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- 1. 503 FIRST AVE NORTHEAST MINNEAPOLIS, MINNESOTA 55413 FOX TAX PLANNING AND PREPARATION PHONE: 612.824.2829 FAX: 612.331.3670 WWW.FOXTAXSERVICE.COM WHAT TO BRING TO APPOINTMENT DO NOT FORGET INCOME W2s 1099s: 1099-R (Retirement Distributions) 1099-INT (Interest Income) 1099-DIV (Dividend and Capital Gain Income) 1099-B (Stock Proceeds) - Please check to see if all sales have corresponding cost info 1099-MISC (Self Employment Income - ALSO FILL OUT BUSINESS INCOME/EXPENSE WORKSHEET) SSA (Social Security Income) 99G (Unemployment Received) Alimony Received 1099-A and 1099-C (Debt Cancellation and Property Foreclosures) Rental Income – FILL OUT RENTAL WORKSHEET Did you have > $10,000 in foreign assets at any time during 2011? Please bring info on income and account values Yes No * If you accept credit cards from customers, we need new Form 1099-K from Credit Card Processing Company. DEDUCTIONS/CREDITS 1098-T (Tuition Statement for College Education) Proof and Cost of all Energy Efficient Home Upgrades-See energystar.gov for more info Bring all Adoption Papers and proof of expenses for new Adoption Credit Charitable Donations - Receipts are needed for all Charitable Donation Deductions Now Form 1098 Mortgage Interest Paid 1098-E Student Loan Interest Paid OTHER IMPORTANT ITEMS Settlement Statements for any Sale, Purchase or Refinance of properties Signed Release of Exemption Form 8332 if you are claiming a child that does not live with you. Signed Engagement Letter and Filled out Worksheets (keep scrolling to find those!) Tax CD from last year Copy of last year’s taxes (if new client) For Corporations: Don’t forget to bring Year End Balances on all Accounts and Loans. If you have Quickbooks or other accounting software, you can email this ahead of appointment Employers: If you hired a formerly unemployed person in 2010 and kept them on payroll for > 12 months, bring information on their payroll for a special credit in 2011. Please Check here if you'd like to make a donation to the Nongame Wildlife Fund. Amount to Donate: $ ______________
- 2. 503 FIRST AVE NORTHEAST MINNEAPOLIS, MINNESOTA 55413 FOX TAX PLANNING AND PREPARATION PHONE: 612.824.2829 FAX: 612.331.3670 WWW.FOXTAXSERVICE.COM DO NOT FORGET - BRING TO APPOINTMENT Date Taxpayer Name Spouse’s Name Address City State Zip SUBJECT: Preparation of Your 2011 Tax Returns Thank you for choosing Fox Tax LLC to assist you with your 2011 taxes. This letter confirms the terms of our engagement with you and outlines the nature and extent of the services we will provide. In order to ensure an understanding of our mutual responsibilities, we ask all clients for whom returns are prepared to confirm the following arrangements by signing below. We will prepare your 2011 federal and requested state income tax returns. We will depend on you to provide the information we need to prepare complete and accurate returns. We may ask you to clarify some items but will not audit or otherwise verify the data you submit. An Organizer is enclosed to help you collect the data required for your return. The Organizer will help you avoid overlooking important information. By using it, you will contribute to efficient preparation of your returns and help minimize the cost of our services. We will perform accounting services only as needed to prepare your tax returns. Our work will not include procedures to find defalcations or other irregularities. Accordingly, our engagement should not be relied upon to disclose errors, fraud, or other illegal acts, though it may be necessary for you to clarify some of the information you submit. We will, of course, inform you of any material errors, fraud, or other illegal acts we discover. The law imposes penalties when taxpayers underestimate their tax liability. Please call us if you have concerns about such penalties. Should we encounter instances of unclear tax law, or of potential conflicts in the interpretation of the law, we will outline the reasonable courses of action and the risks and consequences of each. We will ultimately adopt, on your behalf, the alternative you select. Our fee will be based on the forms required plus out-of-pocket expenses. Invoices are due and payable upon presentation. We will require payment prior to the completion of electronic filing of your tax return. We will return your original records to you at the end of this engagement. You should securely store these records, along with all supporting documents, canceled checks, etc., as these items may later be needed to prove accuracy and completeness of a return. We will retain copies of your records and our work papers for your engagement for seven years, after which these documents will be destroyed. Our engagement to prepare your 2011 tax returns will conclude with the delivery of the completed returns to you (if paper filing) or your signing, and the subsequent submittal, of your tax return (if e-filing). Review all tax-return documents carefully before signing them. If completing tax return at our office, we will be using the Practitioner PIN method of signing returns with a self-selected PI N number that acts as your electronic signature. Signing below verifies that you understand that you will be signing by this electronic and tree-saving method and will not physically sign the actual tax return. We will also provide a copy of your tax return via electronic methods unless a paper copy is specifically requested. To affirm that this letter correctly summarizes your understanding of the arrangements for this work, please sign the enclosed copy of this letter in the space indicated and return it to us with your tax info. We appreciate your confidence in us. Please call if you have questions. Sincerely, Mark Fox Alyssa Fox Fox Tax Service, LLC (Both spouses must sign for preparation of joint returns.) Accepted By: _________________________________________ ____________________________________________ Taxpayer Spouse _____________________ _____________________ Date Date
- 3. 503 FIRST AVE NORTHEAST MINNEAPOLIS, MINNESOTA 55413 FOX TAX PLANNING AND PREPARATION PHONE: 612.824.2829 FAX: 612.331.3670 WWW.FOXTAXSERVICE.COM TAX PREPARATION WORKSHEET PERSONAL DATA Taxpayer Name Spouse’s Name SSN SSN DOB DOB Phone Phone Email Email Occupation Occupation Address City State Zip DEPENDENTS Name Name Name SSN SSN SSN DOB DOB DOB CHILD THREE CHILD TWO CHILD ONE Relationship Relationship Relationship Daycare Expense K-12 Education Expense Daycare Expense K-12 Education Expense Daycare Expense K-12 Education Expense Daycare Name Daycare Name Daycare Name Daycare SSN/Fed ID# Daycare SSN/Fed ID# Daycare SSN/Fed ID# Daycare Address Daycare Address Daycare Address DEDUCTIONS IRA ROTH SEP Student Loan Interest: IRA Contributions: Moving Expenses**: College Tuition/Fees: Investment Exp: Employee Expenses: Please list on back Mortgage Int Pd: Property Tax: PMI: Medical Expenses: Health Insurance: Car Tabs: Charity by Cash/Check: Non-Cash Charity*: Tax Prep Fees: Alimony Paid: HSA Contributions: Union Dues: *Please Bring Itemized Donation Receipts if Non-Cash Donations exceed $500. For help valuing your non-cash donations, please look at www.itsdeductible.com **Only Applicable if you move more than 50 miles because of a job
- 4. 503 FIRST AVE NORTHEAST MINNEAPOLIS, MINNESOTA 55413 FOX TAX PLANNING AND PREPARATION PHONE: 612.824.2829 FAX: 612.331.3670 WWW.FOXTAXSERVICE.COM BUSINESS INCOME/EXPENSE WORKSHEET INCOME: AMOUNT DESCRIPTION Total Income Received: Just Self Employed Income-NOT W2 Sales Tax Collected Only if you Charge Sales Tax COST OF GOODS SOLD: Total Production Costs: Direct Costs to Make Products Ending Inventory: At Your Cost, Not Retail EXPENSES: Advertising & Promotions Anything for Promotion of Bus. Total Miles Driven All Miles on your Vehicle Business Miles Driven Jan-Jun Business Miles on your Vehicle Business Miles Driven Jul-Dec Do you have written Log? Y/N Auto Expenses List Gas, Maint., Ins, etc. separately Commissions and Fees if claiming actual expenses Subcontractors/Labor Any Labor You Paid Out Equipment Purchases (List on Next Page) Business Insurance Business Interest Business Loans (incl. Auto) Legal and Accounting Office and Postage Equipment Rental Includes Car Rentals and Equip. Business Rent Rent for Office or Practice Space Equipment Repairs Supplies Any small items needed for Bus. Travel Airfare, Lodging--Not Food or Auto Meals and Entertainment In Town Business Meals with Others Meals and Entertainment Out of Town All Meals on Bus. Travel Days Out of Town (Meal Per Diem) List Locations and # of Days Sep. Wages Paid to Others Bring Details on Payroll and Payroll Taxes Bank Charges On Business Accounts Dues and Subscriptions Memberships, Magazines, Etc. Research and Development Books, Classes, Activities in Your Field Cell Phone Only your Plan, Not Extra Minutes Business Phone Extra Business Line--NOT 1st Home Line Internet Computer Software Printing and Film Processing For Business Photos Parking Health Insurance Paid Costumes and Props (Performers) Things for Stage Only Personal Maintenance (Performers) Direct Costs for Performance Image Retirement Account Contributions What Kind? Trad IRA, Roth, SEP, 401K? Health Savings Account Contributions Must have High Deductible Health Ins. Business Gifts Limited to $25 per person Total Expenses NET INCOME * Please list out any additional costs separately that do not fit into above categories. * If you accept credit cards from customers, we need new Form 1099-K from Credit Card Processing Company.
- 5. 503 FIRST AVE NORTHEAST MINNEAPOLIS, MINNESOTA 55413 FOX TAX PLANNING AND PREPARATION PHONE: 612.824.2829 FAX: 612.331.3670 WWW.FOXTAXSERVICE.COM RENTAL EXPENSE WORKSHEET RENTAL INCOME: AMOUNT DESCRIPTION Total Rents Received: Do not include refundable deposits EXPENSES: Advertising & Promotions Advertising for Rental Property Total Miles Driven All Miles on your Vehicle Business Miles Driven Jan-Jun Miles driven for Rental Business Business Miles Driven Jul-Dec Cleaning and Maintenance Any Cleaning or Maint. Costs Commissions Pd. To Rental Agencies, etc.. Insurance PMI, Liability and/or Umbrella Policies Legal and Accounting Management Fees Pd for Management by Someone Else Interest - Mortgage Interest - Other Credit Cards/other loans just for rental Repairs Repairs to Rental Property Supplies General Supplies for Rental Taxes Property Taxes Utilities Pd by You for Rental Prop. Rental License Fees Bank Charges Bounced Check Fees, etc. Appliances Improvements Major Improvements to Property Furnishings Total Expenses NET INCOME *Always bring any Purchase, Sale or Refinance Closing Papers for the Year. *Fill out one of these pages for EACH rental property *If converting property to Rental, we need Fair Market Value of Property at time of Conversion as well as Your Cost of buying and improving property.
- 6. 503 FIRST AVE NORTHEAST MINNEAPOLIS, MINNESOTA 55413 FOX TAX PLANNING AND PREPARATION PHONE: 612.824.2829 FAX: 612.331.3670 WWW.FOXTAXSERVICE.COM ITEM DATE PURCHASED COST DATE SOLD SALE PRICE TOTALS
- 7. 503 FIRST AVE NORTHEAST MINNEAPOLIS, MINNESOTA 55413 FOX TAX PLANNING AND PREPARATION PHONE: 612.824.2829 FAX: 612.331.3670 WWW.FOXTAXSERVICE.COM IN HOME OFFICE EXPENSES SIZE Square Footage of Office Square Footage of House Business Percentage EXPENSES TOTALS 100% BUSINESS Mortgage Interest Paid Property Taxes Paid Insurance on Home Repairs and Maintenance* Improvements* Utilities Rent Paid Other: Cost of Home (Purch + Improvements) * Expenses directly related to office space are 100% deductible - Please List Separately