Tax Forms
this is to report gambling winnings and any federal income tax withheld on those winnings.
W2-G
To report income or loss from a business you operated or as a profession you practiced as a sole proprietorship, self employment tax start if you earn $400 or more, therefore you must file a tax return if your gross income is $400 or more.
Schedule C
List all three Earned Income Credit Codes?
(E) Eligible, (S)Student, (D)Disabled
(Tan) - ID, SSN, W2 form/any other forms
New Client
6 digit number, not allowed to file electronically.
IP Pin
A form ' CANCELLATION OF DEBTS' is any debt you owe that's cancelled, forgiven or discharge it becomes taxable income to you.
1099-C
Is used to figure the credit for the elderly or the disabled.
Schedule R
List all Filing Statuses?
Single, MFJ, MFS, HH, QW
(Blue) - make sure info is NOT expired
Returning Client
When the IRS wants verification that the information you filed is true.
Audit
documents issued to an individual by an employer that states an individual's income for the year.
W-2
Is used to report most capital gain or loss transactions
Schedule D
When filing MFJ or MFS what information must Taxpayer provide?
Spouse full name, Date of Birth, Social Security
(Green) - electronically
Online/Phone
Gives you all documents associated with taxes and brings you back completed application.
New Client
Form completed by an employee to be given to an employer to ensure that correct federal income tax is deducted from the employee's compensation.
W-4
Is generally used to identify interest and dividend income and is filed by 4/15 with the IRS. (You are required to file this form when the total exceeds $1500)
Schedule B
What are the age groups for an Eligible and Student dependent?
Eligible (0-17)
Student (18-23)
(Red) - rushed and have to leave
Express Drop Off Service
If client calls needing personal tax information over the phone you will need to ask what?
The Security Questions
form used to add for/ a client forgets W-2
1040-X
A U.S. income tax form that is used by taxpayers to report itemized deductions which can help reduce an individuals federal tax liability.
Schedule A
What are the forms required for a dependent who is a Student? What is the difference between the forms?
8863: Used during the undergraduates 4 years of college
1098 T: Any student who paid qualified education expenses in the proceeding year.
(Yellow) - you can NOT have any offsets
Fast Cash Advance
Only documents you will need to gather for this is the W2 information
Quotes