Top 10: Forgotten Tax Time Items

It's a busy world these days! Most of us have so much on our plate daily that we couldn't tell you what we had for lunch 10 minutes ago, never mind trying to think back an entire year to complete your taxes. We get it!

We've compiled a list of the Top 10 items that are simple, yet people often forget to mention when filing their taxes each year:

1/2. Marriage/Divorce:

• Both can affect your return based on the timing so please provide the date (In the matter of divorce, it is not considered final until after the 90-day waiting period) and your new spouse's info (marriage). Also, if you change your last name, the IRS matches what is on your current SS card so please make sure that is accurate.

• In the matter of divorce, we need to know who is eligible to claim each child each year, whether court ordered or mutual agreement. Regardless of a written agreement, we need to know who the child lives with more than 50% of the year in order to determine all eligible credits for both parents.

3. Birth of a Child

• We know, how can anyone forget to mention that? But it happens! We need to know a child's full name, date of birth, and SS#.

4. Address Change/Property Sale

• Please provide any address change and dates of any move. Along with this, we need to know if you bought/sold a residence in order to calculate whether any capital gains tax on the sale is present.

5. Traditional/Roth/SEP IRA Contributions

• If you made any contributions to any of these accounts each year, you must provide us with the total contribution amounts. People often exceed IRS limits without knowing or miss out on future tax savings due to a lack of accurate contribution records.

6. Daycare/Preschool/Dependent Care Activities

• There is a dependent care credit available to certain taxpayers with dependent children under the age of 13. Items we need for the calculation: provider name, address, EIN #, and the total amount per child per facility.

7. College Tuition Credit

• If you or your dependent child (under the age of 24) are attending college in any capacity, you may be eligible for either of the 2 available tuition credits. Items needed: 1098-T issued by the college/university. (Often available for access online in your student portal/email)

8. Energy Efficient Home Improvements Credit

• Please refer to the IRS website for a list of energy efficient home improvements that may qualify you for a tax credit. If you believe you installed these items, we need a copy of the invoice/contract showing a breakdown of the cost/expenses.

9. Rent Paid

• If you rent an apartment/home, please give us a total amount you paid for the year. MA, along with a few other states offer certain deductions to renters.

10. Bank Routing/Account # for Refunds/Taxes Due

• We know most of you have had the same bank account for your entire life and rarely change, however we need to verify every year to ensure accuracy. We cannot assume your account info is the same. Banks merge, routing #'s change, so when you send back your signed e-file forms, please fill out the cover sheet with your bank info for faster/safer deposits and withdrawals.