February 15

Top Tips to Prepare for Tax Season!

Top Tips to Prepare for Tax Season! by Peter Gordon{1:30 minutes to read} Tax day is drawing near. For our clients, we ensure their tax information is properly organized throughout the year so that when we prepare their tax information report, everything is properly categorized. With this done, we pass their report over to their individual accountants, making it a much more efficient process and often resulting in lower accounting bills.

Each of our client’s reports are organized to provide the information needed to properly prepare their taxes, including:

  • Medical and dental expenses. This category includes all bills paid to doctors, dentists and other medical related expenses.
  • Taxes paid. January is typically when 1099s, real estate tax information, or personal property tax information are received in the mail. We provide specific tax folders to our clients so that we have access to these important documents.
  • Interest paid, including home mortgage interest and mortgage insurance premiums. These are qualified expenses that get categorized and put into our report.
  • Charitable gifts, whether by cash or check. If these gifts are less than $250, they simply need to be recorded. If the gifts are more than $250, a letter is needed from the organization that received the money. https://www.irs.gov/pub/irs-pdf/p1771.pdf
  • Job expenses and certain miscellaneous deductions, including reimbursed employee expenses and various travel expenses. Miscellaneous deductions could also include tax preparation and legal fees.

We do not claim to be tax experts and do not file taxes for our clients; instead, we work closely with our client’s individual accountants to provide them with the information they need to minimize the tax liability. Contact us today to assist with getting yourself organized for tax time!

Peter Gordon

New York Financial Organizers, Inc.


accounting, charitable gifts, expenses, New York Financial Organizers, peter gordon, seniors, taxes

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