We all know that Tax Day is April 15th. But the best time to prepare for that day is NOW.
Please schedule an appointment to further discuss any unique tax situations or to request an extension. The sooner we know of any potential issues, the better prepared we will be for you.
Additionally, start to gather all the necessary documents for your tax preparation. Make sure to refer to the Electronic Client Tax Organizer that was sent to all tax clients. This document will help by detailing the information you need for your tax preparation. It can also help you recognize any unique situations that may have happened last year that might affect your tax return.
FORMS
Some of the most common forms required are as follows:
- W-2 for wages, salaries and tips.
- Any applicable 1099 forms documenting other income you may have received (For example, 1099-DIV from dividends, 1099-INT from interest and 1099-MISC from nonemployee compensation paid to independent contractors).
- Brokerage statements showing investment transactions for stocks, bonds, etc. (including the cost basis for any securities sold).
- Any Schedule K-1 forms from partnerships, S corporations, estates and trusts.
- Any applicable 1098 forms – reporting any mortgage interest you may have paid. (Also, if applicable, the 1098-E for Student Loan Interest, 1098-T : Tuition Statement which is necessary for claiming a tax credit for education).
- Any applicable 1095 forms regarding health coverage.
- W-2G forms for any gambling or lottery winnings.
RECEIPTS
It is best to gather ALL pertinent receipts regardless of whether or not you will itemize your deductions or claim the standard deduction.
- Receipts for property taxes.
- Receipts for any investment-related expenses.
- Receipts for medical costs not covered by insurance or reimbursed by another health plan.
- Receipts for any Charitable contributions.
- Be prepared to share your business books and records if you have self-employment income and expenses.
MISCELLANEOUS
- Personal information – SSN for you and all your dependents
- Vacation home or rental property addresses
- Any real estate property sales – date of sale, amount received, and amount originally paid.
- Any legal papers for adoption, divorce, or separation involving the custody of dependent children.
- Any tax notices sent by the IRS or other taxing authority.
Make sure to speak with us if you think you might require an extension. And look at last year’s tax return as a helpful aid for the necessary preparation for this year. A little effort now will not only help your tax team, but will help you get all the necessary steps done for a speedy tax preparation.