One Step Closer Consulting and Tax Services

01/17/2025

To file a tax return for your clients, ensure you have the following key documents and information:

1. Personal Information
• Full legal name, current address, and Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
• Filing status (e.g., single, married filing jointly, head of household).
• Bank account details for direct deposit of refunds or electronic payments.

2. Income Documents
• W-2: For wages and salaries.
• 1099 Forms: For various income types, including:
• 1099-NEC: Non-employee compensation (self-employed).
• 1099-MISC: Miscellaneous income.
• 1099-K: Payment card and third-party network transactions.
• 1099-G: Unemployment benefits or state tax refunds.
• 1099-R: Retirement income.
• 1099-DIV, 1099-INT, 1099-B: Dividends, interest, and investment sales.
• 1099-SA: Health savings account distributions.
• K-1 Forms: For income from partnerships, S corporations, or trusts.
• Documentation for additional income sources, such as rental property, alimony, or gambling winnings.

3. Adjustments to Income
• Contributions to retirement accounts (e.g., IRA, 401(k), SEP).
• Student loan interest payments.
• Educator expenses for eligible teachers.
• Self-employed deductions, including health insurance premiums or home office expenses.

4. Deductions & Credits
• Medical expenses and health insurance premiums.
• Property taxes or mortgage interest (Form 1098).
• Receipts for charitable donations.
• Education-related expenses, such as 1098-T (tuition) and 1098-E (student loan interest).
• Childcare expenses for the Child and Dependent Care Credit.
• Energy-efficient home improvement costs for energy credits.

5. Health Insurance Information
• Forms 1095-A, 1095-B, or 1095-C to report health insurance coverage.

6. Other Information
• Proof of identity (e.g., driver’s license or state ID).
• A copy of the previous year’s tax return.
• Any tax-related correspondence, such as IRS notices.

This checklist will help you gather everything needed to prepare and file an accurate tax return for your clients.

01/07/2025

To access your IRS account, create an account on ID.me. With ID.me, you can securely log in to your IRS account. Here’s what you’ll need:
• A valid government-issued ID
• A mobile phone number
• Facial recognition verification

Once registered, you’ll gain access to the following features:
• Instantly view your tax transcripts
• Manage and view IRS notices
• Confirm your Economic Impact Payment (EIP) amounts
• Verify your advance Child Tax Credit payments
• Access your IRS PIN electronically
• And much more!

Avoid delays with your tax refund—register today!

Click here to get started.

https://sa.www4.irs.gov/secureaccess/ui/?TYPE=33554433&REALMOID=06-0006b18e-628e-1187-a229-7c2b0ad00000&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGENTNAME=-SM-u0ktItgVFneUJDzkQ7tjvLYXyclDooCJJ7%2bjXGjg3YC5id2x9riHE98hoVgd1BBv&TARGET=-SM-http%3a%2f%2fsa%2ewww4%2eirs%2egov%2fola%2fccbhnn

01/01/2025

Make this your Best Year Ever🎉

09/23/2024

08/19/2024

Good Morning!

One Step Closer Consulting and Tax Services is looking forward to the upcoming 2024 tax season. We want to make sure each client is maximizing their returns this year. And to do so we need you to please take the time out to contact your HR Department to update your W-4 form.

While preparing taxes last we noticed that majority of our clients didn’t have any or not enough federal withholding taking out of their paychecks. You line number 2 on your W2 make a great difference in what you will receive back on your federal returns.

I am available to walk you through the form to ensure you are filling it out correctly to maximize your return this year and going forward. Please feel free to contact “OCS” at 1-866-970-0906 to schedule an appointment to go over the form.

08/19/2024

One Step Closer Consulting and Tax Services is dedicated to providing you with professional service, education and guidance.

We are here for our clients throughout the year to help with any questions that you may have feel free to contact us at 1-866-970-0906.