Some additional documents to bring to your Memphis tax preparer are any forms of income that are not included in a 1099 and also any receipts that can be applied against the 1099 as a business expense. Any schedule C information such as insurance, mileage on business vehicle, telephone, computer fees, and any equipment that depriciates over a long period of time. If you are a member of a Memphis S-corp or Memphis Partnership it is a good idea to bring in your K1s. K1s are proof of earnings and losses on a Memphis business. Other 1099s are also important. All 1099s that are proof of money received from investments. 1099s that have dividends that roll over into the investment will need to be claimed as well. On the deduction side, some good forms to bring are 1098s for mortgages. Any additional information received that involves finances, personal or business. The more information given to the Memphis Tax Preparer the better. Some new credits that can be applied to Memphis taxes are the 8000.00 first time home buyer's tax credit. This allows any Memphis resident that is purchasing a home to receive an 8000.00 tax credit. This tax credit has been extended into 2010. An additional benefit that is included in the new tax bill in addition to the first time home buyer tax is the unemployment benefit. This allows the first 2400.00 earned from unemployment to be untaxed. Also if you are laid off from a Memphis business the government subsidizes the Cobra health plan up to 65% of ...
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