What to Bring to Our Meeting
- Medical cost information
- Social Security income
- Unemployment insurance forms
- Business and self-employment income
- Records of rental property expenses
Expenses
- The interest on your mortgage
- Home Equity Line of Credit interest
- Medical insurance and non-reimbursed medical expenses including drugs, lab fees, co-pays, contact lenses and eyewear
- Donations – provide receipts, credit card charged records or cancelled checks
- Estimated taxes including Federal and State payment details
- IRA and Pension contributions
- Child care expenses – provide the name, address and business ID numbers of all providers
- Student loan interest
- Business self-employment expenses
- Rental expenses which might include: mortgage interest, real estate taxes, insurance, repairs, maintenance, improvements, utilities, and association fees.
- Tuition expenses, copy of form 1098T
Income Documents to include at our meeting
- W-2 for wages
- 1099-G for unemployment benefits received
- 1099- miscellaneous for freelance work
- 1099-R for annuity, IRA or pension income
- 1099-B and 1099-S for the sale of property or stocks
- 1099C – cancellation of debt forms
- W-2G for gambling winnings
- K-1 forms from Partnerships, “S” Corporation, Trusts & Estates
Residing in a state other than Rhode Island
Some states do not require a State Tax return. If you have moved to a new state or have had a significant change in your financial situation, you may need to file a state tax return even if you have not previously done so.
Retirement Funds
Both 401k’s and traditional IRA’s can result in tax breaks depending on your situation. This could potentially lower your tax liability and make your retirement more secure.
For IRA’s:
- under 50 years old – you can contribute $6000/year
- over 50 – you can contribute $7000/year
For 401K:
- under 50 years old – $19,000/year
- over 50 years old – $25,000/year
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