Sure, it’s the middle of summer, but tax season always arrives before you know it, so it helps to start mentally preparing yourself early on so you can be organized and ready to go at the start of the new year. Working with a professional tax preparer can make your life a whole lot easier, as you won’t have to make any complicated calculations or submit paperwork yourself.
Of course, the entire process goes much more smoothly when you bring everything your tax preparer needs all at once. Here’s some information about what you need to bring to your tax preparer in Jamestown, ND:
- Your previous year’s tax return: This is mostly important if you’ve never worked with the tax preparer before—if you have, your preparer likely still has copies of your tax returns from previous years. Past tax returns contain information that can easily be transferred over into your new one.
- Personal and dependent information: You should have social security numbers, dates of birth, driver’s license numbers, state IDs and ITINs.
- Wage and earning information: You must bring records of all the money made in the tax year. This includes W-2s, 1099s, interest and dividend statements, records of lottery or gambling winnings, records of rental income, healthcare reimbursements, jury duty information, income from hobbies and prizes, alimony records, records of government benefit payouts and much more.
- Expense information: Bring in records for all of your expenses, including mortgage interest, real estate and property taxes, medical expenses, state and local taxes, sales taxes for large purchases, educational fees (including student loan interest), alimony payments, moving expenses, energy-efficient home improvements, other home improvements, job hunting expenses, estimated and foreign taxes and daycare payments.
- Health insurance information: Bring your form 1095-A and any coverage statements from your insurer or employer (1095-B/C).
- Business expenses: If you incurred any deductible business expenses, such as mileage, meals, lodging, business education, parking, tolls or home office costs, bring records of those expenses.
- IRA information: Know the total amount you contributed to any IRAs you own, as well as the value of those IRAs as of December 31 of the tax year.
- Bank information: If you’re going to use direct deposit for your tax return, you’ll need to bring a voided check for your checking account. If you will use your savings account, all you need are the account and routing numbers.
- Disaster information: If you were affected by a hurricane, tornado, flood or other disaster, there are some deductions that will apply to your taxes. To claim them, you’ll need information such as records of the property you lost, records of repair and building costs, insurance claims and reimbursement information and FEMA assistance records.
Your tax preparer in Jamestown, ND will let you know if you need to bring any additional documentation beyond that listed above when you make your first appointment. Contact Craig S. Hanson, CPA to learn more today about how you can prepare for tax season.