It doesn’t matter if you are coming to our office in person or sending your information virtually, there is a fairly consistent list of things that are required each year for an accurate tax return:
Here is a short list of what we need:
- W-2, 1099, 1098, K-1 and other income forms
- SSN & DOB for any new family members
- Any IRS Correspondence
- Mortgage Interest, Property Tax and Charitable Contributions
- Health Insurance records (including form 1095-A)
- Miscellaneous medical expenses (if significant)
- Documentation on any tax credits such as education, child care, solar or EV
- New clients should also bring:
o A copy of most recently filed tax return
o Birth dates of each family member
Contrary to what most people think, we do not need original documents. A scanned image or even a photograph works great! One other thing we suggest is that you create a folder for all of the “Important Tax Information” that arrives in the mail. It works best if you compile ALL of your records and bring them all at once. When people send info piecemeal, it’s easier for things to get lost.
You may also have one of the following which can affect your taxes:
o Decree of Divorce if you are recently divorced or separated
o Bank account for direct deposit if you are expecting a refund
o W2 forms and/or tuition statements for your older children
o Retirement income (1099-R, 1099-SSA, 1099-RRB)
o Unemployment income (1099-G)
o Gambling winnings and losses (W-2G)
o Healthcare reimbursements (1099-SA or 1095-A)
o Interest, dividend income (1099-INT, 1099-OIC, 1099-DIV)
o Brokerage statements showing sales of stock, crypto or other property
o IRA contributions (Form 5498)
o Student loan interest (1098-E)
o Sales tax on major purchases (Such as an RV or a boat)
o Points paid on home purchase
o Higher education expenses (1098-T, books, fees)
o Child care costs for children 12 and under (including after school programs)
o Solar or other energy credits
o Rental income and expenses (repairs, maintenance, insurance)
o Closing Documents for any Real Estate sales
o Estimated tax payments (Federal and state if any)
For business owners we also need:
- Records of Gross Income (this could be in the form of accounting software, bank statements or the back of a napkin... any method that works for you)
- Expenses (sorted by category / see page 3 of our organizer for more info)
- Record of any new assets or loans (basically a balance sheet)
- Mileage records for business vehicles
- Records of business travel (including per-diem days)
- Home office information (if applicable)
Interestingly, we do not need to see your receipts. We trust your numbers as long as they are reasonable. You should however keep the receipts in case of an audit. For what it’s worth, the IRS has allowed paperless document storage since 2002, a practice we use and recommend.
We will do our best with the information you provide to optimize your tax situation. One thing our office does a little different is that we have an organizer, but instead of having YOU fill it out, we generally do it for you. It’s not because we don't trust you or because it’s secret, but because it gives us a good checklist of things to discuss in further discuss that could save you money. If you would like a copy, you can download a free PDF copy here:
It's use is optional but you may find it helpful to know what kinds of things we will be discussing. Plus, the more organized you are, the lower our fee can be. Our goal is to make your visit as pleasant and productive as possible - Less like going to the dentist and more like going to your favorite sweet shop!
We look forward to seeing you soon!!!