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2007 Tax Filing Season

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Welcome to a new tax season! We are thrilled to introduce our new team member, Ms. Kathy Whitwer, a Licensed Tax Preparer and Accountant for over 20 years. Kathy’s broad background includes preparing individual, corporate and partnership returns, developing and managing complex accounting systems and business management consulting. Her diverse experience includes working with the construction, trucking and personal service industries.

Our annual letter contains information for gathering materials needed to prepare your 2007 federal and state returns. Visit our website: www.mrbilltaxman.com for additional details that may be helpful.

º ORIGINAL DOCUMENTS – W-2s, 1099s, 1098s, etc. Be sure you have
   received all W-2s and 1099s before you have your taxes done or your
   returns will have to be amended.
º Social Security Numbers and Birthdates for new spouses and/or
   dependents.
º Signed, filed Divorce Decrees and custody arrangements finalized in
   2007.
º Closing Papers for home sales, purchases and refinances -- specifically
   the final HUD-1 summary statement.
º Self-Employment and Rentals – revenue, expenses, equipment
   purchases & mileage/cell phone logs.
º Sale of Stock, Property, other Investments – dates of purchase and sale;
   original purchase price.

º You may drop off or mail your tax documents, or make an appointment
   with Bill or Kathy. Please help us stay healthy this busy tax season. If you or
   your child are ill, we’ll be happy to reschedule your appointment.
º We prepare your taxes, you review them and sign the required forms for
   electronic filing.
º Federal and State tax refunds can be directly deposited into your bank
   account.
º Federal tax owed can be directly debited from your bank account on
  April 15, 2008.

Pam Husband, Licensed Tax Preparer
 

Do you qualify to Itemize Deductions?

Home Mortgage Interest – All Form 1098s

Private Contract – we need Payee SSN & Address

Some Mortgage Refinance Expenses
   Bring HUD-1 summary pages from closing papers.

Some Investment Interest - 1099 from brokerage

State/County/Local Income Taxes & Estimates

Real Estate/Property Taxes

Personal Property Taxes (excise tax portion only)

Sales Tax (if no state income tax) - Pending Fed Legislation

Prescription Drugs (No over-the-counter or foreign Rx)

Medical/Long-term Care Insurance Premiums

Doctor/Dentist/Mental Health/Hospital Visits

Acupuncture/Chiropractic/Naturopath visits

All Medical and Dental Co-pays

Lab/X-ray/Diagnostic Medical Tests

Glasses/Hearing Aids/Dentures

Medically-needed Equipment & Supplies

Nursing Home/Home Health Payments

Mileage, Parking, Tolls for Appointments

Cash, Check, Credit Card; Pledges paid

Non-cash (Clothing, household, furniture, vehicles)

We must see your detailed listing of items given!

Check www.mrbilltaxman.com for a guide to value your non-cash donations; some items may require an appraisal.

Unreimbursed Volunteer Expenses

Mileage to and from Volunteer Activities

Tax Preparation Fees; Safe Deposit Box Fees

Some Investment Expenses

Unreimbursed Work Expenses/Union Dues
   (Travel, uniform, tools, phone, some meals, etc.)

Some Job-related Moving Expenses

Professional/Trade Expenses
   (conferences, memberships, subscriptions, etc.)

Some Job-Seeking Expenses
   (mileage, copying, postage; not clothing)

Job-related Education Expenses not paid by employer

Credit for purchase of certain appliances & cars

www.energy.state.or.us/res/tax/taxcdt.htm
   You must apply for a certificate to take the credit.

Some Political Contributions (bring receipts)

Oregon Cultural Trust Tax Credit
   Certain contributions to the Arts made in 2007.

Oregon 529 College Savings Plan contributions
   Subtraction allowed up to $2,000.

• Audits of Sole Proprietors are increasing. Can your income and expense records stand up to IRS scrutiny?

• If you bought equipment, furniture, vehicles, etc. to use in your business or rentals, we need to know the purchase price and date.

• To take a deduction for a home office, the space must be dedicated to the business activity and not have any personal use. We need square-footage of office space, total for the home and some utility bills.

• To claim unreimbursed, business-related travel expenses, you must be gone from home overnight. Business travel usually includes your "transport", lodging, meals and some incidentals.

• All business entertainment expenses must be documented with a log recording who was taken out, when, where, the cost and business purpose.

• You can make a 2007 contribution to your Roth, IRA and/or Coverdell ESA up until April 15, 2008.

• Did you buy a new hybrid car or make some residential energy improvements in 2007? You may qualify for a tax credit. Details are on our website.

• The Child Tax Credit is $1,000 per child age 16 and under. Your child may be claimed as a dependent up to age 23 if certain conditions are met.

• Your marital status on December 31 generally determines your filing status. Married Filing Joint means both spouses take full responsibility for any tax due on the return regardless of who earned the income.

• We offer clients a free CD burned with a complete copy of your tax return and scanned copies of supporting documents. If you already have a CD from us, bring it back and we’ll add this year’s return to it.