Tax season is upon us, and while you still have some time to file, it’s best to get started now to avoid hitting any unexpected bumps in the road. Luckily, a tax preparer can help, as long as you provide them with the information they need. Here are the important documents to have in hand when seeking tax preparation services in Jamestown, ND.
Forms of identification
Your tax preparer will need you to produce certain identification information as proof that you are who you claim to be. The best option is your Social Security card, because your accountant will need your Social Security number anyway. They will also need the SSNs of all your dependents—the members of your family you’re claiming on your tax return—along with full names and dates of birth. If names and SSNs do not match, the IRS will send back your return. Finally, bring a second form of identification, like your driver’s license, state-issued picture ID card or military ID.
Most recent tax return
You don’t need to be present for your tax preparer to complete your tax return, but they may need to call you from time to time if they don’t have all your info. Help them out by providing a copy of your most recent tax return, which, although you may not qualify for the exact same write-offs or deductions as last year, still gives them easy access to information they’ll need to calculate your current deductions.
Wage forms and additional income statements
Company employees will receive a Form W2 wage and tax statement from employers, which should be received by January 31; if not, inform your employer so they can look into it. Non-employees, such as freelancers and independent contractors, should receive individual Form 1099-MISCs from each client they did work for during the tax year. Whether you receive a W-2, 1099-MISC or both, your accountant will need to have them.
In addition to wage forms, you may have accrued additional income throughout the year, such as unemployment income, interest and dividend income from investments or Social Security income. If any of these pertains to you, you should receive statements for each additional source of income.
Real estate documents
Many people get stuck on the write-offs and deductions part of their taxes, and there are a bunch of different deductions available for those with real estate holdings. When in doubt, bring it all! Bring your tax accountant any documents related to a recent home or other property purchase, home equity loan interest, proof of paid mortgage or proof of paid real estate and personal property taxes paid.
Proof of expenses
Want to get all the credits and deductions you can? Then be sure to give your tax preparer all documentation that proves your expenses, including receipts, mileage records, medical bills, invoices, charitable contributions, IRA contributions, education expenses, self-employment expenses and other documents. Bring it all, even if you’re unsure it counts as an expense you can claim.
Craig S. Hanson, CPA is one of the most reliable tax preparation services in Jamestown, ND. Contact us today and let us help you!