To help you as you plan for your 2021 taxes, here are some common questions answered about what your accountant needs 和 what to expect with potential tax law changes.

What to Bring to Meeting with Your Accountant

What type of income information should be gathered prior to meeting with your accountant for preparation of your individual income tax return?

You should certainly bring a copy of your prior year tax return if meeting with a new accountant. You will also need to bring documents related to your income earned 和 potential deductions. 这可以包括以下内容:

  • 工资报表-表格W-2
  • Forms 1099 for interest, 股息 or retirement income
  • Social security income Form SSA-1099
  • 通过实体的收入
  • Rental property income 和 expenses
  • 失业收入

What type of deduction information should be gathered prior to meeting with your accountant for preparation of your individual income tax return?

  • 抵押贷款利率
  • 投资利息
  • 房地产税
  • Medical expenses – Subject to 10% threshold
  • 慈善捐款
  • Miscellaneous itemized deductions – Subject to 2% threshold
  • 预估税的支付

What type of information should be gathered prior to meeting with your accountant for preparation of your business income tax return?

You should certainly bring a copy of your prior year tax return if meeting with a new accountant. You will also need to bring documents related to the income earned 和 expense payments. 这可以包括以下内容:

  • 工作试算表
  • General Ledger – Review prior to meeting to make sure all income 和 expense items are properly categorized.
  • Fixed asset addition 和 deletions
  • Year-end bank statement 和 reconciliation
  • 状态ment or document reflecting proper yearend balance for any bank loans.
  • 所有所有权变更的列表

本年度信息

What are the current year tax return filing due dates?

The IRS anticipated 2021 tax return filing dates as follows:

  • 个人- 4月15日
  • 伙伴关系- 3月15日
  • S公司—3月15日
  • C公司- 4月15日
  • 信托和财产- 4月15日

What is the current year st和ard deduction 和 personal exemption amounts?

标准扣除:

  • 单- 12550美元
  • 夫妻共同申请- $25,100
  • Allowed an additional deduction if age 65 or older in the amount of $1,700.
  • Personal Exemption: Continues at zero

表单信息

表格W-2包括工资信息. What are some of the items to watch for 和 other information reported on Form W-2?

  • Difference in Box 1 和 Box 3 – Box 1 is subject to income tax. Pre-税 items such as Section 125 health insurance or retirement contributions not taxable 和 thus not included in Box 1 but will be included in Box 3.
  • Over withholding of Social Security taxes (Box 4). May occur when an individual has more than one job 和 receives more than one Form W-2. Any excess social security withheld will be reflected on individual income tax return as a payment 和 refunded as appropriate.
  • 社保限额是142800美元. No withholding required in excess of limit.
  • 医疗保险工资-没有限制
  • 框14是什么? Other – Employers generally use Box 14 to provide other information to employees. Generally, the amount in Box 14 is for informational purposes only. May include items such as health insurance payments to pre-tax.

表格1099报告利息, 股息, capital gains 和 losses 和 other investment type information. What should I review when I receive copies of my Forms 1099?

  • Information reported on Forms 1099 should be properly categorized by broker before you receive it. However, a “Corrected” Form 1099 may be received. If so, check the difference 和 see if you need to file an amended income tax return.
  • Verify that each capital gain/loss transaction has a cost basis associated with the sale. If broker does not have information, the transaction will be listed with a “zero” cost basis.

Schedules K-1 report income, deductions 和 other information related to a Partner’s investment. What should I review when I receive copies of my Schedules K-1?

  • Verify that your Social Security Number is correct.
  • Verify that your ownership percentage is correct.
  • If investment is located in multi-states, verify that you receive a breakdown of the income & 与各州相关的扣除.
  • Verify that the capital account properly reflects any contributions made or distributions received from the investment.

慈善捐款

我们都喜欢向慈善机构捐款. What kind of support will we need in order to deduct the charitable donations on our individual income tax return?

  • Good idea to keep copy of check or other monetary support.
  • May receive a letter from charity as well.
  • Can only deduct a contribution of $250 or more if you have written acknowledgment from charity. Written acknowledgment must include the following:
    • 慈善机构的名字
    • Amount of cash contribution or description of non-cash contribution
    • 状态ment that no goods or services were provided.
    • If goods or services were provided, a good faith estimate of the value.

Can a taxpayer still contribute their required minimum distribution from an individual retirement account to charity 和 not recognize the income?

  • Individuals aged 70 ½ 和 older are allowed to make a tax-free distribution from IRA’s to a qualified charitable organization.
  • 金额上限为10万美元.
  • Retirement amount not included in income but also receive no charitable donation.

潜在的税法变化

Do you have an idea of what income tax rates may be in tax year 2022?

President Biden’s American Families Plan would raise the top marginal income tax rate from 37% to 39.6 %  哪些适用于收入 over $452,700 for single 和 head of household filers 和 $509,300 for joint filers.

What about income tax rates for capital gains 和 qualified 股息?

President Biden’s American Families Plan would tax long-term capital gains 和 qualified 股息 as ordinary income for taxpayers with taxable income above $1 million, 导致 最高边际率为43.4% when including the new top marginal rate of 39.6%和3%.8 percent Net Investment Income 税.

Will the Estate 和 Gift tax remain the same in 2022?

  • Biden has proposed to decrease the federal estate 和 gift tax exemption to $3,500,000.
  • Currently at $11,700,000 exemption per taxpayer

Will similar tax rate changes occur for business?

  • President Biden campaigned on raising the business tax rate to 28%.

最终的想法

Any other suggestions for us when preparing for 和 meeting with our accountant.

  • Gather all necessary tax information prior to meeting. Start 和 Stop on tax preparation is not good.
  • Gather tax information as quickly as possible. Everyone tries to bring in their information near the deadline.
  • Be open 和 honest with your accountant. They are trying to minimize your taxes 和 need to know certain tax related information.
  • 沟通是关键. Working well with each other can hopefully lower tax burden.

LBMC’s team of high net wealth advisors has the experience 和 dedication to simplify your household finances. We believe in taking a coordinated, holistic approach to wealth management 和 individual finances. We are skilled in h和ling complex tax issues 和 situations 和 our fees reflect that. If you are interested in learning more, 明升体育app下载.

LBMC tax tips are provided as an informational 和 educational service for clients 和 friends of the firm. The communication is high-level 和 should not be considered as legal or tax advice to take any specific action. Individuals should consult with their personal tax or legal advisors before making any tax or legal-related decisions. 除了, the information 和 data presented are based on sources believed to be reliable, but we do not guarantee their accuracy or completeness. The information is current as of the date indicated 和 is subject to change without notice.

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