Dear Clients !
We appreciate the opportunity the Holiday Season brings to say “Thank You” and wish you and your family a wonderful holiday season and a healthy and peaceful New Year!
The tax time is nearly upon us again, and 2017 filing season will bring some tax changes you need to know about before you come to us for an appointment. We understand that every taxpayer’s situation is unique, and thus it is impossible to list all the items one must bring in for a tax appointment for every type of the tax situation. But in case you have a child, please make sure to provide us with the listed below documents.
1. To claim Earned income Credit (EIC) and Child Tax Credit (CTC) /Additional Child Credit (ACTC) for child: We should have/keep copies of the following on file: o Social Security Cards and Work Authorization (if applicable) for all members of the family, o Child Birth Certificate o Proof of Residency for a child. The proof can be either of the following:/These are the examples of the documents you may bring as the proof: • School records or statement • Landlord or a property management statement • Health care provider letter or statement • Medical records • Child care provider records • Social service records • Employer statement • Forms 1095-A, 1095-B, 1095-C. .Every self-employed person should be ready to present the records of income and expenses, bank and credit card statements.
2. To claim American Opportunity Tax Credit (AOTC) for students: A student who is enrolled or attending an eligible educational institution should receive a Form 1098-T from the institution. A student may claim the AOTC only for qualified tuition and related expenses actually paid during the calendar year. The credit can be claimed only if the Form 1098-T is presented to us, or you have a proof of your payments to the eligible educational institution. Therefore, you have to provide us with the Form 1098-T and/or the proof of the payments at the time of your appointment.
3. Health Insurance. If you have health insurance, please do not forget to bring one of the Forms 1095-A, 1095-B, 1095-C.
Last- minute items to consider for tax filing:
- Schedule an appointment with us in advance in January by calling our office at 718.645.3074.
- Check if you have received all forms reported your income for 2016 and all forms for deductions.
- Do not open IRA account or make IRA contribution for 2016 before your tax appointment.
- Remember that one of the best gifts an accountant can ever receive is a year’s worth of receipts!
We understand that taxes are one of the largest expenses you are incurred. That is why during planning for the upcoming tax season we do our best to find out all the ways to reduce your taxes legally. We appreciate your trust in our business.
Everyone from our team joins in wishing you a Happy Holiday Season and prosperous 2017 New Year!
Best regards, Tatiana Skovysh, E.A. and the team
of Accounting and Tax Services Office