Happy New Year! To help you prepare for our new Tax Organizer, we have compiled some fun facts into quick and easy trivia (a 30-second or less read). Please read them all to help us make your life less taxing.
Question 1 –TRUE OR FALSE: This year, I must complete and return my Tax Organizer.
TRUE! This simple organizational tool is sent in early January. The new, fillable pdf includes a quick Questionnaire to gather the most up-to-date information related to your 2023 events, followed by a Personal Information page and Income Summary.
Once you have completed your Tax Organizer online:
- click Finish and a pdf of your completed organizer will be sent to us, OR
- you may print it out to submit with your paper tax documents.
IMPORTANT: The Tax Organizer is required this year as part of a new document-management process that will help us collaborate better with you, while providing increased data security.
Question 2 – TRUE OR FALSE: I renewed or got a new driver’s license. I need to submit a copy of it for my tax preparation.
TRUE! We need your driver’s license (or state ID) information to file your return. If you renewed your driver’s license in 2023, please be sure to include both the updated issue and expiration dates. You’ll find a spot for these in your Tax Organizer!
Also, if you moved to a new state, we’ll need a little more information, including your license number. To simplify, you’re always welcome to include a photocopy of your license with your tax documents if you prefer.
Question 3 – TRUE OR FALSE: My accountant told me to make estimated tax payments in 2023, so they know what I paid.
FALSE! We love to think that every client follows our advice to the “T” but that isn’t always the case. Please tell us what taxes and amounts you paid throughout year (for example: property, 2023 tax estimates, etc).
You can either include these numbers in your Tax Organizer or provide us with the forms you received that show these figures.
Question 4 – TRUE OR FALSE: My accountant knows where I live.
Well…maybe. If you moved during 2023, please reiterate your new address so that we are 100% accurate on your return. Additionally, we need to know the date of your move because you might have moved into a locality or school district with an income tax.
If you changed any other contact info (phone numbers, email addresses, etc.) during the year, we need to know that too, so please include that updated information in your Tax Organizer.
Question 5 – TRUE OR FALSE: My accountant needs to know when I have a new dependent.
TRUE! First of all, congratulations! In order to report them on your return, we need to know the social security number, date of birth and gender for each new dependent. Once again, there’s a spot in your Tax Organizer where you can share this information.
Question 6 – TRUE OR FALSE: I don’t have a choice on how I receive my completed tax return.
FALSE! In your Tax Organizer, you’ll find the option to choose electronic delivery of your tax return(s). If you’d prefer this, please check the box.
Or if you still prefer paper returns, we are happy to oblige. Please indicate your selection in your Tax Organizer.
Question 7 – TRUE OR FALSE: Unemployment income has to be reported on my tax return.
TRUE! Please provide us with Form 1099-G.
Question 8 – TRUE OR FALSE: My kid’s taxes are easy. Kids can prepare their own return.
MAYBE! The risk is that a dependent claimed on your return could also accidentally claim themselves on their own return. Unfortunately, we see this mistake repeatedly and it results in numerous amended returns. If your child files their return before yours is complete, please include a copy of their return with your tax documents for our review.
Finally, a friendly reminder that we are happy to assess whether or not your dependent must file and will prepare their tax return if needed.
Question 9 – TRUE OR FALSE: I can safely store my tax documents and tax returns on my home computer.
FALSE! Our security experts have shared with us that it is safer for you to not store sensitive documents on your computer. Instead, they recommend either 1) printing out the tax documents you receive electronically or 2) downloading and saving them to a separate drive (eg: a USB), either of which can be stored in a secure location.
Question 10 – TRUE OR FALSE: My accountant only needs totals of my out-of-pocket medical, dental, and/or health care expenses.
TRUE! Some clients have significant medical, dental, and/or healthcare expenses. For those who would like to include these deductions for tax purposes, it’s as simple as entering in your Tax Organizer the totals you paid out-of-pocket for each category. Please note: We do not need your receipts, but we highly recommend you keep them in case you are audited.
Question 11 – TRUE OR FALSE: My accountant needs copies of each donation receipt/letter I received throughout the year.
FALSE! Charitable donations are valuable when itemizing deductions. However, please total your donations and include that total in the Charitable Contributions portion of your Tax Organizer. We do not need your receipts or letters of acknowledgement, but we recommend you keep them in case you are audited. A friendly reminder: GoFundMe contributions are not considered charitable donations for tax purposes.
One exception: if you and/or your spouse contributed to a scholarship-granting organization (SGO), we do need your tax credit receipt from the SGO. We are required to submit the receipt with your Ohio tax return in order for Ohio to allow the credit(s).
Question 12 – TRUE OR FALSE: If I purchased an electric vehicle (EV) this year, I need to submit the seller’s report with my tax documents.
TRUE! The rules surrounding EV credits are very complex, and the Seller’s Report is required beginning in 2023. We need you to provide us with the Seller’s Report in order to claim any available credits related to your EV.
Question 13 – TRUE OR FALSE: I can use the Tax Organizer to report my small business and rental property information.
TRUE! You’ll find pages entitled Schedule C in your Tax Organizer. Here you can total your income, cost of goods sold, business-related expenses, etc. A similar page is provided for each rental property.
If your business or rental property is new in 2023, please let us know and we will provide you with additional guidance and a specialized worksheet. Please note: We do not need your receipts, but we recommend you keep them in case you are audited.