Thursday, September 3, 2015

If you decided to prepare taxes on your own: Review of prior year's return



  • Review of prior year's return for accuracy, comparison and carryovers for current year return. Check this information:
    • Tax loss carry forward information;
    • Withholding information;
    • Information about how certain income may have been treated, such as capital gains or traditional income. 
    • You can find an applicable item that is not common for all individuals:
      • Itemized deductions;
      • Sale of a residence;
      • Retirement pay;
      • Applicable taxes;
      • Etc.;
    • You can also find certain items from the prior year return that you probably needed to complete the current year return:
      • State income tax refund;
      • ATM for credit;
      • Gain/Loss carryover;
      • Charitable gift carryover;
      • Etc.;

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