Resource and Info

WHAT TO BRING:

Income
• Wage statements/W-2s
• Self-employment business income and expenses/1099-MISC
• Commissions received/paid
• Pension, retirement income/1099-R
• Unemployment income/1099-G
• Canceled Debt Amount/1099-C
• Social Security income/SSA-1099
• IRA contributions
• Statements on the sales of stocks or bonds/1099-B
• Interest and dividend income/1099-INT/1099-DIV
• Lottery or gambling winnings/losses
• State refund amount/1099-G
• Income and expenses from rentals
• Alimony paid or received
Deductions
• Medical and dental expenses
• Real estate and personal property taxes
• State or local taxes paid
• Estimated taxes or foreign taxes paid
• Cash and non-cash charitable donations
• Mortgage or home equity loan interest paid/1098
• Unreimbursed employment-related expenses
• Job-related educational expenses
• Educator expenses
• Tuition and Education Fees/1098-T
• Student loan interest/1098-E
• Casualty or theft losses

Miscellaneous
• Copy of last year's Federal and State tax return
• Record of purchase or sale of residence
• Child care expenses and provider information
• Social Security card(s)
• Driver's License(s) or picture ID cards
• Dependents' Social Security numbers and dates of birth
 

2016 Tax Filing Season News, Updates and Information

Expecting a refund? Some Refunds must be held until Feb. 15 2017

* According to a new tax law change, the IRS cannot issue refunds before Feb. 15 for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit.

* This applies to the entire refund, even the portion not associated with these credits.

* The IRS will begin to release EITC/ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely WILL NOT arrive in bank accounts or debit cards until the week of February 27.

* Be careful not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations.

* You don’t need to wait until Feb. 15 to file your tax return. While the IRS must hold the refund until Feb. 15, it will begin taking the steps it normally does to process your tax return once the filing season starts.

* File a complete and accurate return and include all known refundable credits with your original return.

* Check “Where’s My Refund” on IRS.gov  or the IRS mobile app,  IRS2Go,  after February 15 for your personalized refund status.

Affordable CARE FORMS ACA OBAMAA CARE Forms 1095-B or 1095-C FORMS
On November 18, 2016,

The IRS extended the 2017 due date for providing 2016 health coverage information forms to individuals to March 2, 2017

This includes to Insurers, self-insuring employers, other coverage providers, and applicable large employers
now have until to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date
of January 31 2017.

FBAR -

IF you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR). See the ‘Who Must File an FBAR’ section below for additional criteria.

IRS Website:
The IRS's official website allows you to check the status of your refund, whether you've worked with us or filed your taxes elsewhere. Check your refund status by clicking on the link "Where's My Refund".

FTB Website:
The official website of the Franchise Tax Board lets you check the status of your State refund. Received your IRS check or deposit but no sign of your State check yet? Simply follow this link. "Check Your Refund Status".
CTEC Website:
Concerned about our tax preparers? If so, see if your tax preparer is CTEC certified through their verification option on their website. You can identify your tax preparer by using their Last name, First name, City, and Zip Code. Follow this link for more information California Tax Education Council.

Tax Filing Frequently Asked Questions (FAQ's)

Q: How do I get a copy of a prior tax return and W-2?

As long as you filed your tax return with the IRS, you can request a photocopy or computer transcript of the information on your filed return at no charge. If you need an actual copy of the return or W-2, you will need to complete a Form 4506 and pay a $39 fee for the return and related information, like your W-2.

Q: How do I get my Form W-2?

Your employer is required to provide your completed W-2 showing your compensation and tax withholding amounts for the calendar year by January 31. If you do not receive it, contact your employer. Provide your tax specialist with your last pay stub until your W-2 is received.

Q: How quickly can I get my refund?

Waters Tax Services LLC Electronically files (e-files) your return with one of the IRS Direct Deposit Options which is usually received within 15 days. If you prefer that they send a check, it could take up to six weeks.

Q: How do I change the amount withheld from my check for taxes?

Use a Form W-4, Employees' Withholding Allowance Certificate that you may request from your employer.

Q: What happens if I get a tax notice and it is after April 15?

Remember, the accurate preparation of your tax return is your responsibility as the Taxpayer. You will have the opportunity to review your tax return before it is filed with the federal, state governments – if you notice that any information is wrong or missing please notify us immediately so that we may make the necessary corrections. If you get a notice for any tax agency regarding your return we are available yearlong to answer your questions and to handle your tax problems. Call us then fax, mail or email us a copy of the notice  

To learn more about filing taxes, don't hesitate to contact us in Pasadena, California.