Helping Your Tax Preparer Help You

Tax season will be here before you know it. Have you made your tax return preparation appointment yet? Though an accountant is preparing your return, there is something you can do that will cut down on the time required to complete the return. The important step is making sure you have all the documents you need when you go to your appointment. This includes:

Social Security numbers for yourself and all dependents.

Bringing the cards is a good idea, because one of the top filing errors is mistakes on social security numbers.

Income documentation:
 - W-2 forms from all employers for the year. 
 - 1099-INT and 1099-DIV forms for all accounts that paid you interest and dividends, including bank accounts, insurance policies, etc. 
 - 1099-B forms if you traded stocks and bonds. 
 - 1099-SSA forms if you received Social Security payments. 
 - 1099-MISC forms if you received income as a self-employed, independent contractor. 
 - K-1 forms if you received income from a small business, partnership, or trust. 
 - Any other paperwork showing income, from alimony payments, rentals, etc.

Deductions documentation:
- Receipts, statements, or canceled checks to prove deductions such as contributions to an IRA, property taxes on your home, mortgage interest, moving expenses, health care expenses, childcare expenses, etc.
- You must have a receipt for donations made to charity.
- If you qualify for a credit because you installed energy efficient windows or a new furnace, bring those receipts with you.
- If you are self-employed, bring documentation to prove your business expenses, such as new office equipment or supplies you purchased and business mileage on your vehicle.

Don’t bring all of this stuffed in a box.

Organize your paperwork into categories so it will be easy to find and tally the amounts of your income and deductions. This will help your preparer make sure you pay only the tax you should, and get back the largest refund you’re entitled to.