An income tax is a government levy (tax) imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer. Details vary widely by jurisdiction. Many jurisdictions refer to income tax on business entities as companies tax or corporation tax. Partnerships generally are not taxed; rather, the partners are taxed on their share of partnership items. Tax may be imposed by both a country and subdivisions thereof. Most jurisdictions exempt locally organized charitable organizations from tax.
Under the Internal Revenue Code returns can be classified as either tax returns or information returns, although the term "tax return" is sometimes used to describe both kinds of returns in a broad sense. Tax returns, in the more narrow sense, are reports of tax liabilities and payments, often including financial information used to compute the tax. A very common federal tax form is IRS Form 1040.
A tax return provides information so that the taxation authority can check on the taxpayer's calculations, or can determine the amount of tax owed if the taxpayer is not required to calculate that amount. In contrast, an information return is a declaration by some person, such as a third party, providing economic information about one or more potential taxpayers.
Information returns are reports used to transmit information about income, receipts or other matters that may affect tax liabilities. For example, Form W-2 and Form 1099 are used to report on the amount of income that an employer, independent contractor, broker, or other payer pays to a taxpayer. A company, employer, or party which has paid income (or, in a few cases, proceeds that may ultimately be determined not to be income) to a taxpayer is required to file the applicable information return directly with the IRS. A copy of the information return is also sent directly to the payee. These procedures enable the IRS to make reasonably sure that taxpayers report income correctly.
Common Forms of Income & General Items
o All sources of income, including tax documents such as:
o W-2 for wages or disability benefits
o 1099-INT for interest on CDs, money markets, savings accounts, US bonds, corporate bonds, as well as tax-exempt interest
o 1099-R for pension, annuity, life insurance, IRA, or other retirement plan income or rollovers
o 1099-G for unemployment compensation
o 1099-SSA for Social Security benefits
o 1099-G for refunds of state income taxes (for states other than NY and NJ)
o 1099-C or 1099-A for cancellation of debt income
o W-2G for gambling winnings - please also provide gambling losses
o Alimony received
o Additional income taxes paid during the year - record of estimated taxes, previous year balances, etc.
o Name, DOB, SSN for any new dependents for 2013
o Routing number and account number for direct deposit or debit
o Last pay stub of 2013 for each job
o Picture ID for you and your spouse if you would like your tax preparation fees deducted from your refund
o Notices, letters, correspondences with any taxing authorities (IRS, NYS Taxation, NJ Taxation, PA DOR, etc.)
Clients who are Homeowners
o 1098 for mortgage interest, you will have multiple 1098 forms if you re-financed or loan was transferred
o Real estate taxes paid - state, local, and foreign but do not include taxes paid on rental real estate
o HUD / Settlement papers from the sale, purchase, re-finance, or home equity loan on any real estate
o 1099-S for sale of real estate
o Energy-efficiency home improvements - windows, doors, insulation, central air conditioning, furnace, hot water
heater, pigmented metal roof, solar panels, etc. (if you have purchased any improvements that you believe would
qualify for this credit, please provide us with details)
o Homebuyer Credit - Please advise us if you received either the $7500 or $8000 First-Time Homebuyer Credit
Clients who own Rental Property
o Rental property income/expenses - rental income, advertising, management fees, real estate commissions, legal
fees, utilities, repairs, mortgage interest, property taxes, travel, etc.
o 1098 for mortgage interest, you will have multiple 1098 forms if you re-financed or loan was transferred
o 1099-MISC for rents received, non-employee compensation, or other income
o HUD / Settlement papers from the sale, purchase, re-finance, or home equity loan on any real estate
o 1099-S for sale of real estate
Clients with Investments
o 1099-DIV for dividends, capital gain distributions, etc. (CAUTION: Please note that brokerage firms are not
required to distribute form 1099-DIV until February 18th, 2014.)
o 1099-INT for interest on CDs, money markets, savings accounts, US bonds, corporate bonds, as well as taxexempt
interest
o 1099-B for proceeds from brokerage transactions (CAUTION: Please note that brokerage firms are not required to
distribute form 1099-B until February 18th, 2014. Even then, these forms may need to later be corrected. Clients
who are expecting a stock report should not send us their tax documents until all necessary documentation is
available and accurate.)
o Cost and date acquired of stocks, bonds, mutual funds sold during the year (Please make sure that the cost/basis
reported on 1099-B is accurate.)
o Cost and date acquired of stocks or securities that have become worthless during the current year
o 5498 for IRA contributions (If 5498 is not available, please provide type, date, and amount of IRA Contributions.)
o K-1 from any trust, estate, partnership, or S-corporation (due to be mailed by the due date of the related return)
Clients who are Business Owners
o If you have a business, please contact us immediately to discuss whether your company’s bookkeeping and/or
business registrations are current.
o 1099-MISC for rents received, non-employee compensation, or other income
o 1099-K for credit card and third party network transactions
o Business Expenses such as advertising, insurance, rent, travel, etc
Clients with Foreign Activities
o Foreign source income - U.S citizens and residents are required to report worldwide income. Some common
examples of foreign income would be wages/compensation, investment income, rental income, etc. Please
provide income and expense amounts in foreign currencies and provide date(s) the income is received/expenses
are paid.
o Foreign Assets - Please inform us of any assets that you may hold in a foreign country. Common examples of
foreign assets are bank accounts, trusts, or ownership in a foreign corporation.
o Real estate taxes paid - on foreign properties
If you or your dependent is not eligible to get a Social Security Number, you may need an Individual Taxpayer Identification Number (ITIN).
Our goal is to make the preparation process as easy as possible for you. Your tax preparation interview can be conducted either in person, by mail, e-mail or over the phone - whichever is most convenient for you. We take the time to listen to you and answer all of your questions and concerns. Whatever your circumstances may be, we are here to give you the best advice to help you get through life’s challenges.
Under the Internal Revenue Code returns can be classified as either tax returns or information returns, although the term "tax return" is sometimes used to describe both kinds of returns in a broad sense. Tax returns, in the more narrow sense, are reports of tax liabilities and payments, often including financial information used to compute the tax. A very common federal tax form is IRS Form 1040.
A tax return provides information so that the taxation authority can check on the taxpayer's calculations, or can determine the amount of tax owed if the taxpayer is not required to calculate that amount. In contrast, an information return is a declaration by some person, such as a third party, providing economic information about one or more potential taxpayers.
Information returns are reports used to transmit information about income, receipts or other matters that may affect tax liabilities. For example, Form W-2 and Form 1099 are used to report on the amount of income that an employer, independent contractor, broker, or other payer pays to a taxpayer. A company, employer, or party which has paid income (or, in a few cases, proceeds that may ultimately be determined not to be income) to a taxpayer is required to file the applicable information return directly with the IRS. A copy of the information return is also sent directly to the payee. These procedures enable the IRS to make reasonably sure that taxpayers report income correctly.
Common Forms of Income & General Items
o All sources of income, including tax documents such as:
o W-2 for wages or disability benefits
o 1099-INT for interest on CDs, money markets, savings accounts, US bonds, corporate bonds, as well as tax-exempt interest
o 1099-R for pension, annuity, life insurance, IRA, or other retirement plan income or rollovers
o 1099-G for unemployment compensation
o 1099-SSA for Social Security benefits
o 1099-G for refunds of state income taxes (for states other than NY and NJ)
o 1099-C or 1099-A for cancellation of debt income
o W-2G for gambling winnings - please also provide gambling losses
o Alimony received
o Additional income taxes paid during the year - record of estimated taxes, previous year balances, etc.
o Name, DOB, SSN for any new dependents for 2013
o Routing number and account number for direct deposit or debit
o Last pay stub of 2013 for each job
o Picture ID for you and your spouse if you would like your tax preparation fees deducted from your refund
o Notices, letters, correspondences with any taxing authorities (IRS, NYS Taxation, NJ Taxation, PA DOR, etc.)
Clients who are Homeowners
o 1098 for mortgage interest, you will have multiple 1098 forms if you re-financed or loan was transferred
o Real estate taxes paid - state, local, and foreign but do not include taxes paid on rental real estate
o HUD / Settlement papers from the sale, purchase, re-finance, or home equity loan on any real estate
o 1099-S for sale of real estate
o Energy-efficiency home improvements - windows, doors, insulation, central air conditioning, furnace, hot water
heater, pigmented metal roof, solar panels, etc. (if you have purchased any improvements that you believe would
qualify for this credit, please provide us with details)
o Homebuyer Credit - Please advise us if you received either the $7500 or $8000 First-Time Homebuyer Credit
Clients who own Rental Property
o Rental property income/expenses - rental income, advertising, management fees, real estate commissions, legal
fees, utilities, repairs, mortgage interest, property taxes, travel, etc.
o 1098 for mortgage interest, you will have multiple 1098 forms if you re-financed or loan was transferred
o 1099-MISC for rents received, non-employee compensation, or other income
o HUD / Settlement papers from the sale, purchase, re-finance, or home equity loan on any real estate
o 1099-S for sale of real estate
Clients with Investments
o 1099-DIV for dividends, capital gain distributions, etc. (CAUTION: Please note that brokerage firms are not
required to distribute form 1099-DIV until February 18th, 2014.)
o 1099-INT for interest on CDs, money markets, savings accounts, US bonds, corporate bonds, as well as taxexempt
interest
o 1099-B for proceeds from brokerage transactions (CAUTION: Please note that brokerage firms are not required to
distribute form 1099-B until February 18th, 2014. Even then, these forms may need to later be corrected. Clients
who are expecting a stock report should not send us their tax documents until all necessary documentation is
available and accurate.)
o Cost and date acquired of stocks, bonds, mutual funds sold during the year (Please make sure that the cost/basis
reported on 1099-B is accurate.)
o Cost and date acquired of stocks or securities that have become worthless during the current year
o 5498 for IRA contributions (If 5498 is not available, please provide type, date, and amount of IRA Contributions.)
o K-1 from any trust, estate, partnership, or S-corporation (due to be mailed by the due date of the related return)
Clients who are Business Owners
o If you have a business, please contact us immediately to discuss whether your company’s bookkeeping and/or
business registrations are current.
o 1099-MISC for rents received, non-employee compensation, or other income
o 1099-K for credit card and third party network transactions
o Business Expenses such as advertising, insurance, rent, travel, etc
Clients with Foreign Activities
o Foreign source income - U.S citizens and residents are required to report worldwide income. Some common
examples of foreign income would be wages/compensation, investment income, rental income, etc. Please
provide income and expense amounts in foreign currencies and provide date(s) the income is received/expenses
are paid.
o Foreign Assets - Please inform us of any assets that you may hold in a foreign country. Common examples of
foreign assets are bank accounts, trusts, or ownership in a foreign corporation.
o Real estate taxes paid - on foreign properties
If you or your dependent is not eligible to get a Social Security Number, you may need an Individual Taxpayer Identification Number (ITIN).
Our goal is to make the preparation process as easy as possible for you. Your tax preparation interview can be conducted either in person, by mail, e-mail or over the phone - whichever is most convenient for you. We take the time to listen to you and answer all of your questions and concerns. Whatever your circumstances may be, we are here to give you the best advice to help you get through life’s challenges.
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JUNY PROFESSIONAL SERVICES
8400 KENNEDY BOULEVARD
NORTH BERGEN, NJ 07047
(201) 624-8010
8400 KENNEDY BOULEVARD
NORTH BERGEN, NJ 07047
(201) 624-8010
OFFICE HOURS:
Monday - Friday: 9:00 AM - 5:00 PM
Saturday: Closed
Sunday: Closed
Monday - Friday: 9:00 AM - 5:00 PM
Saturday: Closed
Sunday: Closed
