What do I need to bring when I am having my taxes prepared?

• Following is a list of the more common items you should bring if you have them. • Wage statements (Form W-2) • Pension, or retirement income (Forms 1099-R) • Dependents' Social Security numbers and dates of birth • Last year's tax return • Information on education expenses • Information on the sales of stocks and/or bonds • Self-employed business income and expenses • Lottery and/or gambling winnings and losses • State refund amount • Social Security and/or unemployment income • Income and expenses from rentals • Record of purchase or sale of real estate • Medical and dental expenses • Real estate and personal property taxes • Estimated taxes or foreign taxes paid • Cash and non-cash charitable donations • Mortgage or home equity loan interest paid (Form 1098) • Unreimbursed employment-related expenses • Job-related educational expenses • Child care expenses and provider information And any other items that you think may be necessary for your taxes. 

 What are the differences between a Roth and a conventional IRA?

• A traditional IRA lets you deduct contributions in the year you make them, and the distributions are included as income on your return when you withdraw from the IRA after reaching age 59½. A Roth IRA does not let you deduct the contributions, but you also do not report the distributions as income, no matter how much the Roth account has appreciated. With a Roth, you can exclude the income earned in the account from being taxed.

 How long do I keep my records and tax returns?

• You should keep your records and tax returns for at least 3 years from the date the return was filed or the date the return was required to be filed, whichever is later. It is recommended that you keep these records longer if possible.

 How should I keep records for my business driving?

• Keep a log in your vehicle and record the purpose and mileage of each trip. You also need to record the odometer readings at the beginning and end of each year, as the IRS will ask you for total miles driven during the year. Keep your repair bills as these normally record odometer readings when the car is serviced.

 Can I deduct expenses for a business run out of my home?

• If you use a portion of your home for business purposes, you may be able to take a home office deduction whether you are self-employed or an employee. Expenses you may be able to deduct for business use of your home may include the business portion of real estate taxes, mortgage interest, rent, utilities, insurance, depreciation, painting, and repairs. You can claim this deduction only if you use a part of your home regularly and exclusively: • As your principal place of business for any trade or business. • As a place to meet or deal with your patients, clients or customers in the normal course of your trade or business. Generally, the amount you can deduct depends on the percentage of your home that you used for business. Your deduction will be limited if your gross income from your business is less than your total business expenses.