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Jacobs & Newmark, CPAs
100 Lexington Drive, Suite 250, Buffalo Grove, IL 60089
Phone: 847-537-0100
Your accounting professional is only as good as the information you provide. So, if you want to find all the deductions and credits you’re entitled to, it pays to come prepared when you two meet.
If you were an independent contractor or hired one, bring with you copies of the 1099-MISC documents. If you received 1099 income but didn’t get a statement, you are still responsible for reporting the amount and paying tax on it.
Don’t forget to keep supporting documents for your business expenses to back up any deductions you take. Depending on your firm’s legal structure, you’ll want to total employee costs such as Social Security and other payroll taxes, insurance premiums and employee benefits. Expenses incurred as a cost of doing business will range from rent or mortgage payments to the cost of goods you sell, and they may include marketing, legal and accounting costs.
On the expense side, some federal tax deductions were eliminated, but mortgage interest and real estate taxes up to certain limits can still reduce your taxable income. Unreimbursed healthcare costs (exceeding 7.5% of adjusted gross income) and charitable contributions are deductible if you itemize.
Whether you pay business or personal taxes, talk to your tax preparer to gather the information needed to complete your returns.
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