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If preparing for a visit with your tax advisor leaves you fretting over what to bring with you, then relax! This article will help guide you to complete the task in an organized nd efficient manner.
Following the flow of the income tax return, let’s organize your tax documents and receipts into five categories: income, adjustments to income, deductions, tax credits and tax payments. Collect all W-2’s and Form 1099’s. Write down on a sheet of paper or a tax organizer, for each person in your household, the form received and the payor who issued the form. Include any investment 1099s or Schedule K-1’s received from ownership interests. Do you own a soleproprietorship business? Provide a summary of your business’s income and expenses for the year along with a list of property and equipment purchased.
If you have adjustments to income such as educator expenses, moving expenses, IRA contributions(Form 5498) or student loan interest deductions (Form 1098-E), list preparation where the most omissions occur and if it was not part of your previous year’s tax return, you may not think to include them.
Being organized for your visit to your tax advisor will yield more than a properly prepared tax return, it will help your tax professional to be better able to advise you for the year ahead and save you from missed deductions, an incomplete tax return and tax notice “love letters” from the IRS. A properly prepared tax return is the foundation for all financial planning.
