https://www.taxproexp.com/company daily 0.75 2024-10-04 https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/282b82ab-eea6-4226-a9cf-fe952fe4f362/DSC00429.jpg Company - The Owner Lissette Cisneros has been a tax professional for +17 years for personal and corporate tax returns. In addition, she specializes in multiple areas, such as Immigration Services, bookkeeping, payroll, and credit repair. She’s also payroll-certified FPC by American Payroll Associations and attains multiple tax and finance certifications. Her dream was to one day open her own multi-service company by establishing a welcoming environment for her clients with the vision of satisfying all areas of their needs. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/8bccab01-4d51-4bf5-9e4c-9309ea5a682b/DSC00405.jpg Company - The Company Our mission has existed for over ten years: We offer clients trust and business advice for all their tax and financial needs. Furthermore, this has led us to specialize and be known as a multi-service company with a wide range of personal and business tax advice options. We always aim to provide our clients with the best accounting, tax, and consulting services possible. We thrive and pledge our services by expanding our knowledge and practice of the accounting function in their business. We understand that thorough accounting practices in all business environments lead to better decision-making. Business success requires strong leadership, accurate and up-to-date information, exceptional people skills, and professional guidance. Our firm was created to provide professional advice in accounting and tax services. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/dec08932-dc95-45e4-9e03-07308130dd32/DSC00388.jpg Company - The Office Here at Tax Professional Experts, we pledge to put our customers first. For your convenience, we are located in the heart of Hialeah, Florida open seven days a week during tax season, and can answer questions at your request. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/1536440338129-SDNUKGZSTXFH1WJ70NC4/doctor-health-wellness.png Company https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/1536440803282-KNDW42W0XVKEEZHY06LI/doctor-health-wellness.png Company https://www.taxproexp.com/services daily 0.75 2023-02-03 https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/0ec30e74-0690-43e9-9f13-7099d20b9a45/dreamstime_xl_21928398.jpg Services - Doc. Translations Translations are becoming a high demand in 2023. Allow us to translate documents from English to Spanish. Spanish audio translation services are also in high demand for 2023. Did you know that according to a recent study, the U.S. has paved itself as the second-largest Spanish-speaking country in the world, after Mexico? Our translation services are led by a vast network of English and Spanish native-speaking team members with years of professional experience in Latin American and European Spanish. We have been offered Certified Translations accepted by the USCIS and other agencies in the United States & delivered quickly. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/6cf19142-6641-4c9d-afd5-152da42b5e10/dreamstime_xl_133855609.jpg Services - Divorces Divorce is no joke. It can be very messy, heartbreaking, and confusing. Let us help guide you during the most challenging times of your life. We assist you with filling out the divorce documents so that the documents are filled out and filed correctly. Furthermore, divorce service costs can add up very quickly if you don't get the needed help. Filing divorce documents can be very confusing and stressful. We offer the best divorce service so that you can take the uncertainty out of filling out documents that you may need to understand thoroughly. Confide in us so that we can alleviate unnecessary stress and uncertainty by acting quickly on your behalf. Let us help you prepare your divorce documents and package. Our expert and professional representatives are here for you. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/c5ae6ed9-70b0-4bcd-bfd8-915151c2b6a7/dreamstime_xl_180607126.jpg Services - Credit Repair Good credit in this country is not just one of the most important things but a necessity. We understand that most people have economic challenges and hardships. Because of this, we strive to repair your credit score as quickly as possible so that you can be sure to get the best interest loan percentage possible in the future. This can only happen if we help restore your credit score back to where it was or, better yet, higher than before. Allow us to provide expert assistance for your credit score concerns, and soon, you will have fewer creditors after you and stressing you out. We are here to help year-round. Place your trust in us and be one of many clients no longer concerned about their credit scores. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/50662195-0d51-4516-8ac7-1b63458fd68f/dreamstime_xl_77966339.jpg Services - Bookkeeping Bookkeeping can assist you with reconciliations, accounts payable/receivable, payroll, cash flow, and budgeting/forecasting. You can make better decisions based on accurate and timely reporting using real-time financial data. Let us identify opportunities, anticipate challenges, and make adjustments as necessary so that you can continue working toward your goals. Our specialty in contractor bookkeeping services will ensure that our knowledgeable and dedicated professionals are well-versed and familiar with the ins/outs of your industry. Our expert team is friendly with everyday tech apps contractors use and the specific financial information that applies to contractors. Don’t feel like you don’t know where your business profits go to? Let us help take the guessing out of your profits. Place your trust in us and allow us to track every penny you make and spend monthly, quarterly, or semi-annually. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/9759c8b2-2458-4df7-ac38-f7724dc2ad82/dreamstime_xl_124369626.jpg Services - Immigration We provide the highest-quality and trusted immigration services to our clients. This includes one-on-one consultations, application assistance for citizenship, green card renewals, TPS, and work authorization renewal requests for individuals located in Florida. Allow us to accurately fill out any forms you may need to submit for immigration purposes. In addition, we will assist you in arranging a complete package of your mail-in documents and/or application. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/3717d8db-b7f6-47e0-9860-003693fd063e/dreamstime_xl_190312450.jpg Services - Notary Public The services of a notary public are always beneficial to businesses because it provides individuals with an unbiased third party to witness the signing of important documents. A notary public will also be able to administer oaths and affirmations and certify copies of certain documents. In addition to these services, a notary public may also be able to take depositions. We proudly provide apostille and document authentication servicing in all fifty states. This includes apostille and embassy legalization for documents with notary stamps and certification. We are here and readily available to assist you with your notarizing needs. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/8f9a468b-dfd9-42d9-8c4b-7251e10d1193/dreamstime_xl_145125606.jpg Services - Marriages Not sure how to fill out and file marriage documents? We can help assist you in completing these documents thoroughly and correctly. We understand that many legal documents can be challenging to understand and confusing when filling them out. This is why we have a team of experts ready to assist you throughout the entire process from beginning to end. If you are planning on tying the knot, allow us to help get the guesswork out of these documents and let us show you how to go about filling and filing your legal marriage documents. Feel free to reach out to us for legal marriage filing. We are ready when you are. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/c5ed08f6-8ec5-422d-887d-ade8ea4a4fb7/dreamstime_xl_107407616.jpg Services - Corporate Taxes The corporate tax preparation process includes the annual preparation of corporate books and client records. Maintaining annual books will help ensure that the business owner has access to all previous business deductions recorded and paid monthly and quarterly tax liabilities, including insight for budgeting in the future. The responsibility of having to report all sales and expenses, employee wages, employer taxes, and independent contractor payments can be overwhelming for business owners. Save time and money by having a tax professional who is well-versed in corporations focus on what’s essential for your business. Our income tax service is offered as early as the first week of January and throughout the year. Even after-tax season is over; we continue to provide you with income tax help. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/a59c26ca-6f6f-457e-8f56-abbb34a0eea0/dreamstime_xl_186896881.jpg Services - Affidavit An affidavit is a sworn, written statement that can be used in various transactions. This includes legal proceedings that will provide assurances of specific facts. Typical situations where documents like these are as follows: real estate sales that will verify property ownership, creditors on loan documents, or attest to a birth or death. Allow our professional experts to represent your legal documents. We are here to assist you in these types of cases. You can place your trust in our company. Not sure how or what to do with affidavits? No worries; we are here to assist you year-round. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/a57f8b6e-ee23-4bb9-8f48-0e608fe6673c/dreamstime_xl_207709432.jpg Services - Payroll Service Payroll is an essential process in all businesses. All employers must handle payroll each pay period for employees to receive their wages. Furthermore, payroll is more than just a paycheck. Let us show why it’s important and how it impacts your bottom line. For a low price, we provide you with the following services and standard reports: Payroll Register with Year-to-Date Earnings and Deductions. Tax Notification (all statements summarizing tax encumbered on your account) Employee payroll checks and third-party checks (such as garnishments, 401K plan administrators, etc.) We can also assist you with your business payroll. In addition, we also include the filing of all federal & state forms, W-2, 1099, or any other forms. All our bookkeeping customers are entitled to special pricing on their corporate taxes. Just ask us how. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/bd707fc8-36c7-40f3-806c-2f7e173db294/dreamstime_xl_131794613.jpg Services - Obamacare Obamacare is known and referred to as the Affordable Care Act (ACA). Healthcare should be available and affordable to everyone regardless of their economic status. It is because of this that this law was put in place. We offer Obamacare as an option to ensure that you too can afford the coverage you and your family need. Allow us to guide you in selecting the type of Insurance that’s right for you and affordable. Our friendly staff is available upon your request for quotes, information and guidance. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/c0e27361-0a00-46a2-80b4-aa7590bd9753/dreamstime_xl_238728861.jpg Services - Personal Taxes The tax preparation process can be very challenging and time-consuming for individuals wanting to file their individual tax returns. At Tax Professional Experts, we are dedicated to offering the highest-quality tax preparation services to all our clients. Our expertise in Individual tax preparation will ensure you get the maximum returns because of our tax code knowledge and tax planning strategies. We work diligently with our clients year-round and maintain an open-door policy so that we can thoroughly understand each tax impact before implementing it, therefore increasing potential tax savings for you. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/1536440338129-SDNUKGZSTXFH1WJ70NC4/doctor-health-wellness.png Services https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/1536440982635-Q2PDDNMOFHY97A654OYM/doctor-health-wellness.png Services https://www.taxproexp.com/contact-us daily 0.75 2023-02-03 https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/443e33cb-245d-4f1f-b333-30dc60db5e09/DSC00389.jpg Contact Us - You're in Great Hands Please fill out the boxes below with your information so we can contact you for queries or discussions regarding your appointment. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/1536440982635-Q2PDDNMOFHY97A654OYM/doctor-health-wellness.png Contact Us https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/1536440338129-SDNUKGZSTXFH1WJ70NC4/doctor-health-wellness.png Contact Us https://www.taxproexp.com/resources-forms daily 0.75 2023-02-03 https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/2b5379fc-bb14-41b8-b462-57b499fbb399/dreamstime_xxl_183518758.jpg Resources & Forms - Payment Options IRS E-Payment Options EFTPS Payment Plan/Installment Agreement https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/0754eb15-2060-4b78-9a22-d415ae368390/dreamstime_xl_107572686.jpg Resources & Forms - Business Expenses EMPLOYEES Includes expenses for your job for which you weren’t reimbursed, but you only get over 2% of your AGI (adjusted gross income), and only if you can itemize. For instance, if your AGI is $100,000, you must have at least $2,000 in employee business expenses before you benefit from the deduction. Self-Employed: You are allowed to deduct most business expenses in full. SeeIRS Publication 535 for more information. Advertising and Promotion Expenses (Self-employed) Books and Publications ✔ Books, trade journals, newspapers, and publications for your trade or profession. DUES AND FEES ✔ Dues to a professional organization for people in your profession. ✔ Union dues, initiation fees, and assessments for benefit payments to unemployed union members. ✔ Regulatory fees for your profession. ✔ Dues to chambers of commerce and similar organizations if the membership helps you carry out your job duties (see exceptions). ✔ Licenses paid to state or local governments. EDUCATION AND RESEARCH ✔ Educational expenses related to your present work that maintains or improves your skills. ✔ Research expenses. EQUIPMENT AND SUPPLIES ✔ Business use of a computer. Employees: This must be for the convenience of your employer and required as a condition of your employment. ✔ Supplies and tools you use in your work. HOME OFFICE ✔ Expenses for an office in your home IF part of the home is used regularly and exclusively for your work. Employees: the use of your home office must also be for the convenience of your employer. ✔ For more information, seeIRS Publication 587 INTERNET ✔ Employees: This must be for the convenience of your employer and required as a condition of your employment. JOB HUNTING EXPENSES (EMPLOYEES) To deduct job hunting expenses, you must be looking for a job in your present line of work (i.e., you’re not changing professions or looking for your first job). Expenses include: ✔ Resume preparation (drafting, typing, printing, mailing, faxing). ✔ Employment agency fees. ✔ Executive recruiters’ fees. ✔ Portfolio preparation costs. ✔ Career counseling to assist you in improving your position. ✔ Legal and accounting fees you pay in connection with employment contract negotiations and preparation. ✔ Advertising. ✔ Transportation costs to job interviews. ✔ Long-distance calls to prospective employers. ✔ Newspapers you purchase to read the employment ads. ✔ Other business publications you purchase to read the employment ads. ✔ Half of the meals you pay for are directly related to your job search. ✔ If you take a trip away from home to look for a new job, your expenses for traveling, lodging, meals (50% of the cost), etc., are deductible only if the primary purpose of your trip is to look for a job. To substantiate the purpose of your trip, keep a daily log of your interviews, application efforts, etc. MEALS AND ENTERTAINMENT ✔ Meals and entertaining costs with a clear business purpose (i.e., meeting with clients) (only 50% of the cost is deductible). Keep a record of the date, place, amount of expenses, people present, business purpose, and business discussed. Also, keep receipts for expenses over $75. ✔ For more information, seeIRS Publication 463 TELEPHONE CHARGES ✔ Business use of cellular phones. ✔ Cost of long-distance business calls charged to home phone. ✔ Separate business telephone (home phone line is not deductible.) TRAVEL AND TRANSPORTATION ✔ Traveling costs incurred while away from home on business. ✔ Traveling costs paid in connection with a temporary work assignment. ✔ Transportation between your home and a temporary work location if you have no regular place but ordinarily work in the metropolitan area where you live, and the temporary work location is outside that area. ✔ Transportation between your home and a temporary work location if you have at least one regular workplace for this employment. It doesn’t matter how far away the temporary location is. ✔ Transportation from one job to another if you work two places in one day. ✔ If you are self-employed and your home is your principal place of business, all business travel is deductible. ✔ For more information, seeIRS Publication 463. UNIFORMS AND GEAR ✔ Protective clothing and gear. ✔ Uniforms (except if you’re on full-time active duty in the armed forces.) ✔ Dry cleaning costs for your uniforms or protective clothing (not for your everyday clothing, though.) ✔ Specialized clothing designed for your job, as long as it’s not suitable for everyday wear. ✔ Safety equipment, such as hard hats, safety glasses, safety boots, and gloves. MISCELLANEOUS ✔ Gifts, but only up to $25 per recipient. ✔ Passport for business travel. ✔ Postage. ✔ Office Supplies. ✒ Printing and copying. ✒ Legal and professional services (tax preparation fee.) ✒ Your employer requires medical exams. ✒ Occupational taxes are charged at a flat rate by your city or other local government for the privilege of working in that area. ✒ Business liability insurance premiums. ✒ Job dismissal insurance premiums. ✒ Damages you pay to a former employer for a breach of the employment contract. ✒ Employee contributions to state disability funds. SELF-EMPLOYED ONLY ✔ Interest on business loans ✔ Self-Employed health insurance (partial) ✔ Commissions and fees ✔ Business Insurance ✔ Keogh or SEP contributions ✔ Rental of business property ✔ Office rent and utilities ✔ Repairs and maintenance ✔ Business taxes and licenses https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/b7eb77a1-1013-4da0-87e7-b15e992d4f7f/dreamstime_xl_60243591.jpg Resources & Forms - Expenses You Cannot Deduct People commonly hope to deduct some of the following expenses, but unfortunately, they are not deductible. NON-DEDUCTIBLE EXPENSES ✔ Expenses that your employer reimbursed. ✔ Apartment rent, unless qualified to claim away-from-home expenses for a business trip expected to last one year or less (Temporary Living Expenses) or if a portion is used as a home office (special rules apply to both cases). Also, it may be deductible if maintained for the sole purpose of attending school if your education expenses qualify for the business deduction. ✔ Clothing adaptable to everyday wear (this includes suits, evening wear, etc.) ✔ Commuting costs (subways and rail fares, vehicle use including tolls, gasoline, and parking). Exception if qualified as being away from home on business or part of Temporary Living Expenses. ✔ Dues to country clubs, golf and athletic clubs, and airline and hotel clubs. ✔ Home phone line. ✔ Job hunting expenses if you’re looking for your first job or changing professions. ✔ Dry cleaning and laundry (unless you’re on a business trip.) ✔ Legal fees and closing costs involved in purchasing a property. ✔ Fees for taking an exam to qualify you in a profession (e.g., Bar Exam, GRE, etc.) ✔ Immigration visa expenses include obtaining a Green Card or H-1B visa. ✔ Moving expenses not associated with your job were less than 50 miles. ✔ Moving expenses if you are claiming temporary living expenses. ✔ Meals, unless for business meetings or while away from home on business. Also, allowable as part of Temporary Living Expenses. ✔ Lunch on the job. ✔ Personal expenses, such as grooming and maintenance (gym membership), unless they are directly related to your business (e.g., models, actors). ✔ Any other personal expenses for which there is no provision for a deduction in the Tax Code. ✔ Interest on personal loans. ✔ Support of family members unless they qualify as your dependents. ✔ Personal vacations. ✔ Cosmetic surgery to improve personal appearance ✔ Contributions made to individuals or foreign charities. ✔ Student loan interest if adjusted gross income exceeds $75,000 (single) or $150,000 (married). ✔ Student loan principal. TEMPORARY LIVING EXPENSES ✔ What Are Temporary Living Expenses? Temporary living expenses are travel expenses incurred during an extended business trip or temporary work assignment intended to last one year or less. The expenses may only be claimed for a stay for business. Personal or school stay expenses generally are not deductible. Temporary living expenses also have no relation to having alien status. A U.S. citizen working temporarily in another city can also claim them. However, the time limitation of the visa makes it easier for a foreigner to claim that he is “away from home” on a business trip if he intends to work in the new location for less than a year. Temporary living expenses include hotel lodging (or apartment rent for more extended stays), meals, and local transportation. Meals may be estimated using federal per diem rates. For example, the IRS allows $46 per day for a high-cost locality (e.g., New York City). On the tax return, temporary living expenses are deducted as unreimbursed employee business expenses. ✔ What Are The Rules For Taking Temporary Living Expenses? 1). A person must work at a location on a temporary assignment (defined below); and 2). A person’s tax home (defined below) must be in a foreign country or in another state beyond commuting distance. ✔ Temporary Assignment The IRS states that if you expect your employment away from home in a single location to last, and it does last for one year or less, it is temporary unless facts and circumstances indicate otherwise. It is indefinite if you expect it to last more than one year. However, if you expect your employment away from home to last for one year or less, but at some later date, you expect it to last longer than one year, it is temporary (in the absence of facts and circumstances indicating otherwise) until your expectation changes. Starting with the date your expectation changes, travel expenses will no longer be deductible. (IRS Publication 54, page 12). What determines a temporary versus an indefinite assignment is the taxpayer's intent. If assignment contracts can last a year or less, it is much easier to document and support the position that your job was temporary in the uncommon event of an audit (see below). ✔ Tax Home The IRS defines your tax home as the general area of your principal place of business, employment, or post of duty, regardless of where you maintain your family home. In addition, the IRS states that your tax home is where you are permanently or indefinitely engaged to work as an employee or self-employed individual. If you are not a U.S. citizen or Green Card holder and claim temporary living expenses, you will assert that your tax home is in your home country and not in the U.S. because your stay is limited to the length of your visa. Since you have no place of work (the U.S. assignment is only for a limited period), your regular place of abode (where you usually live) is your tax home. ✔ Does Being Present In The U.s. Before Working (e.g., As A Student) Cause The U.s. To Be My Tax Home? Your tax home would still be where you last worked as a student. If you didn’t work before, it would be your permanent home (e.g., your parent’s home). However, if you start working in the U.S., the IRS may presume the U.S. to be your tax home since you did not establish a career in your home country. The rebuttal could be that the U.S. cannot be your tax home since it would have to be your regular place of business. Since the length of your visa limits you, U.S. business can't be “regular.” ✔ Chance of Audit Your tax return treats temporary living expenses as unreimbursed employee business expenses. You are more at risk of being audited on the temporary living expense deduction if your expenses are high relative to income. This will be the case if your rent is very high relative to income and/or if you claim other significant business expenses such as tuition. Nevertheless, the chance of an audit remains low. I have only had one client audited. A few other clients were disallowed the expense automatically without audit, and additional tax was taken out of their refunds. ✔ Substantiating Temporary Living Expenses, If Audited Documentation is critical to support the position that an assignment is expected to last less than a year, significantly when the assignment is later extended. An assignment letter stating the employee’s temporary job location and expected assignment duration should be sufficient if done contemporaneously with the start of the assignment. Suppose you are audited, and the IRS decides to disallow your claim for temporary living expenses. In that case, you will be assessed interest at the prevailing rate from the date you filed or the due date of the return, which is later, plus late payment penalties of 1/2% of the balance due per month. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/1d1a76d4-d92b-4cae-bd30-086f3637c41c/dreamstime_xxl_185664355.jpg Resources & Forms - Miscellaneous Schedule A Expenses ALIMONY If you receive or pay alimony, you should keep a copy of your written separation agreement or the divorce, separate maintenance, or support decree. If you pay alimony, you also will need to know your former spouse’s social security number. BUSINESS USE OF YOUR HOME You may be able to deduct certain expenses connected with the business use of your home. You should keep records that show the part of your home that you use for business and the expenses related to that use. CASUALTY AND THEFT LOSSES To deduct a casualty or theft loss, you must be able to prove that you had a casualty or theft. Your records also must be able to support the amount you claim. For a casualty loss, your records should show: ✔ The type of casualty (car accident, fire, storm, etc.) and when it occurred, ✔ That the loss was a direct result of the casualty, and ✔ That you were the owner of the property. ✔ For a theft loss, your records should show: ✔ When you discovered your property was missing, ✔ That your property was stolen, and ✔ That you were the owner of the property. CHILD CARE CREDIT You must give the name, address, and taxpayer identification number of all persons or organizations that provide care for your child or dependent. You can use Form W-10, Dependent Care Provider’s Identification and Certification, or various other sources to get the information from the care provider. Keep this information with your tax records. CONTRIBUTIONS You must keep records to prove the contributions you make during the year. The kinds of records depend on whether the contribution is cash, noncash, or out-of-pocket expenses. For information on contributions and the records, you must keep, see Publication 526, Charitable Contributions. CREDIT FOR THE ELDERLY OR THE DISABLED If you are under age 65, you must have your physician complete a statement certifying that you were permanently and totally disabled on the date you retired. You do not have to file this statement with your Form 1040 or Form 1040A, but you must keep it for your records. If the Department of Veterans Affairs (VA) certifies that you are permanently and totally disabled, you can substitute VA Form 21-0172, Certification of Permanent and Total Disability, for the physician’s statement you are required to keep. EDUCATION EXPENSES If you have the records to prove your expenses, you may be entitled to claim certain tax benefits for your education expenses. You may qualify to exclude from income items such as a qualified scholarship, interest on U.S. savings bonds, or reimbursement from your employer. You also may qualify for certain credits or deductions. You should keep documents, such as transcripts or course descriptions, that show periods of enrollment and canceled checks and receipts that verify the amounts you spent on tuition, books, and other educational expenses. EXEMPTIONS If you are claiming an exemption for your spouse or a dependent (a qualifying child or a qualifying relative), you must keep records that support the deduction. EMPLOYEE BUSINESS EXPENSES If you have employee business expenses, see Publication 463, Travel, Entertainment, Gift, and Car Expenses, for a discussion of what records to keep. ENERGY INCENTIVES If you want to claim one of the tax incentives for the purchase of energy-efficient products, you must keep records to prove: ✔ When and how you acquired the property, ✔ The purchase price of the property, and ✔ That the property qualified for the credit. ✔ The following documents may show this information. ✔ Purchase and sales invoices. ✔ Manufacturer’s certification statement. ✔ Canceled checks. GAMBLING WINNINGS AND LOSSES You must keep an accurate diary of your winnings and losses that includes the: ✔ Date and type of gambling activity, ✔ Name and address or location of the gambling establishment, ✔ Names of other persons present with you at the gambling establishment, and ✔ The amount you won or lost. HEALTH SAVINGS ACCOUNT (HSA) AND MEDICAL SAVINGS ACCOUNT (MSA) For each qualified medical expense you pay with a distribution from your HSA or MSA, you must keep a record of the name and address of each person you paid and the amount and date of the payment. INDIVIDUAL RETIREMENT ARRANGEMENTS (IRAS) Keep copies of the following forms and records until all distributions are made from your IRA(s). Form 5498, IRA Contribution Information, or similar statement received for each year showing contributions you made, distributions you received, and the value of your IRA(s). Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., received for each year you received a distribution. Form 8606, Nondeductible IRAs, for each year you made a nondeductible contribution to your IRA or received distributions from an IRA if you ever made nondeductible contributions. For a worksheet, you can use to keep a record of yearly contributions and distributions, see Publication 590, Individual Retirement Arrangements (IRAs). MEDICAL AND DENTAL EXPENSES In addition to records you keep of regular medical expenses, you should keep records of transportation expenses that are primarily for and essential to medical care. You can record these expenses in a diary. You should record gas and oil expenses directly related to that transportation. If you do not want to keep records of your actual expenses, you can keep a log of the miles you drive your car for medical purposes and use the standard mileage rate. You should also keep records of any parking fees, tolls, taxi fares, and bus fares. For information on medical expenses and the standard mileage rate, see Publication 502, Medical and Dental Expenses (Including the Health Coverage Tax Credit). MORTGAGE INTEREST If you paid mortgage interest of $600 or more, you should receive Form 1098, Mortgage Interest Statement. Keep this form and your mortgage statement and loan information in your records. For information on mortgage interest, see Publication 936, Home Mortgage Interest Deduction. MOVING EXPENSES You may be able to deduct qualified moving expenses that are not reimbursed. For more information on what expenses qualify and what records you need, see Publication 521, Moving Expenses. PENSIONS AND ANNUITIES Use the worksheet in your tax return instructions to figure out the taxable part of your pension or annuity. Keep a copy of the completed worksheet until you fully recover your contributions. For information on pensions and annuities, see Publication 575, Pension and Annuity Income, or Publication 721, Tax Guide to U.S. Civil Service Retirement Benefits. TAXES Form(s) W-2 and Form(s) 1099-R show state income tax withheld from your wages and pensions. You should keep a copy of these forms to prove the amount of state withholding. If you made estimated state income tax payments, you need to keep a copy of the form or your check(s). You also need to keep copies of your state income tax returns. If you received a refund of state income taxes, the state may send you Form 1099-G, Certain Government Payments. Keep mortgage statements, tax assessments, or other documents as records of the real estate and personal property taxes you paid. If you deducted actual state and local general sales taxes instead of using the optional state sales tax tables, you must keep your actual receipts showing general sales taxes paid. TIPS You must keep a daily record to accurately report your tips on your return. You can use Form 4070A, Employee’s Daily Record of Tips, which is found in Publication 1244, Employee’s Daily Record of Tips and Report to Employer, to record your tips. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/240e68cf-3e75-433e-9380-5d1d80894fbe/dreamstime_xxl_124418129.jpg Resources & Forms - Financial Calculators AUTOMOBILE Lease or buy an automobile? Loan vs. 0% dealer financing? What would my auto payments be? Upgrade to a more fuel-efficient vehicle? Auto loan: the accelerated payoff How many vehicles can I afford? CASH FLOW Does inflation impact my standard of living? How much am I spending? How much do I need for emergencies? Pay down debt or invest more? How long will my money last? Should my spouse work? What is my current net worth? What is my projected net worth? What is my current cash flow? What is my projected cash flow? Value of reducing or foregoing expenses Historical inflation – compare purchasing power COLLEGE How much should I be saving for college? Can I pay back my student loans? Advantages of the Coverdell ESA Advantages of a 529 college savings plan The value of a college education? Payments on a parental (PLUS) loan? Live on campus, off-campus, or at home? CREDIT How long will it take to pay off my credit card? How long until my loan is paid off? What are my loan payments? What is the balance owed on my loan? Consolidate my personal debt? Re-structuring debts for accelerated payoff Cash up front or payments over time? Impact of making extra debt payments? Pay off debts or invest the money? Estimate my credit score Home & Mortgage How much home can I afford? Should I refinance my home mortgage (break-even)? MORTGAGE CALCULATOR Comparing mortgage terms (i.e. 15, 20, 30 years) Should I pay discount points for A lower interest rate? Should I rent or buy a home? Should I convert to a bi-weekly payment schedule? Compare a ‘no-cost’ versus a traditional mortgage What are the tax savings generated by my mortgage? Which is better: fixed or adjustable-rate mortgage? Adjustable rate mortgage calculator How do closing costs impact the interest rate? Compare an interest-only versus a traditional mortgage INSURANCE How much life insurance do I need? What is my life expectancy? Needs for burial and final expenses? How much disability income insurance do I need? Chances of becoming disabled Long-term care insurance needs How much will I earn in my lifetime? Tax advantages of an annuity? How long will my current life insurance proceeds last? Future value of an annuity? Which Is Better, Comprehensive Plan Or High-Deductible Plan With HSA? PAYCHECK & BENEFITS How much is my company bonus after taxes? How will payroll adjustments affect my take-home pay? Convert my salary to an equivalent hourly wage Convert my hourly wage to an equivalent salary Future value of my employee stock options? Exercise my “in-the-money” stock options? What may my 401(k) be worth? Impact of increasing my 401(k) contribution? What may my 457 Plan be worth? Impact of increasing my 457 Plan contribution? QUALIFIED PLANS Evaluate my company pension payout options How much can I contribute to an IRA? Retirement income from my IRA provider? Convert to a Roth IRA? A qualified plan is worth what retirement? Current year required minimum distribution? Projected required minimum distributions? Lump sum distribution options? Maximize my employer 401(k) match? Impact of borrowing from my 401(k) plan? Impact of early withdrawal from my 401(k)? I’m self-employed, how much can I contribute to a retirement plan? Net Unrealized Appreciation (NUA) vs. IRA Rollover? RETIREMENT Will retirement impact my living expenses? How much will I need for retirement? Are my current retirement savings sufficient? Social Security retirement income estimator How does inflation impact my retirement income needs? I’m retired, how long will my savings last? When should I begin saving for retirement? Convert discretionary expenses to savings? How much retirement income may my 401(k) provide? Compare a Roth 401(k) to a Traditional 401(K) SAVINGS Becoming a millionaire Income generated by a savings plan How long will it take to double my money? How long until my savings reach my goal? Save now vs. save later How much should I save to reach my goal? What will my current savings grow to? Calculate the rate of return How do taxes and inflation impact my return? What is my effective annual yield? TAXES What is my potential estate tax liability? Federal income tax estimator Should I adjust my payroll withholdings? Will my investment interest be deductible? How much self-employment tax will I pay? Capital gains (and losses) tax estimator Compare taxable, tax-deferred, and tax-free growth How much of my social security benefit may be taxable? Tax implications of paying interest? Itemize or take the standard deduction? What is my taxable-equivalent yield? Tax refund estimator https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/e60af01f-239c-4131-ae8c-2c43e27fdeaa/dreamstime_xl_184822619.jpg Resources & Forms - Medical Expenses Generally, you can only deduct over 7.5% of Adjusted Gross Income if you can itemize on Schedule A. If you make $100,000, you can only deduct the medical expenses you spent over $7,500. Please also refer toIRS Publication 502: Medical Expenses. ✔ Acupuncture. ✔ Air conditioner necessary for relief from allergies or other respiratory problems. ✔ Alcoholism treatment. ✔ Analysis. ✔ Artificial limbs. ✔ Artificial teeth. ✔ Birth control pills prescribed by a Doctor. ✔ Printing and copying. ✔ Legal and professional services (tax preparation fee.) ✔ Medical exams required by your employer. ✔ Occupational taxes if charged at a flat rate by your city or other local government for working in that area. ✔ Business liability insurance premiums. ✔ Job dismissal insurance premiums. ✔ Damages you pay a former employer for a breach of the employment contract. ✔ Employee contributions to state disability funds. SELF-EMPLOYED ONLY ✔ Interest on business loans ✔ Self-Employed health insurance (partial.) ✔ Commissions and fees. ✔ Business Insurance. ✔ Keogh or SEP contributions. ✔ Rental of business property. ✔ Office rent and utilities. ✔ Repairs and maintenance. ✔ Business taxes and licenses. https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/5446ef2f-82ad-41e3-86eb-ccc2d750aa9f/dreamstime_xxl_182859559.jpg Resources & Forms - IRS Internal Revenue Service Where to File Tax Returns Local IRS Offices Change of Address https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/b0085661-f7ce-480b-bc51-be0bd51374f9/dreamstime_xxl_26599702.jpg Resources & Forms - Tax Rates & Withholdings Tax Rate Schedules Federal Withholding Tax Calculator State Sales Tax Rates https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/23eb5870-cc0d-4654-b5ac-7634cbea1f67/dreamstime_xxl_176703887.jpg Resources & Forms - Other Helpful Links Currency Converter Zip Code Lookup Salvation Army Valuation Guide Residential Energy Credit Domestic Per Diem Rates https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/c6f11ac4-6f53-4bd7-831c-a20e4a8b10fc/dreamstime_xxl_71804967.jpg Resources & Forms - Where's My Refund? Track Your Federal Return Track Your Amended Federal Return https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/8ab224f4-6379-42a2-9c90-60940c9df303/dreamstime_xxl_127451924.jpg Resources & Forms - Tax ID Number Taxpayer Identification Number (ITIN) Form W-7 https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/1536440982635-Q2PDDNMOFHY97A654OYM/doctor-health-wellness.png Resources & Forms https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/1536440338129-SDNUKGZSTXFH1WJ70NC4/doctor-health-wellness.png Resources & Forms https://www.taxproexp.com/home daily 1.0 2023-02-03 https://images.squarespace-cdn.com/content/v1/5b93ee413c3a539a1fcb2f61/1674577264261-4N3CBKW0DNIQHC85F37B/dreamstime_xxl_232016935.jpg Home