1. Verify data on W-2's, 1099's, 1098's, and other information documents
2. If you made a year-end mortgage payment that is not reflected on the 1098, tell your preparer. The same applies if dividends, interest, and other payments are reported to you you did not receive in year 2000.
3. Organize your data!!! The time you save the preparer will result in a lower fee to you, as most preparers charge by the time spent!!
4. Provide the following to your preparer:
• Dates of birth of you and your dependents
• Profit and Loss Statement and, if available, a Balance Sheet for your proprietorship
• Settlement statements for all real estate transactions
• All IRS and state correspondences
• If you’re using a different preparer this year,
a copy of your 1999 returns
• All documents that may have tax import, including W-2's, 1099's, 1098's, broker statements, and all explanatory materials provided with these documents
5. Document the dates and amounts of all quarterly estimated tax payments made for year 2000
6. Have written support for business auto use, including business and total miles; also, categorize car expenses (e.g. gas/oil, repairs, insurance, registration, etc.). If you purchased or leased a car provide the sales or lease contract
7. Travel and entertainment expenses require the date, place, amount, nature, names of those present, business connection, and business purpose. Each record must be prepared contemporaneously with the occurrence of the event. Documentary evidence (invoice or receipt) is required to support lodging and other expenditures of $75 or more
8. If you moved to a new state during 2000, you need to show the source state for all items of income
9. A receipt is required for any gift to charity of $250 or more
10. Remember that an IRA or SEP is still available for year 2000
11. Be sure to ask lots of questions if your preparer doesn’t!!!
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