IRS Registered Tax Return Preparer

Please email or call us. (518) 421-6204

Annual Tax Letter

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Bob Picarillo: 518-421-6204

Tax Preparation & Bookkeeping

Web site:  WWW.PicarilloTax.Com

January 4, 2017

Dear Client:

First let me wish you a Happy New Year. I hope all is well with you and your family.

As you are aware, we are coming upon a new tax year and this means we need to file our 2016 tax reports. The IRS has announced that the 2016 filing date will start on January 18th for this year. Refunds are expected to be issued within 10 days of your filing date. Of course should you owe any additional taxes you will have until April 18, 2016 to pay that tax. Office appointments will commence January 18, 2016.

Some of the items the IRS may concentrate on this filing period are: Child Care Credit and College Tuitions Credit. Be sure you have proper documentation to support the credits. Problem areas noted in the 2015 filings centered around Charitable deductions; Interest paid and reported and non-reporting/understating Rental incomes. These are high risk for desk audits.

Enclosed is a checklist of items that will help you gather the tax information necessary for us to prepare your 2016 income tax returns. I have tried to make this a personalized list of items based on your 2015 tax information.

Tax Income Documents:

Wages and Tax Statement
Form W-2 shows wages, salaries, and tips paid to you in 2015. Your employer will mail this form to you by January 31, 2016.

Retirement Distributions
Form 1099-R shows distributions you received from retirement plans, including rolled-over amounts.

Gambling Winnings
Form W-2G shows gambling winnings you received in 2015. This form should have been provided to you at the time you won.

Government Payments
Form 1099-G shows payments received from government agencies, such as state tax refunds or unemployment compensation.

Interest
Form 1099-INT shows interest you received from a financial institution, as long asthe amount is at least $1.0. Your financial institution will mail this form to you by January 31, 2016.

Dividends and Distributions Form 1099-DIV shows dividends or capital gain

ADDITIONAL PAPERWORK:
Please bring receipts, canceled checks, bank statements or other supporting documentation for the following items which may result in completing YOUR Business or Rental income:

  • Schedule of Business Income and Expenses
  • Schedule of Rental Income and Expenses

Please bring receipts, canceled checks, bank statements or other supporting documentation for the following items which may result in completing YOUR ITEMIZED DEDUCTIONS:

  • Medical and dental expenses
  • Property and School taxes (primary and secondary homes)
  • Mortgage interest documents (primary and secondary homes)
  • Charitable cash contributions to Churches and Charities
  • Contributions to Salvation Army/Goodwill (household goods-cloths)

INCOME TAX ADJUSTMENT RECORDS:

  • Expenses for being a Reservist; Policeman; Fireman or Prison
  • Moving expenses (move must be more than 50 miles)
  • Alimony paid
  • Student loan interest paid

CREDITS YOU MAY BE ENTITLED TO TAKE:

  • College tuition(s) paid (bring all statements and bills)
  • Energy Credit for installation of energy efficient household
  • Child Care/Dependent Care expenses (nursey school-adult care)

TAX PAYMENTS MADE:

  • Estimated tax payments (both Federal and State)

CREDITS YOU MAY BE ENTITLED TO TAKE:

  • College tuition(s) paid (bring all statements and bills)
  • Energy Credit for installation of energy efficient household
  • Child Care/Dependent Care expenses (nursey school-adult care)

TAX PAYMENTS MADE:

  • Estimated tax payments (both Federal and State)

If you have any questions before you schedule an appointment feel free to call me at 518-421-6204.

Sincerely,
PICARILLO TAX SERVICES, LLC

Special Note:
If you own a business, have multiple rental properties and need assistance in preparing Income or Expense statement please contact me as early as possible.
By doing this I will be able to document and audit your figures and provide for a fast refund.

SCAMS TO WATCH FOR:
• IRS will never use the phone to demand payment.
• IRS will never ask you to meet them ‘anywhere’.
• You will first receive an IRS notice and you can reply with your phone number.

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