Resources for individuals and businesses

• Copy of your prior year tax return, including all schedules, unless Austral Financial Services prepared it.
• Social Security numbers for you, your spouse, and all dependents.
• Details of any dependents added or removed during the tax year.
• Current address, telephone number, email address, and filing status.
• Information regarding any changes in marital status.

Employment Income

• Forms W2 for salaries, wages, and other employment compensation.

Interest and Dividend Income

• Forms 1099 INT for interest income.
• Forms 1099 DIV for dividend income.
• Forms 1099 C for canceled debt.

For canceled debt related to property, also provide:

• Closing statement from the original property purchase
• Closing statements from later refinancing transactions
• Other supporting loan documents

Self Employment Income

When you or your spouse is self employed, provide:

• A complete list of business income.
• A complete list of business expenses.
• Business bank and credit card statements, when requested.
• Forms 1099 NEC or 1099 K received.

Capital Transactions

• List of stocks, bonds, cryptocurrency, or other capital assets sold during the year.

For each item, provide:

• Date purchased
• Purchase cost
• Date sold
• Sales price
• Selling expenses

Include all cryptocurrency transactions.

Sale of Business Assets

When you or your spouse sold a business asset, including a business vehicle, provide:

• Description of the asset
• Purchase date
• Original cost
• Sale date
• Sales price
• Depreciation claimed
• Selling expenses

Sale or Purchase of a Personal Residence

When you sold your residence, provide:

• Closing statement
• Original purchase cost
• Cost of improvements
• Sales price
• Selling expenses
• Date of sale

When you purchased a residence, provide:

• Closing statement
• Purchase price
• Closing costs
• Date of purchase

Also provide information about a previous home sale when gain was deferred under an earlier tax rule.

Rental Property

For each rental property, provide:

• Rental income
• Rental expenses
• Property address
• Property type
• Purchase date
• Original cost
• Cost of improvements
• Land value

Royalty Income

For each royalty source, provide:

• Name of payor
• Amount received
• Related expenses
• Depletion expense
• Tax withheld

Partnership, Trust, or S Corporation Income

• Schedule K1 received by you or your spouse from a partnership, trust, estate, or S corporation.

Retirement Income

• Forms 1099 R for IRA, pension, annuity, or retirement plan distributions.
• Social Security benefit statement, Form SSA 1099.

Other Income

• Information regarding any other income received during the year.

This may include:

• Unemployment compensation
• Gambling income
• Jury duty income
• Alimony received under an older agreement
• Hobby income
• Rental of personal property
• Other taxable payments

• IRA contributions made for you or your spouse.
• Alimony paid under a qualifying agreement, including the recipient’s Social Security number.
• Health insurance premiums paid by a self employed person.
• Penalties paid for early withdrawal of savings.
• SEP, SIMPLE, Keogh, or other self employed retirement plan contributions.
• Student loan interest statement, when applicable.
• Health Savings Account information, when applicable.

1. Medical and Dental Expenses

• Prescription medicine and drug expenses.
• Medical and dental insurance premiums.
• Amounts paid to doctors, dentists, hospitals, clinics, and other medical providers.
• Properly documented mileage for medical travel.

Other qualified expenses, such as:

• Eyeglasses
• Contact lenses and solutions
• Hearing aids
• Medical equipment
• Qualified long term care expenses

• Medical reimbursements received.
• Health insurance coverage forms, when applicable.

2. Taxes Paid

• Real estate property taxes.
• Personal property taxes.
• State and local income taxes.

Provide:

• Amount paid with the prior year tax return
• Current year state tax withholding
• Current year estimated tax payments
• Local income tax payments, when applicable

3. Interest Paid

• Form 1098 for home mortgage interest.
• Closing statement when a home was purchased during the year.
• Points paid on a home loan.
• Other potentially deductible loan interest.
• Closing statements for refinanced mortgages.

4. Charitable Contributions

Cash contributions, provide:

• Name of the organization
• Amount donated
• Receipts or acknowledgment letters

Include properly documented church contributions.

Noncash contributions, provide:

• Name of the organization
• Description of donated items
• Date donated
• Estimated fair market value
• Original cost, when available

• Properly documented mileage for qualified charitable activities.

5. Miscellaneous Expenses

Most miscellaneous itemized deductions are not currently deductible for federal purposes. Please provide the information when requested because state tax rules may differ.

• Child care expenses.

Provide:

• Name of care provider
• Address
• Tax identification number
• Amount paid
• Name of qualifying child or dependent

• Information needed to claim the Credit for the Elderly or Disabled.
• Information for any other available tax credits.
• Closing statement for the purchase of a qualifying home, when applicable.
• Receipts and manufacturer certification for qualifying energy efficient home improvements.
• Purchase agreement and supporting documents for an electric vehicle.
• Education expense documents, including Forms 1098 T and related payment records.
• Adoption expense information, when applicable.

• Estimated federal and state tax payments made during the year.

For each payment, provide:

• Date paid
• Amount paid
• Tax agency
• Amount applied from the prior year return

• Health insurance marketplace statement, Form 1095 A.
• Information regarding any advance tax credit payments received.
• Confirmation regarding Beneficial Ownership Information reporting with FinCEN, when applicable.
• Identity Protection PIN issued by the IRS, when applicable.
• Details of any IRS or state tax notices received.

Provide information regarding:

• Foreign employment or business income.
• Ownership in a foreign business, including the percentage owned.
• Foreign interest income.
• Foreign dividend income.
• Foreign bank and financial accounts.
• Maximum balances in foreign accounts when the combined balance exceeded $10,000 at any time during the year.
• Foreign rental property income and expenses.
• Foreign income that may be exempt or excluded.
• Foreign taxes paid.
• Foreign gifts, inheritances, trusts, or ownership interests.

Additional reporting forms may be required based on the type and amount of foreign assets or income.

Please list any questions you would like to discuss, or contact us.