Taxes

Tax forms are available from the IRS website and a second website shown below, but they do require Adobe Acrobat to read and print the forms. To access state forms on the Tax Forms site, click on either state forms or state links. You will also be able to find filing addresses at this site.

Forms and Questions:

Articles

We have recently mailed our letters requesting your various tax documents. We will process the information in the order received. Once the schedules are completed, we will return them to you with a checklist that needs to be transferred to your final return. BE SURE TO BRING OUR INFORMATION TO YOUR TAX PREPARER!

You should receive all of your tax information by the middle of February (with the exception of some K-1s) and please remember to forward a copy of your completed return to us. We use the summer months to check the returns for errors.

A few reminders:

If you refinanced your mortgage this year and have points, you can deduct your total points payment as opposed to taking a portion each year.
The margin interest paid is deductible on Line 13 of Schedule A. Please let us know if you need Form 4952.
There have been some changes for the Foreign Tax Credit. If your foreign tax credit is less than $600 for married filing jointly (less than $300 for single), you do not need to complete Form 1116. Just write in the amount of the credit on Line 46 of the 1040. Amounts over $600 still require Form 1116 and we will include it in your tax package.

Tax Law Changes and Tips:

IRA limits have increased to $4,000 per year for 2005 and 2006 contributions, plus an additional $500 if you are over age 50 by the end of the year.
Retirement contribution credits are available (up to $1,000) for contributions to an IRA or qualified plan such as a 401K, as long as your adjusted gross income is below $25,000 for single filers and $50,000 for joint returns.
The child credit for 2005 is $1,000 per child (under age 17), provided overall income is below $75,000 for single returns and $110,000 for joint returns.
Student Loan interest (up to $2,500) can be deducted if your adjusted gross income is below $50,000 for individuals and $100,000 for joint filers.
A higher education deduction (up to $4,000) can be claimed if your AGI is below $65,000 for individuals and $130,000 for joint returns.
The Hope and Lifetime Learning Credits can be used for qualifying education expenses, namely tuition and enrollment, equipment fees and materials required by the institution. The Hope Credit can amount to up to $1,500 per student per year. The Lifetime Learning Credit is 20% of eligible tuition, up to $5,000.
Job-related moving expenses can be deducted, even if you don't itemize, as long as the new workplace is 50 miles further from the old home than the old place of employment.
Lottery losses can be deducted against winnings. Losses cannot be deducted if there are no winnings.
Home office expenses can be deducted if you have a specific area of the house used exclusively for business.
Hybrid vehicles qualify for a deduction of up to $2,000 in the year in which the car was first used.

Itemized Deductions - We will need the following information for itemized deductions

Mortgage Interest Forms 1098- lists the amount of interest paid on your mortgage
State Taxes- amounts paid to the state and local taxes can be deducted on Schedule A. These include withholding, estimated payments and amounts paid with your 2004 state tax return.
Charitable Contributions- cash or property donations are part of itemized deductions
Medical Payments- unreimbursed amounts for doctors/dentists, lab and hospital fees, contact lens or glasses, transportation/parking fees, and medications are all deductible, but the amount must be greater than 7.5% of your adjusted gross income.
Mike's fees are deductible on Schedule A under Misc. Deductions. The amounts listed on line 22 must be greater than 2% of your adjusted gross income.
Job search expenses and unreimbursed job expenses (uniforms, dues, work clothes, education fees) can also be itemized.