Forms & Preparation

Income Tax Preparation
Another tax season is here! I suggest making an appointment as soon as possible after you have received all necessary paperwork. In addition to items listed on the preparation sheets, please also keep track of the following:

1. All Forms 1099 for commissions, interest, dividends, etc.
2. All material you received from the Internal Revenue Service or Minnesota Dept. of Revenue
3. Any notices from corporations, investment trusts, etc., which advise of special income tax treatment of dividends
4. If you own the house you live in, please bring a copy of your real estate taxes payable in 2009 and 2010
5. If you rent the house or apartment you live in, please bring copies of the CRP Form signed by your landlord.

Taxpayers who are 70 1/2 years old can make a charitable contribution from their IRA to lower their income. If you are over 70 1/2, you are not required to take a required minimum distribution in 2009. Long-term capital gains and qualified dividends may be non-taxed this year, depending on your taxable income. You may qualify to deduct your property tax, or a portion of it, if you don't itemize. Energy credits were reinstated. Mortgage insurance on new mortgages can be deductible as interest. Sales tax on new vehicles is an additional itemized deduction or in addition to the standard deduction. This year, Minnesota is again offering a deduction for one-hlaf of the amount of charitable contributions over $500.00 to non-itemizers and credit for premiums paid for long-term care insurance.

If you participated in a retirement plan (including IRA), paid student loan interest, adoption expenses, costs for college tuition, or have a child under age 17 on December 31, 2009, there may be additional credits to be claimed on your return.

All dependents need a social security number to claim the dependency credit.

Remember that for any payment of $600.00 or more by a business for labor, services, rent, etc. that you paid to an individual or company, you must file a Form 1099 by the end of January. On any interest payments of $10.00 or more for business interest, you must file a Form 1099 on an individual or company. All payments to attorneys must be shown on a Form 1099 for business expenses.

Please have the following form(s) filled out before your appointment. If you have any questions, jot them on the back of the form or call me at 320-967-4439 or send me an e-mail at macht@mvtvwireless.com.

1. Itemized Deductions Form
2. Business Income and Expense Worksheet

If you need to do some tax planning before year-end, you can schedule an appointment by giving me a call at 320-967-4439 or e-mail me at macht@mvtvwireless.com as soon as possible.

Privacy Policy: I do not disclose any non-public personal information about my clients or former clients to anyone, except as instructed to do so by such clients or as required by law. I restrict access to non-public personal information and I maintain physical, electronic, and procedural safeguards to guard your non-public personal information.