{"id":57012,"date":"2019-01-16t12:00:02","date_gmt":"2019-01-16t17:00:02","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=57012"},"modified":"2019-01-17t14:22:17","modified_gmt":"2019-01-17t19:22:17","slug":"how-clients-should-gather-their-papers-for-taxes","status":"publish","type":"post","link":"\/\/www.g005e.com\/2019\/01\/16\/how-clients-should-gather-their-papers-for-taxes\/","title":{"rendered":"how clients should gather their papers for taxes"},"content":{"rendered":"
<\/a>they don’t have to eat the rhino all in one bite.<\/strong><\/p>\n by barry j. friedman, cpa<\/i> don’t let your clients find themselves frantically searching for information they need to file their tax returns at the last minute. help them reduce filing difficulties and possibly their tax bills by knowing what documents to have at your fingertips.<\/p>\n more: <\/b>charitable giving under tcja<\/a> | gifts to charity: 6 facts about written acknowledgments<\/a> | yes, home equity loans may still be deductible<\/a> | how to talk to clients about \u2018basis\u2019<\/a> most of the papers they need to document the income, interest and withheld taxes they report arrive in your mailbox in january, with investment-related 1099s often coming in february. they can get ready for that arrival by creating print and online folders. it’s a good idea to create a paper and an email tax folder for messages relating directly to tax information. paperless banking may have turned shoeboxes into receipt relics of the past, while these online statements often contain key backup records for such potential deductions as:<\/p>\n many clients ignore the line items on these statements until they start their annual tax-filing ritual. however, they may save time by taking a few extra minutes each month to jot down tax-related information, like:<\/p>\n they can create a spreadsheet dedicated to tax records. throughout the year, they can consider downloading and printing online documents that will be available for only a limited time.<\/p>\n here are some of the documents they should have handy:<\/p>\n other documents to consider:<\/p>\n the value of a tax return doesn’t end on april 15. your clients will need to provide this document to get a mortgage, apply for student loans and check the status of their refund. generally, the irs can audit them for three years after a filing date, and in some cases, even longer.<\/p>\n tell them to hold on to their return copies and supporting documents just in case. the irs can audit them years after you file, so be prepared.<\/p>\n","protected":false},"excerpt":{"rendered":"
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\nemail announcements that documents are available online will land in their inbox. the postal service may deliver their w-2s in their physical mailbox \u2013 although some companies post them on a secure site for downloading. mortgage providers, banks and other financial institutions often post important 1099 forms on their online accounts.<\/p>\n\n
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keeping track of everything<\/h3>\n
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