Our Playbook Tips for Tax Year 2021: Start Gathering Tax Information & Documents Now to Prepare Your Tax Returns. Use the checklist below to gather data!
Special Note: You may want to consider speaking with your Financial Advisor about Roth IRA rule changes before year end.
In January, 2022, we will be emailing our clients a new Fillable Tax Packet via Adobe E-Sign. All clients are required to fully complete and sign the Tax Packet in order to proceed with tax preparation, (only one signature is required for spouses). Adobe Fillable Forms gives the E-Signer, the ability to fill in and sign the documents using a cell phone, tablet or computer, perfect for those who do not have printers!
The tax packet is printable within the Adobe E-Sign by downloading to your computer, fully complete and sign it and include with your tax documents.
The tax packet is printable within the Adobe E-Sign by downloading to your computer, fully complete and sign it and include with your tax documents.
The New Client Tax Packet Will Include:
- What Documents Do I Gather?: Use this form as a general checklist as you receive your tax documents and make notes on it.
- Engagement Letter: Be sure to review the Engagement Letter for new changes ie: the extension fees and filing deadlines chart.
- Simplified Tax Organizer: There are a multitude of filing statuses, and one form does not cover all scenarios, simply enter “0” if the information does not apply to fully complete the document.
- Summary Tax Organizer: Your Preparer may ask you to complete certain pages of the summary organizer or a questionnaire if it is necessary to prepare your return.
- Businesses: We may include our new P&L Tax Organizer with your client packet, this is perfect for businesses needing to record their expenses and income who do not have already have a Profit & Loss Statement.
Get in Queue! Upon fully completing and signing the client packet, Adobe E-Sign will deliver to our Admin Staff via email. Before tax preparation, we will review and compare the Simplified Tax Organizer to our database.
Stay in Queue! Be available during tax season. Check your email and phone to keep your tax return in hand. Add us to your contacts. Check in with your Preparer or Admin Staff on occasion to get a status update. Unanswered questions will change your status to “waiting for information”.
Pre-Game Checklist: What Documents Should I Gather for My Tax Return? We will need this information to complete your 2021 tax return to stay in queue:
□ Separate your business(es) tax documents from your personal tax documents.
□ Review and sign all pages of the Engagement Letter.
□ Fully complete the Tax Organizer included in your client packet, we will be reviewing your info at intake
□ Include your banking information for direct deposit refunds. Routing and Account numbers do not carry forward to ensure banking deposits are current.
□ For Tax Year 2021 enter the 3rd E.I.P. Economic Impact Payment (aka Stimulus) $_________ (Paid approx. spring of 2021 by deposit, check or debit card).
□ If we are preparing tax year 2020, also enter the 1st $__________ and 2nd $__________ E.I.P. received. If 2020 was already filed enter $0.
□ Enter your current contact and address information so we may match our data.
□ Gather any income documents: W-2s, any type of 1099, K-1, 1099G, Social Security, any other types of income
□ Gather Form 1098 mortgage interest/property taxes documents.
□ List medical and prescription expense totals for each spouse with proof of payment, if over age 65
□ List estimated payments made, dates and the $ amounts to each local, state and/or federal
□ List extension payment dates and $ amounts, city, state and/or federal
□ Call us if you need to extend. See Extension and Filing Deadlines on the Engagement Letter Chart.
□ Businesses: Provide your P&L, (Profit & Loss) Balance Statements of income and expenses by category along with any 1099-MISC, other documents. form available upon request.
□ Keep and include any IRS letters that you receive with your tax documents.
□ If you receive a letter during the year, deliver it to our office for your Tax Preparer to review and advise.
□ Be looking for IRS Letter 6419 for Child Tax Credit and include it with your 2021 tax documents should it apply to you.
It is your responsibility to provide proof of your claims on your tax return in the event of a random audit
□ Separate your business(es) tax documents from your personal tax documents.
□ Review and sign all pages of the Engagement Letter.
□ Fully complete the Tax Organizer included in your client packet, we will be reviewing your info at intake
□ Include your banking information for direct deposit refunds. Routing and Account numbers do not carry forward to ensure banking deposits are current.
□ For Tax Year 2021 enter the 3rd E.I.P. Economic Impact Payment (aka Stimulus) $_________ (Paid approx. spring of 2021 by deposit, check or debit card).
□ If we are preparing tax year 2020, also enter the 1st $__________ and 2nd $__________ E.I.P. received. If 2020 was already filed enter $0.
□ Enter your current contact and address information so we may match our data.
□ Gather any income documents: W-2s, any type of 1099, K-1, 1099G, Social Security, any other types of income
□ Gather Form 1098 mortgage interest/property taxes documents.
□ List medical and prescription expense totals for each spouse with proof of payment, if over age 65
□ List estimated payments made, dates and the $ amounts to each local, state and/or federal
□ List extension payment dates and $ amounts, city, state and/or federal
□ Call us if you need to extend. See Extension and Filing Deadlines on the Engagement Letter Chart.
□ Businesses: Provide your P&L, (Profit & Loss) Balance Statements of income and expenses by category along with any 1099-MISC, other documents. form available upon request.
□ Keep and include any IRS letters that you receive with your tax documents.
□ If you receive a letter during the year, deliver it to our office for your Tax Preparer to review and advise.
□ Be looking for IRS Letter 6419 for Child Tax Credit and include it with your 2021 tax documents should it apply to you.
It is your responsibility to provide proof of your claims on your tax return in the event of a random audit
Important Notes:
- There will be a $10 increase per tax return to cover Covid precautions.
- Stay Connected. Let us know when you have new contact information throughout the year, give our Admin Staff a call 503-619-1040.
- Reporting important changes to your status after your return has been finalized and assembled may result in re-printing and assembly fees.
- Help us stay Healthy! Please call to re-schedule if you are not feeling well.
- We are expecting a 17% Oregon Kicker Credit for those who have filed tax year 2020….Start gathering those tax documents!
- Want to know how much your Oregon State Kicker will be? https://revenueonline.dor.oregon.gov/tap/_/
- Click on “What’s My Kicker”
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