Insight.

Decisions.

Results.

Introduction to PP&D Accounting and Consulting

- Tax Time Tips

Forfurtherinformationpleasecontact: PP&D Accounting Services, Inc. Joseph R. Petrucelli, CPA/CFF/CGMA, FCPA, CVA, MAFF, PSA, CFE New York City, NY / Woodbridge, NJ ppd24.7@ppdaccounting.com TEL 732.636.4400
www.ppdaccounting.com

Tax Time!
- Major Sources of Income
Business net income less loss Net capital gain less loss All other income Dividends

Major Source of Income

Interest
Salaries and w ages Interest Dividends Business net incom e less loss Net capital gain less loss All other incom e Total:

Percent of Total Income 77% 4% 3% 8% 4% 5% 100%

Salaries and wages

Based on 90 years of constant dollar Individual Tax Return information from IRS.gov

Tax Time!
- 10 Last Minute Tax Preparation Tips
1) Ifyoudonothaveallyourtaxdocumentsfileanextensionandbe suretopaythetaxesdue. 2) Ifyouowestillfile,thepenaltiesareworseifyoufailtofile.Youcan makepaymentarrangementstoavoidsignificantpenaltiesand interestlater. 3) Selecttherighttaxpreparer.Refundguarantees,seasonal operations,andothersuspicioussetupsmaybeindicatorstostay away. 4) Bewareofidentitytheft. Ifavictim,fileForm14039tonotifytheIRS. 5) Makesureyouchoosethecorrectfilingstatus. 6) Makesureyouareclaimingtheproperpersonalanddependency exemptions. Theextensionoftimeisonlyfor filing,notpaying.

Fileandpayontime.

Yougetwhatyoupayfor.

NotifytheIRSif avictimofidentitytheft. Understandyourfiling. Verifyexemptions.

Tax Time!
- 10 Last Minute Tax Preparation Tips (continued)
7) Questionabledeductionsmustbesupported/derivedfromrelevant documentation.Yousignyourfilingunderthedeclarationofperjury, notthepreparer.YouwillpayiftheIRSauditsyou. 8) Avoidmatherrorsbyreconcilingyourdetailnumberstothe summarynumbers.SimplemistakesmayprompttheIRStocontact youtorequestacorrection. 9) 1099s:besureyoupickupalltheincomeonyourfiling.All1099's arereportedtotheIRSandwillbeonrecord.Ifyouarenotsureyou canrequestatranscriptformtheIRStoseewhat1099stheyhaveon file,aswellasW2s,K1aandotherinformationalfilings. Donotforget:illegalincomeistaxable. 10) MakesureyourpreparerisregisteredwiththeIRS,hasavalidPIN, andthatalltheproperformsareincludedwiththefilingofthe return(ScheduleAforitemizing,ScheduleBforinterestand dividends,andsoon). Supportyourdeductions.

Checkyourmath.

Reportallincome.

Checkyourpreparer.

Tax Time!
- Critical Tips to Stay On Top of Your Game
In Summary:

1. Plan ahead 2. Choose a preparer wisely 3. Critique your current filing to improve your position next year