By now, the New Year celebrations have been drowned out by the chatter of questions concerning taxes. Those questions often include: Do I need to file a tax return? Am I due a refund? Do I owe any money? In order to fully determine these questions there are many different pieces of information which need to be taken into account. Whether you prepare your taxes on your own or use an accountant, the information that you need to gather is the same. Here at Blackman and Sloop we have put together a list of what we feel are the most common types of reporting documents that taxpayers need to compile. The list includes the following:
• W-2 forms for the year
• Interest or Dividend income for the year (1099-Int, 1099-Div)
• Stock Sale information (1099-B)
• Real Estate and Personal Property tax information
• Mortgage Interest (Form 1098)
• Retirement plan distribution information (1099-R)
• Business or Trust income (K-1)
• Social Security numbers (including spouse and children)
• Your child care provider’s tax I.D. number or Social Security number
In addition, we highly recommend consulting with your financial adviser to determine if there is any information you might have not been aware of and are required to report.
If you prepare your tax return on your own, here are a few websites which might be of some assistance: http://www.irs.gov/individuals/article/0,,id=251857,00.html (IRS), http://www.dornc.com/individual/ (NC Department of Revenue). As always, if you require assistance filing your tax return, please let us know how we might be able to help. Happy Tax Season.
About Blackman & Sloop CPAs, P.A.:
Blackman & Sloop is a full-service CPA firm headquartered in Chapel Hill, North Carolina and is actively involved in auditing, taxation, management consulting, financial planning, and related services. The firm directs a large part of its services toward providing management with advice on budgeting, forecasts, projections, financing decisions, financial analysis, and tax developments. The firm also performs review and compilation services and prepares not-for-profit, corporate, individual, estate, retirement plan, and trust tax returns as well as technology consulting services regarding installation and training on QuickBooks. Blackman & Sloop provides services in Raleigh, Durham, Chapel Hill, RTP, Hillsborough, Pittsboro, Charlotte, and the rest of North Carolina. To find out more please visit http://www.blackmansloop.com
Contact: CPA cpa@blackmansloop.com
Toll Free: 1-877-854-7530The Exchange West
1414 Raleigh Rd, Suite 300 Chapel Hill, NC 27517