 |
IRS/DOR Problems???
Are you having problems with the IRS or Mass DOR???
Enrolled Agent Dave Fazio is authorized by the U.S. Treasury to represent his clients before all administrative levels of the IRS.
* Examinations (Audits)
* Wage Garnishments
* Bank Levies
* Offers in Compromise
* Appeals
* Monthly Payment Agreements |
|
|
 |
|
| |
|
 | Tax Return Preparation Services |
|
|
Thank you again for choosing my small firm for your tax preparation, representation and consulting needs. I am looking forward to serving as your trusted tax advisor again this year. If you have any questions or concerns please do not hesitate to call or email me.
- Dave
|
| Tax forms to bring to your tax appointment |
|
|
- Anything that says "Important Tax Document"
- Form W-2 (Wages)
- Form W2-G (Gambling)
- Form 1099-INT (Interest)
- Form 1099-DIV (Dividends and Capital Gain Distributions)
- Form 1099-MISC (Rents, Other Income and Non-Employee Compensation)
- Form 1099-A (Abandonment of Property)
- Form 1099-B (Proceeds from Sales of Securities)
- Form 1099-C (Cancellation of Debt)
- Foem 1099-G (Unemployment and State tax refunds and offsets)
- Form 1099-HC (Health Coverage Cert. - Mass. Only)
- Form 1099-Q (Distributions from Qualified Education Programs)
- Form 1099-R (Pension, Annuity, 401(k) and IRA distributions)
- Form 1099-S (Proceeds from sale of real estate)
- Form 1098 (Mortgage Interest)
- Form 1098-C (Charitiable contribution of boats and vehicles)
- Form 1098-E (Student Loan Interest)
- Form 1098-T (College Tuition) or similar statement of education expenses
- Schedule K-1 (Share of partnership, trust or S-corporation income)
|
| Other information to bring with you |
|
|
- Prior year's tax returns (both federal and state) *
- Social Security Cards
- Prior depreciaiton schedules for rental or business returns *
- Bank account information or blank check for direct deposit
- If stocks were sold, please provide information on date acquired and price paid
- If a non-custodial parent, a signed copy of IRS Form 8332
- If claiming child/dependent care expenses: the name, address, amount paid and taxpayer ID number of all providers
- Amounts paid for MBTA or FastLane passes (Mass. deduction only)
- Amount paid for rent (Mass. Only)
- Mileage log (or similar documentation) if deducting vehicle expenses
- If you bought, sold or refinanced your home please bring in your HUD-1 Settlement Statement
- Your HUD-1 Settlement Statement if you bought, sold or refinanced your home
- Amounts paid for energy efficient items (insulation, water heaters, windows, etc.)
* Refers to new clients only
| Special Tax Situations |
|
|
Rental PropertyIncluding owner occupied duplexes/triplexes and vacation homes
|
 | Massachusetts Health Insurance Mandate As you are probably aware, residents of the Commonwealth are required to have health insurance (either purchased on their own, through their employer or provided by the governement). In 2010, the penalty is 50% of the minimum premium you would have paid if you were insured. This can be as high as $1,116 per year for a single person or $2,232 for a married couple.
As a result of this mandate, employers and insurers are required to mail you Form 1099-HC by January 31st. This form will provide your subscriber number, the months you were insured and the Federal Employer Identification Number of the insurer. If you do not provide me with this form at your tax appointment the processing of your return may be delayed.
Note that if you are uninsured you may appeal the penalty by showing that a financial hardship or religious reasons prevented you from obtaining health insurance.
Also note that if you are covered by either Medicare, Commonwealth Care, MassHealth or US Veteran's Administration programs you do not need to provide a copy of Form 1099-HC.
I have provided some links to mass.gov below for your reference. |
 | Alternative Minimum Tax (AMT) This was a special tax established in 1969 as Congress's response to a report showing that 155 high income taxpayers paid no income tax at all due to "loopholes" in the tax code. It established an alternative "flat tax" of 26%-28% (depending on income) on a separate tax form. By eliminating certain deductions and "tax preferences" individuals pay either the regular tax based upon ordinary tax laws or the AMT (whichever is higher).
Deductions and Preferences not allowed under AMT
Personal and dependency exemptions
Standard deduction
Itemized deductions for real estate, state income, sales or personal property taxes
Home equity loan/credit line interest not used to improve or purchase your primary residence
Certain depreciation deductions
Employee business expenses (including union dues, uniforms, mileage, etc.)
Tax preparation fees and expenses to protect, collect or manage taxable income
10% of medical expenses (instead of 7.5%) are treated as non-deductible
Those who suffer the most under the AMT rules are large families (due to the loss of dependency exemptions), homeowners (due to the loss of real estate and state income tax deductions) and taxpayers with large unreimbursed employee business expenses. |
| Charitable Contributions New recordkeeping requirements for cash contributions. You cannot deduct a cash contribution, regardless of the amount, unless you keep as a record of the contribution a bank record (such as a canceled check, a bank copy of a canceled check, or a bank statement containing the name of the charity, the date, and the amount) or a written communication from the charity. The written communication must include the name of the charity, date of the contribution, and amount of the contribution. |
|
|
|
|
