TAX FILING INFORMATION

 INDIVIDUAL 

Attention Clients,

This year, 2022, Cornerstone Accounting Solutions has implemented a new procedure. We are now requiring all clients, new and current, to complete our new Tax Information Form (previously known as the Income Tax Checklist) in order to prepare your tax return.

This form will aid in ensuring that your tax return is filed timely and accurately. Please take the time to look over this form, complete it and forward to Cornerstone as soon as possible.

We appreciate your patience and willingness through this new procedure, and we look forward to hearing from you.

Thank you,

Lawrence Smith and Staff

2022 Client Information Checklist

In 2022, it will be required for all Cornerstone Accounting Solutions clients to complete this form. Please complete this form prior to submitting your paperwork for tax preparation. Please note that we will not be able to prepare your 2021 tax return without this form.

*Note: fillable PDF not available on mobile

IN ORDER TO MEET THE APRIL 15 DEADLINE
DOCUMENTATION IS DUE NO LATER THAN
MARCH 31, 2022

Tax Preparation Information

  • Stimulus Checks/Economic Impact Payments:

    • In 2020 and 2021, the government sent out three total economic impact payments (EIP) to eligible taxpayers. These EIPs were in response to the COVID-19 pandemic. While these EIPs were not taxable income, they do need to be reported on your tax return (for years 2020 and 2021).

      • For your 2020 tax return, you need to report if you received EIP #1 and EIP #2, and the amounts you received.

        • EIP #1 was sent out by direct deposit, check, or pre-loaded debit card and was issued in the spring/summer of 2020.

        • EIP #2 was sent out by direct deposit, check, or pre-loaded debit card and was issued in December of 2020 or January of 2021.

      • For your 2021 tax return, you need to report if you received EIP #3 and the amount you received.

        • EIP #3 was sent out by direct deposit, check, or pre-loaded debit card and was issued in March of 2021.

    • If you were eligible for any of the EIPs and missed any of the three payments, that will be rectified and reflected on your tax returns.

    • For more information on eligibility and payment amounts, please visit the IRS website here.

  • Estimated Payments:

    • If you are projected to have a balance due to the IRS and/or state government, you may be required to make estimated tax payments. These payments are applied toward next year's tax liability. Estimated payments help to close the gap between the taxes you owe during the tax year and the taxes you withhold in order to try and alleviate the tax and penalty liability you may owe.  

    • For more information on estimated payments, please visit the IRS website here.

  • Charity:

    • If you make donations greater than $250 to any charity, you are required to have proof of donation from the charity.

    • Non-cash deductions greater than $500 must have detailed documentation (date, item, amount).

    • For more information, click here

  • Medical

    • If you project your medical expenses to be greater than 7.5% of your adjusted gross income, you may be entitled to a medical deduction. Please note, generally, over-the-counter products/services are not deductible.

  • Mortgage

    • Mortgage interest for the first two houses (non-rental) may be deductible.

    • Please provide all re-financing papers for tax return preparation.

  • Other:

    • Teacher's expenses:

      • Amount spent as a teacher

    • Student Loan Interest

      • Amount of interest paid toward student loans

    • Gambling:

      • If you have winnings, provide a loss report (typically given by the casino)

    • Alimony:

      • Did you receive or pay alimony? If yes, provide the date alimony payments began and payment amounts.

    • Energy Credits:

      • Did you install solar? If yes, provide a copy of the contract.

      • Did you install insulation? If yes, provide a copy of the bill from installation.

      • Did you install storm doors and/or windows? If yes, provide a copy of the bill from installation.

      • Did you install a new heating/AC unit? If yes, we provide a copy of the bill.

    • Social Security Benefits:

      • If you received any Social Security benefits, please include the statement (1099-G) for tax preparation.