Completing your Tax Questionnaire
As tax season approaches, I thought it might be helpful to provide some guidance on how to successfully proceed in collecting and organizing your information.
Updated January, 2019
The first step is to download this year’s tax questionnaire. The questionnaire is our basis in understanding your unique tax situation and provides the opportunity for you to assist us in the preparation of your taxes. The tax questionnaire covers all tax situations. Since your situation is unique, not all sections in the questionnaire will apply to you, so please feel free to skip over those sections. However, for those sections that do apply to you – please fill them out completely. Should you have any confusion over a question please don’t hesitate to contact me.
Wage, financial, insurance and mortgage statements are a few of the documents you will receive that need to be included with your questionnaire. In some sections, we have asked if you have included a receipt. The receipts will help us ensure we have properly classified the item. Below, I’ve outlined a few of the mentioned documents and provided a little background on what information each provides and when you should expect to receive them.
Employee wage statements (W-2’s in the U.S.) need to be provided to you by January 31st – therefore you should receive your statements prior to this date. Statements from endorsement or contracted income will be reported on a 1099-MISC and they too are required to be provided to you by January 31st. Since you may complete and hand in your questionnaire before receiving all of your W-2’s or 1099-MISC statements, it’s extremely important to note that you are expecting these statements and from who you are expecting them from on your questionnaire in order for us to help you track them down. One of the most common errors is neglecting to report this income and being audited later. Our goal is to make sure this doesn’t happen.
This information is reported on three separate documents that indicate interest (1099-INT), dividends (1099-DIV) and capital gains (1099-B) earned. If you work with a financial advisor you will receive these statements in a combined report that will be provided to you by January 31st however in the past, the U.S. government has allowed an extension to February 15th due to the statements complexity. If you work with a financial advisor, please include their contact information with the questionnaire. Since this income is reported to the Internal Revenue Service (IRS), should you fail to report it on your tax return – it sets off a red flag and you will be audited.
One of the biggest changes over the last few years is the requirement for health insurance coverage. Although this may change in the future, you will still need to indicate your health coverage for 2018. If you obtained your coverage from your employer this will be reported on a 1095-C. If you obtained your coverage through the Marketplace, this information will be reported on a 1095-A. All other coverage will be reported on a 1095-B.
If you financed your home, you are able to deduct your mortgage interest and property taxes. If your taxes are escrowed through your mortgage, both the taxes and mortgage interest paid will be reported on a 1098 mortgage statement. Mortgage interest statements are provided to you by January 31st and in general are included with your January mortgage statement or can be downloaded from your mortgage providers web site. If you don’t have a mortgage, or pay your property taxes separate from a mortgage, you need to obtain a receipt showing that these taxes were paid.
Team itineraries provide us beneficial information to assist us in preparing your taxes. Please include your team’s monthly itinerary with your tax questionnaire.
The tax deadline this year to file your returns or to request an extension is Monday April 15th in the U.S. and April 30th in Canada. In order for us to have ample amount of time to complete your tax return please provide your documents to us between March 1st to March 15th.AFP Consulting LLC, tax questionnaire
January 1, 2012
Be sure to organize your papers. This minimizes the time and expense its takes to prepare your taxes—and frees our advisors to concentrate on lowering your tax burden rather than tracking down data.
Fill out the tax questionnaire carefully and completely and separate your tax forms and receipts into different envelopes.
If you have any questions filling out our questionnaire, call us at
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