Tax Preparation Guide for Individuals

Tax Season Schedule - For Individuals *

• 1/31/24

  • If you are a current client RTC, or have expressed an intention to work with us, will contact you and provide engagement letters, organizers/questionnaires, and tax document checklists

  • Primary tax documents should be delivered to individuals from employers and financial institutions.

• 2/23/24

  • All tax documents, engagement letters, and organizers/questionnaires to be provided to RTC for preparation of the individual tax returns.

• 3/1/24 - 3/30/24

  • Tax meetings will be scheduled between RTC and clients to review the draft returns. Please note this is not a meeting to provide tax documents, but a meeting to review the draft return, discuss opportunities to reduce tax liability in the future, and finalize the tax return.

• 4/15/24

  • Tax filing deadline. RTC makes a concerted effort not to extend unless there are extraordinary circumstances. If additional documents, outside of the tax payers control, that have not been received by this time, RTC expects that all other tax documentation has been received and a draft return prepared prior to filing an extension.

*** RTC strictly adheres to the above schedule ***

After the tax year, but before you file (After 12/31)

Filing Status and Major Life Events

It’s important to correctly enter your filing status, as not doing so can result in missing out on tax return deductions. So, whether you are single, married filing jointly, married filing separately, head of household, or a qualifying widow(er) with a dependent child, make sure you choose correctly.

If you’ve, like many others, experienced major life changes this year, these could also be relevant to your filing status. Significant life events that are tax-relevant include marriages, divorces, childbirth, new disabilities, loss of a family member, or living through a disaster situation. More information about what to do in these situations can be found here.

Itemized Deductions

Individuals can either take a standard deduction or choose to itemize deductions, whichever is greater. Itemized deductions include state and local taxes paid, both income and property, (up to $10k limit), interest on loans such as mortgages, and charitable contributions. You’ll want to have these details available for your tax preparer to help you determine if you should itemize your deductions.

The Internal Revenue Service announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for heads of households, the standard deduction will be $19,400 for tax year 2022, up $600.

Before you start or provide documents to your tax preparer, please complete the following checklist:

• Personal documents

  • Photo ID

  • Social Security Cards, Social Security Number verification letters, or Individual Taxpayer Identification Number assignment letters for you, your spouse, and any dependents

  • Birthdates for you, your spouse, and dependents on the tax return

  • Bank account and routing number or a voided check for direct deposit of your refund

  • Prior year tax return for previous two years

• Income

  • Bring all documents that apply.

  • Employment Income

  • W-2 form(s) for all jobs last year (your employer(s) will have sent you this by January 31st)

  • Self-Employment Income

  • 1099-NEC and/or 1099-K

  • Records of income not reported on 1099 forms

  • Records of expenses including receipts, credit statements, etc.

  • Record of estimated tax payments

  • Retirement Income

  • SSA-1099 form for Social Security benefits

  • 1099-R for pension/IRA/annuity income

  • Unemployment Income

  • 1099-G for unemployment benefits

• Other sources of income

  • 1099-G for refund of state/local income taxes

  • 1098-T for scholarships/fellowships

  • 1099-R for disability income

  • Income or loss from the sale of stocks, bonds, or real estate

  • Income or loss from rental property

  • Alimony received

  • Statements for prizes or lottery/gambling winnings

  • Interest and dividend statements from banks

  • Records for any other income

• Expenses

  • You may be able to claim tax deductions for some of the expenses you have. These deductions reduce the income you are taxed on. Bring documentation for all of the following expenses you have.

  • Retirement contributions, including a 401(k) or IRA

  • State and local taxes you’ve paid

  • Mortgage statements and property tax bills if you are a homeowner

  • College tuition (1098-T) and student loan statements (Form 1098-E)

  • Childcare expenses, including payment records or receipts and provider’s name, address, and federal tax ID number (either their Social Security Number or Employment Identification Number)

  • Receipts for charitable donations

  • Medical and dental bills

  • Records for supplies used as an educator

• Other Tax Documents or Notices

  • IRS Notice 1444, 1444-B, and/or 1444-C for your Economic Impact Payments (also known as stimulus checks)

  • IRS Letter 6419 for your Child Tax Credit advance payments

  • Form 1095-A if you had coverage through the Health Insurance Marketplace

  • Documents from the IRS, Health Insurance Marketplace, your state tax agency, or anything that says “IMPORTANT TAX DOCUMENT”

*individuals without self employment, K-1, or other income with which a delay in tax documents is expected.