What is the Standard Deduction for 2010? Beware of Tax Preparers That File with your Last Paycheck Stub. Every year I have clients come to me and ask if I can file their return with their last paycheck stub.
This usually happens at the end of the year; clients are in a rush to get their refunds and they have heard TV and Radio Commercials about companies filing returns and giving them FAST CASH with their last paycheck stub. I hate to turn them down or ask them to wait but often the last paycheck stub does not match your w-2 and an amendment will need to be filed once your W-2 is received.
More work for me, additional fees for you, and possibly a trigger for the IRS to audit you. The IRS is prohibiting tax preparers from E-filing returns with out proper documentation unless Form 4852 has been completed and signed by you. If your tax preparer does not have you complete and sign this form beware. It is always best to use your actual w-2, 1099, etc... because this is what the IRS has received from your employer.
How to Calculate Business Mileage and the 2011 Tax Mileage Rate. Many of my clients are business owners and keeping track of their mileage is a huge help at the end of the year in reducing their tax liability.
How to keep track of your business mileage: buy a small notebook / calendar / daily planner you can keep in your sunviserwrite down the Odometer reading at the beginning of the year... this will help you when it is time to give your tax preparer your personal miles vs your business milesevery time you get in the car for business purposes write down the date, the purpose of your travel and the odometer readingwhen you have completed your business travel record the odometer reading againat the end of the year write down the odometer readingyou can either give your ledger to your tax preparer or figure your own mileage If you figure your own mileage for each business trip made you will need to subtract the start of your trip from the end of your trip to determine the business mileage for that day.
IR-2010-119, Dec. 3, 2010. 2010 Individual Tax Prep Check List. Every year I have clients ask me what they should bring to the office when they come for their tax prep appointment....
It seems no matter how much information I give them I still send them back to get more. Each situation is different and what maybe be a quick tax prep for one client may take a few days for another. I like to ensure my clients get the largest refund possible or owe the least amount of tax liability that is legally possible. I like to educate my clients on the latest tax laws so they know what they should and shouldn't do during the rest of the year. I borrowed the tax checklist from turbo tax. Personal information The IRS needs to know exactly who's filing and who is covered in your tax return.
Social Security Numbers Yours________________________________________________Spouse________________________________________________Dependents________________________________________________ Information about your income Income from Jobs Investment Income Alimony Received Form SSA-1099.