Do I have to have all my receipts and documents for deductions if I go to H&R Block or?

Question

is just having my W-2 form sufficient?

And am I allowed to just dictate to the H&R Blockl tax preparer all my deductions?

Thanks!

Answer 1

You are certainly allowed to simply tell me what most of your deductions are. If you have deductions for which you were sent a form, mortgage interest for instance, it is best to go ahead and bring the form, because there is additional information that we could need. But if you're talking about mileage or education expenses, then you can just tell us.
However, it is likely that your preparer will make a note in the computer (not for the IRS, but for Block) that you dictated the deductions. We commonly call this "reading them off the wall" because many taxpayers simply make the information up. when this happens, to cover ourselves, we make a note of it. Doesn't go anywhere, but if you're audited and found to be deficient, I'm not going to take heck for it.
The job of a tax preparer is to properly prepare the return using the information the taxpayer gives. We ask a lot of questions, and ensure that the information you give is properly reported. But it is not our job to act as an auditor. We take your word for most things, and will let you know at the time of tax preparation how to store the records and what you would need in the event of an audit - just in case
Good luck, and may you have a blessed day, and New Year!

Answer 2

H & R Block does not audit your return. What that means is they do not require all documentation fo enter deductions on your tax return.

You are required to provide documentation to the IRS if you ARE audited by them.

Be aware, however, that if you are audited and cannot provide proper documentation to the IRS, Block is not responsible for penalty and interest.

Block's computer program allows its preparers to enter notes about a client that are not sent to the IRS, but are retained for the following year. Preparers use these notes if there is information that they need for the following year's return such as capital loss carryovers and IRA contributions made. They also may use the notes for suspicious deductions such as mileage or deductions that were "the same as last year"

Also note that Block preparers (or any other preparer for that matter) is not allowed to file which is known to not be accurate. This means that if you tell us that you have an other W-2 comming or other income that you don't us to report, we cannot prepare the return. We are not allowed to report this to the IRS either.

Answer 3

You'd be wise to have documentation for your deductions, but if you just tell the Block preparer about them they might take your word for it. YOU are the one responsible for the accuracy of your return, not H&R, so if anything is questioned, YOU are the one on the hook for it.

If you have mortgage interest and real estate taxes, you'll get paperwork on that anyway from the lender. State and local tax info will most likely show up on your W-2, also things like union dues. The rules have changed on charitable deductions and now you need receipts. For most deductible items you would have paperwork anyway, so you might as well take it along to the preparer.

Answer 4

Yes, you need to have all your receipts and documents for your deductions. Your professional tax preparer is not required to examine those receipts and documents, other than the IRS documents that have been sent to you such as Form W-2 or Form 1099.

If you lie to your tax preparer, and sign your filing documents, then you, not the preparer, have committed fraud. The preparer is not responsible in any way for this, as the preparer only certifies that the return is accurate based on the information provided.

Answer 5

If you claim deductions when you don't have receipts, this can sometimes be seen as fraud by the IRS. This can keep the statute open forever.

And if you aren't ready with your receipts NOW, you will never be ready with them if the IRS asks to see them in an audit.

Organize the receipts. Make a cover sheet with the totals and take everything with you when your taxes are done.

Answer 6

It depends on how much money that you would like to have returned to you. If you make over a certain amount. It may be five thousand, it could save you a lot of money. You need to have to have all your deductions as much as possible, but if you don't have them, the workers will interpret them and estimate them with you. When you actually need the deductions is when IRS comes to your door and says they need them to evaluate your case. Then you better be able to find all of them. I keep mine in a bag and collect them all year long. I keep them for more than five years. I have never had to show them to the IRS, but they are safe and ready to be checked over at any time.

Answer 7

They will want every single receipt - if you do not have a receipt you cannot deduct it.

This is because they are liable for the preperation of your taxes.

If you get audited - the IRS will want every single piece of paper you have to prove what you were paid and or what you deducted.

Answer 8

Take all of your documents with you. If you have any doubt take it with you. You might forget various amounts of money or dictate the wrong figures.

Answer 9

They want all of your receipts because if you turn in a form without it they could be liable to a certain degree.