BERKELEY HEIGHTS, N.J. ( TheStreet) -- I was recently working on a financial plan for a couple participating in their employer's group long-term care insurance program, and right inside the policy jacket it noted the plan qualified for federal income tax purposes. Yet when I reviewed the couple's prior-year tax return I noted this information was not included.Not providing the information may have cost them an itemized deduction. Taxpayers should not just rely on what they get in the mail for tax reporting purposes. They need to be proactive in providing their preparer with all the necessary information.
|Taxpayers need to be proactive in providing tax preparers with all necessary information, including self-reported documents, or very likely lose money.|
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