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FAQ: What Items Do I Need to Provide for Tax Preparation?

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Providing all necessary documents upfront helps us complete your tax return accurately and efficiently. Here’s a detailed list of items to gather and submit:

1. Personal Information

  • For You and Your Dependents:

  • Social Security numbers or taxpayer identification numbers.

  • Birthdates for you, your spouse, and your dependents.

  • A copy of last year’s tax return (if you’re a new client).

  • Changes in Status:

  • Marriage, divorce, or legal separation documents.

  • Documentation of name changes (e.g., Social Security card update).

Early preparation for tax time is crucial to ensure a smooth and timely filing process.

2. Income Documents

  • Employment Income:

  • W-2 forms from all employers. W-2 forms are used to report federal income tax withheld.

  • Self-Employment or Business Income:

  • 1099-NEC or 1099-MISC forms.

  • Income and expense records for your business. Keep records of sales for tax purposes.

  • Investment and Retirement Income:

  • 1099-DIV for dividends and distributions.

  • 1099-INT for interest income.

  • 1099-B for sale of stocks, bonds, or mutual funds, including cost basis.

  • K-1 forms for partnerships, S-corporations, trusts, or estates.

  • 1099-R for distributions from IRAs, pensions, or annuities.

  • Cryptocurrency transactions and records.

  • Rental Income:

  • Income and expenses for rental properties.

  • Mortgage interest (Form 1098) and property tax records.

  • Other Income:

  • Unemployment income (1099-G).

  • Social Security benefits (SSA-1099).

  • Gambling winnings and losses (W-2G and receipts).

  • Alimony received (for agreements before 2019).

3. Deduction and Credit Documents

  • Health and Medical Expenses:

  • Health insurance forms (1095-A, 1095-B, or 1095-C).

  • Medical expenses, including doctor visits, prescriptions, and insurance premiums.

  • Long-term care insurance premiums.

  • Health Savings Accounts (HSA):

  • Form 5498-SA: Contributions made to your HSA.

  • Form 1099-SA: Distributions from your HSA (for medical expenses or other purposes).

  • Education Expenses:

  • Tuition statements (Form 1098-T).

  • Student loan interest statements (Form 1098-E).

  • Receipts for qualified education expenses (books, fees, etc.).

  • Home Ownership:

  • Mortgage interest statements (Form 1098).

  • Property tax bills.

  • Records for home improvements or energy-efficient upgrades.

  • Charitable Donations:

  • Receipts for cash or non-cash contributions.

  • Acknowledgment letters for donations over $250.

  • Childcare Expenses:

  • Amounts paid to care providers and their name, address, and tax identification numbers (TIN or SSN).

  • Retirement Contributions:

  • Records of IRA contributions (Form 5498).

  • Alimony paid (for agreements before 2019)

Taxation policies can significantly impact the deductions and credits you are eligible for, so it’s important to stay informed.

4. Special Situations

  • For New Homeowners:

  • Closing disclosure or settlement statement.

  • For Gig Workers:

  • Income from platforms like Uber, DoorDash, Etsy, or Airbnb.

  • Expenses for vehicle mileage, supplies, or home office use.

  • For Moving Expenses (Active Military Only):

  • Documentation of relocation expenses.

  • For Casualty or Theft Losses:

  • Insurance claims and appraisals.

5. Tax Payments and Refunds

  • Records of federal and state tax payments, including:

  • Estimated tax payments made during the year (date paid and amount).

  • Last year’s refund applied to this year’s taxes.

  • Balances due or paid on prior returns. Keep records of taxes paid at both federal and state levels.

6. Miscellaneous

  • Foreign Accounts:

  • Information for foreign accounts or assets (FBAR or FATCA reporting). Ensure proper access protocols for foreign accounts.

  • Identity Protection:

  • IRS Identity Protection PIN (if applicable). Unauthorized access to tax-related information can lead to severe consequences.

 

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