Tax season is just around the corner, and it doesn’t have to be a stressful event. Follow this guide to gather essential documents and information that will help your tax preparer provide an accurate record.
– Personal information
o Social security numbers (SSNs) for yourself, your spouse, and any dependents – first year only, information is with the preparer in subsequent years
o Bank account details which allow for a direct deposit of your refund.
– Income documents
o W-2s from all employers
o 1099 forms for any income generated from freelancing, investments, rental properties, etc.
o Business income and expenses if you are self-employed. Be sure to include all income statements and deductible expense – if you use a program like QuickBooks you an share the file with your accountant, otherwise your accountant should have a checklist for you to follow
– Deductions and credit information
o Medical expenses including out-of-pocket costs and insurance premiums – if you are self-employed
o Charitable donations, be sure to have proof of donations in the form of receipts or acknowledgement letters
o Education expenses including a form 1098-T and student loan interest statements (form 1098-E). Also, if you have a 529 plan for the student and you use those funds you will receive a 1099 – Q
o Childcare costs, include a detail of expenses and provider information including their Tax ID or SSN and address where the services are provided.
– Investment and retirement
o 1099 Forms for dividend or interest from brokerage and savings accoungs
o Records of IRA or HSA contributions
o Details of any capital gains or losses of stock sales
– Property and real estate
o Mortgage interest statement which is a form 1098 for your home loan
o All receipts or statements of property taxes paid if not paid thu your mortgage
o Income, expenses, and depreciation (this usually comes from the accountant) details on any rental property. Your accountant should have a checklist for this
– Miscellaneous Items
o A copy of last year’s tax return for filing reference. NOTE: If you are using the same tax preparer, they should have a copy of that in their files.
o Any tax notices received, such as an IRS or state tax agency letter – these should have been forwarded to the accountant when received
By organizing these documents early, you’ll save time, avoid delays, and reduce the risk of missing out on valuable deductions or credits. If you have any questions or need help gathering these items, don’t hesitate to reach out.
Professional tax services provide you with secured, confidential private locations to gather and store these documents.
Let’s work together to make this tax season as efficient and painless as possible. Schedule your tax appointment with us today. Visit our website at www.hocheisercpa.com to do so.
Thanks!
