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How to Prepare for Tax Season

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After enjoying the holiday season—like it or not, our life starts to get back to our regular schedule. Before you know it, it is time to worry about taxes. While no one enjoys doing their taxes (except me because I’m strange), knowing how to prepare for tax season is important to get your taxes filed in the timeliest and most efficient way possible. Otherwise, you could face delays in processing your return and receiving any tax refund. In preparation for filing your taxes, there are a few things you should have on hand when scheduling a consultation with your CPA.
Common documentation you will need to file your taxes includes:

  • Documentation of income such as your W-2
  • Social security numbers and dates of birth for all household members including you, your spouse and your dependents
  • A copy of last year’s tax return
  • Miscellaneous income (including contracted jobs)
  • Statement of profit/loss
  • 1099, stock option information and other investment income forms
  • State, property and local taxes paid
  • Sales of property income
  • Income and expenses from rental property
  • Direct Deposit info
  • Home business operating expense receipts

Also be cognizant of any taxable events that may have occurred last year.  These things include:

  • Contributions to an IRA
  • Contributions to an HSA or FSA
  • Roth IRA Conversion
  • Marriage
  • High value gifts
  • Purchase of an electric car
  • Working as an independent contractor

If you need help filing this year’s tax return, now is the time to schedule a consultation with your CPA. It is a good idea to have a second pair of eyes to go over your tax return just in case there is anything you may have missed. Your CPA has training on all the latest tax laws and regulations and knows how to file your return efficiently and make sure you get any tax refund you are entitled to receive.

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