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To better help my clients prepare for tax season, I provide tax organizer worksheets below that you may download, complete and provide to me with your other tax information. 

If you want to maximize every possible deduction, I recommend the Tax Organizer for all clients.  The other organizer worksheets get into greater detail and should be used as required.  

If you do not already have the Adobe® Acrobat® Reader installed on your computer, you will need to download it (via the link below) and install it in order to read and print these documents.

Click here if you need to get the Adobe Acrobat Reader    .


LIST OF WORKSHEETS


 
- 2011 Engagement Letter - Asset Worksheet
- Tax Organizer (Fed & MA) - Home Sale Worksheet
- MA Only Tax Organizer - Rental Property Worksheet
- Misc. Itemized Deductions Worksheet - Sole Proprieter Worksheet
- Auto Expense Worksheet - Home Basis Worksheet
- Home Office Worksheet - IRA Basis Worksheet
- Charitable Contributions Worksheet - Employee Expense Worksheet
- Medical Expense Worksheet  



2011 Engagement Letter (click here to open)

Financial Planning Horizons requires an annual engagement letter be signed by all clients who use this service to prepare their annual tax returns. Please print and review this document. Sign and date where indicated and return it to this office.

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TAX ORGANIZER (click here to open)

This general Tax Organizer will help you prepare for taxes and insure that you have the basic items necessary to complete your taxes.  Always use this main organizer when preparing for taxes.  If you have a small business, rental property, employee business expenses or other specialized tax matters, look to the other organizer worksheets for more detailed information.

NOTE:  The tax organizer forms are recommended for all clients to use when preparing their tax information.

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MA TAX ORGANIZER (click here to open)

This MA Tax Organizer will help you prepare for MA state taxes. It is a subset of the general Tax Organizer above, for your convenience.

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MISCELLANEOUS ITEMIZED DEDUCTIONS WORKSHEET (click here to open)

This expanded worksheet should be used by taxpayers who itemize their deductions on Schedule A.   If you have extensive employment, or investment related expenses use this worksheet to list each expense.  Self-employed individuals should not list their expenses here except for investment related expenses.  If you have any expense whatsoever, that you think might be tax deductible, list it here and discuss it with me.

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AUTO EXPENSE WORKSHEET (click here to open)

Use the Automobile Expense worksheet if you use any vehicle for business purposes including employees, and are not fully reimbursed for expenses. This worksheet also covers leased vehicles, company cars where you are not fully reimbursed, trade-ins, and sales

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HOME OFFICE WORKSHEET (click here to open)

If you have a home office, or dedicated space, which you use to meet or conference with customers, keep business files, inventory, order materials for your business, or use a computer for business purposes, who may qualify for the home office deduction. Use the worksheet here to set up the home office, and to report expense.

Please Note: The bar is set very high for employees to qualify for this deduction. Be sure to discuss the rules with your tax advisor.

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CHARITABLE CONTRIBUTIONS WORKSHEET (click here to open)

If you have contributed non-cash items such as used clothing and other used goods, these make a great tax deduction.  Be sure you obtain a receipt for all contributions.  Use this worksheet to report all charitable contributions.

Please Note: Effective January 1, 2007 all cash contributions must be backed up by a receipt. If you contribute cash to your house of worship, you must obtain a receipt. Consider making an annual contribution by check. Also effective September 1, 2006 all non-cash items (i.e. used clothing, furniture, etc.) must be in good or better condition. Be sure the charity notes on the receipt the condition of good. Use this worksheet to report all charitable contributions.

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MEDICAL EXPENSE WORKSHEET (click here to open)

Non-reimbursed medical expenses above 7.5% of your gross income are deductible if you itemize other deductions on Schedule A. Insurance premiums count only if your employer does not allow you to withhold premiums on a pre-tax basis. Part of your long term care insurance premiums are also deductible. Use this worksheet to list all your non-reimbursed medical expenses including insurance premiums, mileage for you, your spouse, children and other dependants. If you pay for medical expenses of a family member who is not your dependant, these expenses may also be deductible.

Self-employed individuals who pay for health and/or long term care insurance are not subject to the 7.5% limit and can deduct these premiums as an above-the-line deduction on their tax return, even if they do not itemize deductions on Schedule A. Taxpayers who have Health Savings Accounts (HSA’s) also get an above-the-line deduction.

Please discuss this or any other special situation with your tax advisor.

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ASSET WORKSHEET (click here to open)

If you purchase new, used, or currently own property such as a boat, tools, equipment, furniture, computer, video, camera equipment, etc. that are used either 100% or partially for a business activity these assets may be depreciated over their useful life, or expensed in the year purchased. If you have used this tax service last year use this worksheet to report all newly acquired assets. New Clients will need to list all current, and new assets.

Also use this worksheet to report the disposal of an asset. Assets are considered disposed of when they are sold, destroyed, stopped being used, gifted to charity, or converted to personal use.

DO NOT USE THIS WORKSHEET TO REPORT VEHICLES OR HOME OFFICE, SEPARATE WORKSHEETS ARE AVAILABLE FOR THESE ASSETS.

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HOME SALE WORKSHEET (click here to open)

If you sold your main home this year, and you (and your spouse) lived in the home for two (2) years over the previous five (5) years you may qualify for a $250,000 ($500,000 if filing jointly) gains exclusion. Losses are not deductible. This worksheet will help you and your tax professional to accurately calculate the net gain from this sale. You will need to supply a copy of the HUD settlement statements. it would also be helpful if you have the original HUD settlement statement when you originally purchased the home.

If you refinanced the mortgage copies of these settlement papers will be needed as well.

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RENTAL PROPERTY WORKSHEET (click here to open)

If you rent property, use this worksheet to fill in income and expenses. Use a separate worksheet for each property.  Special rules apply to vacation homes used for personal use, or property rented to family members.  Be sure to discuss with your tax advisor.

If you have financial software such as Quicken with reports that account for income and expenses, this worksheet is not required.

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SOLE PROPRIETER WORKSHEET (click here to open)

If you have a small business or are a single member LLC, use this worksheet to provide general information about your business. Existing clients only need to answer the general questions if they have changed. Otherwise, gather information pertaining to your income, expenses and inventory. If you use financial software, please run a year-end P&L and Balance Sheet.

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HOME BASIS WORKSHEET (click here to open)

When you own a home, some of the expenses associated with the purchase, and subsequent improvements will come into play when that home is eventually sold. It is important to keep track of those expenses as they occur. These expenses get added to the original purchase price (known as basis). Some of your closing costs get added to this basis. If you refinance, some of those costs also get added. When you make a capital improvement such as a new roof, addition, or finished basement, these expenses increase the value of the property and also get added to basis. Normal maintenance such as painting the house do not get added. IRS Publication 523 is a good resource for home owners eventually selling their property.

If you incur a casualty, or have an expense you are unsure of, contact your tax advisor for assistance. This worksheet can be used to keep track of your basis. Or create your own spreadsheet and use it year over year to keep track of improvements.

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IRA BASIS WORKSHEET (click here to open)

This worksheet will help you determine if you have a basis in your IRA and what the basis is for MA state reporting purposes. It is important you read the instructions first before you begin to enter the basis information.

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EMPLOYEE EXPENSE WORKSHEET (click here to open)

Employees that are not fully reimbursed for business expenses they incur while working for an employer are deductible as a miscellaneous itemized deductions. Taxpayers must qualify to itemize deductions on Schedule A, and have miscellaneous expense greater than 2% of their adjusted gross income (AGI).

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