More Answers

In El Charro Tax, we know that you may have a lot of questions regarding the preparation of your tax return or how to get your ITIN. That is why, our tax professionals are qualified to give you the answers.

Below, you will find additional information that you may find useful during your tax preparation. If you have any questions, visit or call one of our offices to speak to one of our tax professionals.

Check up list for your tax return preparation

Before you visit one of the offices at El Charro Tax to get your tax return done, we recommend that you use the following list to know what documents you should bring with you. If you have any questions regarding one of the documents, call one of your offices to speak with a tax professionals.

Personal Information

• Social Security numbers (including your spouse and children)
  
• Child Care: Name, address, Tax ID number or Social Security number.
  
• Alimony payments and their Social Security number.
  

Employment and Income Information

• Form W-2 of the current tax year.
  
• Unemployment compensation: Form 1099-G.
  
• Miscellaneous income, including rental income: Form 1099-MISC.
  
• Partnerships, Corporations and Trust income: Schedule K-1.
  
• Annual pensions and retirement premiums: Form 1099-R.
  
• Social Security benefits RR1: Form RRB-1099.
  
• Alimony received
  
• Jury Duty income
  
• Lotto and Gambling income
  
• Prizes
  
• Scholarships and fraternities
  
• State and local tax refunds: Form 1099-G
  

Home owner/If renting Information about your landlord

• Home addresses for the current tax year.
  
• Mortgage interest: Form 1098.
  
• Sell of home or other Real Estate property: Form 1099-S
  
• Mortgage interest paid on second mortgage
  
• Real Estate taxes
  
• Rent paid during the year
  
• Moving expenses
  

Financial Capital

• Bank accounts with interest income: Form 1099-INT and 1099-OID.
  
• Investment accounts with income dividends: Form 1099-DIV.
  
• Stockbroker gains and losses: Form 1099-B.
  
• Retirement distributions: Form 1099-R.
  

Financial Debt

• Auto loans and interest (account number and car value) if vehicle is used for business.
  
• Student loans interest paid.
  
• Penalties for early retirement of CD’s and other notes with a predetermined maturity date.
  

Vehicles

• Information for taxes on personal property.
  

Expenses

• Contributions to charity (certified letters by charity for individual donations of $250 or more).
  
• Employment expenses not reimbursed related to voluntary work
  
• Employment expenses not reimbursed directly related to your job (travel expenses, uniforms,
• dues, and subscriptions).
  
• Investment expenses
  
• Job search expenses
  
• Work advancement education expenses
  
• Child Care expenses
  
• Medical insurance payments
  
• Adoption expenses
  
• Paid alimony
  
• Tax return preparation expenses
  

Company/Independent work information

• Business income: Form 1099-MISC and/or bookkeeping files/records.
  
• Partnership income SE: Schedule K-1.
  
• Company expenses: receipts, other documents, and personal files
  
• Farm expenses: receipts, other documents, and personal files
  
• Payroll taxes and other taxes paid by the company for the current tax year: Files of payments made
  

Miscellaneous documents for income tax purposes

• Federal, State, and Local estimated income tax payments: receipts of the estimated payments, cancelled checks or other proof or payment.
  
• IRA, Keogh, or other retirement plan contributions: If you are an independent contractor you need to specify if the contribution is for you or your employees
  
• Records and files regarding medical expenses
  
• Records or files for casualties and theft
  
• Files and records of any other deductible expenditure
  
• Files and records of any other credit or sale of property that may cause sales tax or may be deductible.
  

Child Tax Credit

• Your tax liability may be reduced if you have a child
  
• Not only you can declare you child as a dependent, but you can also receive the Child Tax Credit and the Child and Dependent Care Credit. The Child Tax Credit equals to $1,000 per child younger than 17 years old at the end of the tax year. For example if you have 4 children you can receive a credit up to $4,000. Remember, a credit reduces your income tax liability dollar per dollar.
  

Earned Income Credit (EIC). What is this? How it can help you?

The Earned Income Credit (EIC) is designed to help certain workers to continue working by reducing their income tax liability. As long as your income is less than the limit amount and if you meet the required requisites, you can receive this credit. Besides, EIC is a refundable credit, which means that once you tax liability is reduced to $0; the rest of the credit is refundable to you.

The Saver’s Tax Credit

Another reason to invest in an IRA or retirement account is the Saver’s Tax Credit. This credit helps you just for saving your money. If you can opt for a Tax credit for contributions to an IRA account, or qualified retirement account, you can obtain a credit up to half of your contribution. Remember that a tax credit reduces your tax liability dollar per dollar, and a tax deduction reduces your taxable income.

Tax Glossary

We know how confusing the income tax vocabulary can be, especially if it is not in your native language. This is why El Charro Tax puts at your hands the IRS tax glossary in English and Spanish. If you need additional help to understand the meaning of any of these terms, visit or call one of our offices to speak with one of our tax professionals.

Call us at 1-888-4 El Taxman (1-888-435-8296) to set up your FREE consultation.

IRS Tax Glossary