Onboarding PDF Requests and Access
- Ensure retainer paid, engagement signed, access to folders, budget & scope I estimate provided
- Prior 2 years of filed tax returns and W-2s if easily accessible
- Ensure tax returns contain depreciation schedules for any rental real estate
- Purchase documents (HUD-1) for any property held or sold
- All current year to date pay stubs
- Do not use special non-PC characters in document titles such as / \ : * ? ” < > | (E*Trade) as these documents won’t appear for us
Onboarding Questions and Documentation
- Basic client info & IRA profile filled out
- Grand total current year compensation estimate:
- Grand total current year compensation estimate breakdown
- Current W-4 and withholding information:
Projection Estimates (June 1) mid-year or year-end (November 10)
- Ensure standard payroll items are up to date (pay stubs and any W-4 withholding info)
- Items left blank we can use an estimate based on the prior year
Wage estimates for the entire year:
- Grand total compensation
- Regular / Bonus / Stock compensation breakdown
Estimates for the entire year:
- Grand total household income:
- Interest income:
- Ordinary / qualified dividend estimate:
- Short-term capital gains estimate:
- Long-term capital gains estimate:
- Other income:
- Life changes or events:
Projection Extension (April 1)
- Ensure standard tax documents for the year have been provided (W-2, 1099s, 1098s, etc…), questions answered, templates filled-out
- Estimate any information for items not yet final such as awaiting K-1s or other income items
- Indicate any big changes in the current Q1 and expected Q2 that may generate taxes such as stock sales
List of Standard Tax Docs, Supplemental Info, and Questions
- Family info, social, DOB (excel file to fill out)
- Wage related: W-2s, all pay stubs, withholding info
- Standard investments: 1099s for brokerage accounts, interest, dividends, stock sales, supplemental statements (Especially with E-Trade),
- Investment partnerships: K-1s issued from LLCs and S-Corps
- Rental real estate: Excel file, Hud-1 purchase documents
- Asset sales: Sales document (Hud-1), sometimes 1099-S, out of pocket costs such as staging
- Healthcare: Form 1095 for coverage info, Health Savings Account (HSA) info Form 8889, any FSA (Flex Spending Accounts) info
-Any IRA contributions made or want to make?
-Any significant cash or non-cash charity not provided?
(Typically, without a mortgage you would need at least $2,000 of contributions)
Catch-Alls for Comment
(Answer, yes, no, N/A, comment)
-All stock option income reported / exercise and hold Incentive Stock Option (ISO) forms 3921s provided.
-All forms provided for healthcare coverage and any Health Savings Account (HSA) distributions.
-No cryptocurrencies received, bought, sold, exchanged, or acquired not already discussed.
-No solar improvements.
-No new Tesla, rechargeable vehicle, or solar improvements.
-No 83B election(s) that need be attached to your return or to discuss.
-No foreign bank accounts, trusts, income, or assets to disclose.
-No out of state purchase(s) (like a Rolex or business supplies) that you owe CA use tax on.