5200.

Our Pittstown office address is One Asher Smith Road, Pittstown, NJ 08867. The Phone number remains 908 735 7577.