(951) 659-2145 - Idyllwild Town Crier
(951) 659-2145 - Idyllwild Town Crier
(951) 659-2145 - Idyllwild Town Crier
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Editor’s note: “Tax tips”<br />
appears weekly throughout tax<br />
season. Two tax professionals<br />
on the Hill alternately write<br />
the column. This week the<br />
column is authored by Stephen<br />
T. Peppler, E.A., C.F.P.<br />
About this time of year, we<br />
begin to collect all the information<br />
needed to properly file<br />
our income tax returns. Since<br />
it’s been a year, I have listed<br />
below some of the items you<br />
will want to look for:<br />
Your employer is required<br />
to send you your W-2 form<br />
by Jan. 31. If it looks wrong,<br />
contact your employer. If you<br />
can’t locate your employer,<br />
you’ll need to collect your<br />
pay stubs.<br />
You will need to locate<br />
the 1099-INT and 1099-DIV<br />
forms for each account that<br />
pays interest or dividends.<br />
Even tax-exempt interest must<br />
be listed on the return.<br />
Sales of stock, bonds or<br />
mutual funds are listed on<br />
Form 100-B. You will need<br />
to research your original cost<br />
and purchase dates for stocks<br />
and bonds and obtain a costbasis<br />
statement for the mutual<br />
<strong>Idyllwild</strong> Realty<br />
North Circle Office<br />
54295 N. Circle Dr.,<br />
<strong>Idyllwild</strong>, CA 92549<br />
<strong>951</strong>-<strong>659</strong>-2125 off.<br />
<strong>951</strong>-<strong>659</strong>-2235 res.<br />
<strong>951</strong>-316-5213 cell<br />
<strong>Idyllwild</strong> <strong>Town</strong> <strong>Crier</strong>, January 12, 2006 - Page 17<br />
It’s countdown to your tax return filing time<br />
funds you sold. If the company<br />
does not furnish you<br />
with a cost-basis statement,<br />
you will need to assemble<br />
a complete history of your<br />
time in the fund, including<br />
deposits, redemptions and<br />
reinvested dividends. Your<br />
financial planner should be<br />
able to help you with this.<br />
Form 1098 reports the<br />
interest you paid on your<br />
mortgage last year. If you<br />
refinanced last year, you will<br />
want to get form 1098 or the<br />
settlement statement showing<br />
the points you paid. If<br />
you have a seller-financed<br />
mortgage, you will need their<br />
Social Security number, name<br />
and address.<br />
You will need to know the<br />
date and amount of estimated<br />
taxes paid.<br />
If you sold property, you<br />
will need the settlement statement<br />
plus a record of the<br />
improvements made to the<br />
property over time.<br />
If you had childcare expenses,<br />
your preparer will<br />
need to know the name, address,<br />
telephone number and<br />
tax identification number of<br />
the provider, in addition to<br />
Tax tips<br />
By Stephen T. Peppler, EA, CFP<br />
the amount paid.<br />
Student loan<br />
payments are reported<br />
on form<br />
1098-E and tuition<br />
is reported on form<br />
1098-T. Both can<br />
be used to lower<br />
your taxes.<br />
You will want<br />
to assemble all the<br />
necessary records of your<br />
charitable contributions,<br />
both<br />
cash/check and<br />
non-cash. If your<br />
non-cash contributions<br />
total<br />
more than $500,<br />
you will need the<br />
date contributed,<br />
items donated, the<br />
receiving organization,<br />
its address, the value<br />
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Avoid bank charges, owner is carrying, or will consider<br />
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of the items and how you<br />
determined it. If a single<br />
gift is more than $250, you<br />
should have a receipt from<br />
the charity. If you donated a<br />
car, consult your preparer for<br />
special requirements.<br />
If you are receiving Social<br />
Security, you will need form<br />
1099-SSA that lists your<br />
gross benefits before deductions.<br />
If deducting business mileage,<br />
make sure your log showing<br />
dates, miles driven and<br />
business purpose is in order.<br />
This expense is a frequent<br />
audit target.<br />
When you make a business<br />
purchase of equipment,<br />
furniture or vehicle for your<br />
business use, you need to list<br />
these items separately and<br />
show the date bought.<br />
January is a good time to<br />
get started on the sometimedemanding<br />
task of assembling<br />
your records. It is a good time<br />
to contact your tax preparer<br />
to ask questions regarding the<br />
records and documentation<br />
required to ensure you receive<br />
all the deductions for which<br />
you are entitled.<br />
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FROM PEAKS TO CREEKS, FOR A<br />
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FERN VALLEY CHARMER<br />
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about your water:<br />
hillwaterissues.blogspot.com<br />
Local Unification<br />
Gadfly Merchandise:<br />
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Brand, spanking new construction in great Fern Valley<br />
location within minutes of hiking trails. Two bedrooms,<br />
two baths, forced-air heating and air conditioning, hardwood<br />
and carpeting, all new.<br />
BANANA BELT VIEWS<br />
LISTED AT $379,000<br />
MLS#2569<br />
This cozy cabin with two beds, 1.5 baths & laundry is set<br />
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opens to deck and views of the mountains. Living room<br />
has vaulted ceiling, French doors and newer wood burning<br />
stove.<br />
LOVELY CEDAR HOME WITH VIEWS<br />
LISTED AT $449,900<br />
MLS#2681<br />
Lovely home with knotty pine and vaulted ceiling. Open<br />
plan living leads to sliders and fabulous deck to enjoy the<br />
views. Two beds, two baths on main level. Lots of lower<br />
level space for third bedroom, hobbies, workshop, etc.,<br />
F/A & A/C, plus fenced area for pets.<br />
Beautiful view property — enjoy San Jacinto & Lily<br />
Rock from house and hot tub on deck. This 4 bedroom,<br />
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ELEGANT CEDAR MOUNTAIN HOME<br />
LISTED AT $575,000<br />
MLS#2567<br />
Cedar-sided home overlooking Dutch Meadows. Huge<br />
country kitchen with 2 ovens + built-in microwave.<br />
Formal dining (presently used as office); central<br />
vacuum, 2 airtight wood stoves + F/A; kids’ playroom<br />
in attic; new 1,700 sq. ft. garage, circular driveway,<br />
room for RV parking; approx. 1 acre all fenced.<br />
Wonderful wildlife-friendly setting in the midst of lovely<br />
trees and boulders. Enjoy your morning coffee with<br />
birds and squirrels tapping at your window.