What is a 1099-G statement?

Year-end 1099 statements are mailed by February 1 to inform recipients about income they received during the previous year. The 1099-G is a document issued by government agencies such as the Department of Revenue for use in filing out the federal and State of Colorado income tax returns. Only taxpayers who itemized their deductions using … Continue reading

Estimated Tax Payments and Prepayments

Taxpayers who have made estimated tax payments should carefully review their payment records before filing a tax return. Generally, taxpayers make estimated payments from a checking account but occasionally may make a payment from a savings or other account so it is important to check all records. Additionally, the 104 form requires a separate designation … Continue reading

Pay Stubs are not W-2s 

Taxpayers are warned against using their pay stubs as substitute W-2s for income tax filing. Some tax preparation services will advertise “Bring us your pay stubs and we’ll file your tax return.” Pay stubs do not usually have the employer’s Federal Employer Identification Number (FEIN) on them. The FEIN is required when taxpayers file their … Continue reading