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The preparation of individual tax returns is centered on a variety of cash flow and income activities. The placement of your employment, contracts, and retirement plans on your individual tax return is done in a way that maximizes your refund based on contributions. Please take the time to go through the list of subjects that will be covered during the tax return process.
- Completed form 8821
- Last year’s returns to ensure income accuracy, comparability, and carryovers for the current year’s return.
- Biological information (date of birth, marital status, dependents, identity protection PIN, state-issued ID)
- Residency status and/or citizenship (birth certificate)
- Filing requirements and due date
- Taxpayer elected filing status
- Sources of all worldwide taxable and nontaxable income (interest, wages, business, sales of property, dividends, rental income, flow-through entities, alimony received)
- Sources of exclusion and adjustments to gross income (retirement plans, HSAs, alimony paid, health insurance, self-employment, etc)
- Sources of itemized deductions as described in the pay statement or related financial agreement
- Qualification for dependency
- Sources of applicable credits (education, foreign tax, retirement, child and dependent care, credit for other dependents, child tax and adoption credits)
- Sources of tax payments and refundable credits (withholdings, estimated payments, earned income tax credit)
- Previous IRS correspondence
- Required returns filed and taxes paid (employment, gifts, international information returns, and other information returns)
- Special filing requirements (noted and declared disaster areas)
- Foreign account and asset reporting (FBAR, form 8938)
- Kiddie Tax
- ACA requirements (health insurance coverage, total household income, advanced premium tax credit, household size)