Plumb Family CFO Annual Tax Organizer

Are you ready for financial peace of mind this year?

annual tax organizer

Experience the Plumb Family CFO difference this tax season.

Utilizing our 7-Step Process, Plumb Family CFO handles your preliminary tax work for year-end and provides an overview of your financial information with our Annual Tax Organizer. Throughout the year, Plumb works in partnership with our client’s CPA’s and trusted advisors to provide the highest quality data and financial reporting in preparation for filing tax returns.

Annual Tax Organizer: Step 7 “pulling it all together”

The end result is a one-page tax summary sheet outlining information sent to our client’s CPA.  The process of “pulling it all together” includes tracking and recording 1099’s, K-1’s, charitable contributions, medical expenses, sales of stock and all other income.  This ensures that our client’s have accurate record-keeping, while also reconciling all asset accounts for accuracy.

Listed below is the process in order to produce the Annual Tax Organizer.

  • Personal Information
    • Birthdate
    • Tax ID number must match the correct Trust or Social Security number.  The Survivor’s Trust should always use the Social Security number since it flows through to the tax payer’s personal taxes.
  • Estimated Quarterly Payments
    • Record amounts paid. (Print Quick Report and include copy of check with voucher).
  • Wages, Pensions, Gambling Winnings
    • Record Gross Distribution, Taxable amount, taxes withheld. (Print Quick Report and attach with 1099).
    • The Gross Distribution amount may not match what you actually received.  If it doesn’t, calculate the withholdings and add to Gross amount or a payment may have been lost or missed.
  • Interest & Dividend Income
    • Re-classify income per 1099.
      • Foreign Tax Paid is included in the Dividend total on the 1099, so add it to your dividends, then deduct the FTP as an expense.
      • Return of Capital is usually included in the Dividend amount on the statement, so it must be re-classified.
  • Miscellaneous Income
    • Social Security received is not the benefits received. The SSA-1099 states the benefits with Medicare Part B premiums deducted which equals the amount received.
  • State & Local Tax Refunds
    • The Client should receive a 1099-G.  Verify that the Client actually received the money or that it was allocated to the next year’s taxes.
  • Capital Gains & Losses (Schedule D)
    • List each security sold separately.  Stocks might be sold at the same time, but acquired at different times and at a different cost basis.  These stocks must be listed on a separate line.
    • When there are many different acquisition dates, cost basis, sale dates and proceeds, enter “Various” under date acquired, sale date.  Enter the gross proceeds and gross cost basis.  Use one line for all items.
  • Medical Expenses
    • Supplies or any over-the-counter drug is not deductible.
    • Caregivers can only be deducted if a doctor gives orders for the help.
  • Contributions
    • Any contribution $250 or over must have a letter or receipt.  The letter must state the name of the giver, the name of the Charity, amount given, date, and that no goods or services were received.
  • Safe Deposit Boxes are only deductible if they hold securities.

“Plumb Family CFO has always proven to maintain sensitive client information with the utmost security and competence.” -Client’s CPA

Download a sample copy of Annual Tax Organizer.

For more information on how Plumb Family CFO can organize your financial life

Contact Plumb

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