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When you know what information you need beforehand, Federal and Wisconsin tax return filing becomes a lot easier. Use this handy list to help you prepare for Federal and Wisconsin income tax return filing.
1. If you are filing your income taxes in person with a CPA or another business, such as H&R Block, be sure to bring photo identification, such as your Driver’s License and Social Security cards for all adults.
2. You will need to know the date of birth and social security numbers for everyone in your household. This includes your spouse, children, and any other person living with you for whom you provided care during the tax year.
3. Current address and relationship to you of all individuals you provided care to during the tax year.
4. W-2s from every job held during the tax year for all individuals in your household.
5. Any 1099s received by any person in your household. Common 1099s indicate interest earned, refunds received, social security, loans, reimbursements, last year’s State of Wisconsin refund, winnings, etc.
6. Any 1098s received. 1098s report payments you have made, such as school loans.
7. Any 1095 received showing credit from the healthcare.gov marketplace (health insurance).
8. Statements from your bank accounts showing savings and investments.
9. Your bank’s routing number and the account number which you would like your refund direct deposited in, if you choose the direct deposit option.
10. Last year’s Federal and Wisconsin tax returns, if you have them.
11. Any property tax paid on your home.
12. Home improvement expenses, if deductible. Sometimes certain energy star appliances, doors, and windows are deductible.
13. Medical expenses and miles driven for medical purposes (to and from your doctor). This includes dentist, eye doctor, general practitioner, hospital expenses, specialists, prescription medications, over the counter medicine, dietary food items, and medical equipment.
14. Interest paid on your mortgage.
15. Childcare expenses. This pertains to daycare expenses you pay a childcare provider. You will need their tax information.
16. Business expenses, such as required uniforms, meters paid for parking, miles driven, hotels, cabs, airplane tickets, etc. If self employed, this also includes office equipment purchased, insurance paid, advertising expenses, office supplies, etc.
17. Moving expenses, if related to your job.
18. Amount or value of charitable donations given.
19. Gambling losses.
20. Cost of last year’s income tax return filing.
21. Any vehicle sales tax paid.
22. Mortgage points.
23. Hobby expenses.
24. Out-of-Pocket expenses paid by teachers for items used in the classroom.
25. Expenses related to job searching, such as the cost of printing resumes.
Remember, you must keep a copy of your tax records for seven years. Your Federal and Wisconsin income tax returns must be postmarked by April 15, 2015.
There are two new features available from the IRS this year. First, the IRS allows you to get your tax transcripts for free online. To get a free transcript online, you must have a Social Security Number and access to your email account to confirm your email address. Then, you’ll need to answer some personal, financial, and tax related questions to verify your identity.
The second new featured offered by the IRS this year is if your debt to the IRS is less than $25,000 total, you can get set up an installment agreement online to make monthly payments. Before applying for any payment agreement, you must file all required tax returns.
If you have questions regarding Federal or Wisconsin income tax returns, bankruptcy, or debt repair, please contact Wynn at Law, LLC. Our expert debt attorney can answer your questions. Wynn at Law, LLC has offices in Lake Geneva, Salem, and Delavan, Wisconsin. You can reach our Wisconsin tax attorney by phone at 262-725-0175 or by email via our website’s contact page.
*The content and material on this web page is for informational purposes only and does not constitute legal advice.
Reaffirming a Debt in Bankruptcy
There are times when clients who have filed chapter 7 or 13 bankruptcy will ask whether or not they should reaffirm a debt that would otherwise be discharged in their bankruptcy. Reaffirmation is an agreement made with a creditor to continue paying off a debt even after bankruptcy. There may be legitimate reasons for wanting to reaffirm a debt or loan. However, before the changes in bankruptcy law in 2005, it was not uncommon for creditors to use coercive methods to try and get debtors to reaffirm a loan. Reaffirming a debt means that you will be legally responsible for repaying the debt after your bankruptcy even though the bankruptcy would have released you of any legal responsibility to pay it back.
The post Reaffirming a Debt in Bankruptcy appeared first on Tucson Bankruptcy Attorney.
Reaffirming a Debt in Bankruptcy
There are times when clients who have filed chapter 7 or 13 bankruptcy will ask whether or not they should reaffirm a debt that would otherwise be discharged in their bankruptcy. Reaffirmation is an agreement made with a creditor to continue paying off a debt even after bankruptcy. There may be legitimate reasons for wanting to reaffirm a debt or loan. However, before the changes in bankruptcy law in 2005, it was not uncommon for creditors to use coercive methods to try and get debtors to reaffirm a loan. Reaffirming a debt means that you will be legally responsible for repaying the debt after your bankruptcy even though the bankruptcy would have released you of any legal responsibility to pay it back.
The post Reaffirming a Debt in Bankruptcy appeared first on Tucson Bankruptcy Attorney.
I have been getting more and more inquiries regarding prior clients with regard to their mortgage companies. It appears that the mortgage companies are not reporting their timely payments to the credit bureaus. For this reason, I decided to address it in this blog. The bottom line is that your mortgage company is not required+ Read More
The post Your Mortgage Company Is Not Required To Report To The Credit Bureaus appeared first on David M. Siegel.
Are You Looking for a Bankruptcy Lawyer in Springfield VA? Hi. I’m Northern VA bankruptcy lawyer Robert Weed. I’ve helped twelve thousand people in Northern VA get anew start in life with bankruptcy. Do you need a new start? Are you looking for a bankruptcy lawyer near Springfield VA? There are no bankruptcy lawyers in […]The post Springfield VA Bankruptcy Lawyer Information by Robert Weed appeared first on Robert Weed.
JCH LAW FIRM is pleased to announce that Attorney Jeff Hsu, Certified Bankruptcy Specialist with the State Bar of California, will be presenting along with fellow attorney Dennis Huang this Thursday, March 12, 2015 at the Institute of Internal Auditors. The presentation topic will address issues of bankruptcy fraud.
JCH LAW FIRM is pleased to announce that Attorney Jeff Hsu, Certified Bankruptcy Specialist with the State Bar of California, will be presenting along with fellow attorney Dennis Huang this Thursday, March 12, 2015 at the Institute of Internal Auditors. The presentation topic will address issues of bankruptcy fraud.
The post Attorney Jeffrey Hsu to Give Talk on Bankruptcy Fraud to the San Fernando Valley Institute of Internal Auditors 3.12.15 appeared first on JCH LAW FIRM.
JCH LAW FIRM is pleased to announce that Attorney Jeff Hsu, Certified Bankruptcy Specialist with the State Bar of California, will be presenting along with fellow attorney Dennis Huang this Thursday, March 12, 2015 at the Institute of Internal Auditors. The presentation topic will address issues of bankruptcy fraud.
The post Attorney Jeffrey Hsu to Give Talk on Bankruptcy Fraud to the San Fernando Valley Institute of Internal Auditors 3.12.15 appeared first on JCH LAW FIRM.
Many people assume that their business will not be affected when they file bankruptcy. They may be very wrong in that assumption. Why? The answer is “it depends on the type of bankruptcy filed”. Most individuals file a chapter 7 bankruptcy. In a chapter 7 the individual cannot keep their business, assuming it has any value. Instead, it will be sold by the bankruptcy trustee and the funds paid to the creditors. Even if the business is valueless the creditors still have a potential claim. Also, the individual needs to consider how to protect future profits before continuing to operate the business.
For example: In re NAKHUDA, ) Bk. No. 14-41156 , BAP No. NC-14-1235-TaPaJu (9th Cir, 3/2/15). In this case the Debtor disputed that a chapter 7 debtor, as matter of law, must shut down a business and turn it over to the trustee upon filing for bankruptcy. The Debtor asserted that the Code is not so “black or white”. Unfortunately the 9th Circuit Court of Appeals disagreed with the Debtor.
“A chapter 7 debtor is required by statute to cease operation of a business upon filing for bankruptcy. First, as discussed in more detail below, a debtor has the affirmative duty to surrender all estate property and records to the chapter 7 trustee. See 11 U.S.C. § 521(a)(4). Unauthorized continuing operation of a chapter 7 debtor-owned business and retention of control over its assets is absolutely inconsistent with this statutory mandate. Further, the Code also makes clear that continued operation, if allowed at all, can only occur by (or in cooperation with) the chapter 7 trustee and only after approval by the bankruptcy court. See 11 U.S.C. § 721 (“The court may authorize the trustee to operate the business of the debtor for a limited period, if such operation is in the best interest of the estate and consistent with the orderly liquidation of the estate.”) (emphasis added). Thus, “[u]nlike in a chapter 11 case, where the Code expressly authorizes the debtor to continue to operate its business, in a chapter 7 case, the bankruptcy court can authorize only the trustee, and not the debtor, to operate the debtor’s business pursuant to section 721.” 6 Collier on Bankruptcy ¶ 721.01 (Alan N. Resnick & Henry J. Sommer eds., 16th ed. 2012) (emphasis added). ”
The moral is – never file for bankruptcy without first talking to a very experienced bankruptcy attorney. Also, you need to be warned away from using any company, lawyer or document preparer who advertises their fees in an attempt to offer the “lowest price possible”. Document preparers are not allowed to give you any legal advice, that includes correcting your misconceptions about how the bankruptcy may affect you or your property. Also, law firms who advertise on TV, billboard or the Internet must pay for that advertising. They do this by treating their clients like cattle – mass producing milk at the lowest rate possible. They also do this by not providing quality legal advice tailored to the specifics of the individual. Be very careful or you may have a very nasty surprise waiting.
The post I Filed a Chapter 7. Why Did the Trustee Take My Business? appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.
Looking for a Bankruptcy Lawyer Near Triangle VA? Hi, I’m Prince William County Bankruptcy Lawyer Robert Weed. The Law Office of Robert Weed has handled six thousand bankruptcies in Prince William County. About three hundred with people in Triangle. We’ve done the most bankruptcies of any law firm in Prince William County. Two of my four […]The post Triangle Bankruptcy Lawyer Information by Robert Weed appeared first on Robert Weed.
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