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February 2, 2022

6 Things to Bring Your Accountant to Prepare Your Tax Return

As we approach the end of the year, it’s smart to begin thinking about taxes. While the tax deadline is still a few months away, the sooner you get your return filed, the less you have to worry about it. With that being said, do you know what documents you need to take to send to Mac Neal LLC? As a rule of thumb, the more information you can provide, the better. However, there are certain documents that are absolute “musts.” This list includes the following:

1. Identification Information

It’s important that your tax preparer has access to certain identification information that can be used to verify that you are who you say you are. Your social security card is the best option, since your accountant will need your social security number for each member of your family.

To claim dependents on your tax return, you will need their Social Security numbers as well as their full names and dates of birth. Every year, the IRS sends back hundreds of thousands of tax returns because the names and Social Security numbers on the forms don’t match.

You should also bring a second form of identification, which could include a driver’s license, military ID, or any state-issued picture ID card.

2. Copy of Most Recent Tax Return

While you may not qualify for the same tax deductions or write-offs as last year, if you are a new client, providing your previous year’s return can help access information and calculate certain deductions without having to have a lot of follow up. This could also be a good opportunity to discuss any discrepancies that may exist between previous tax returns and what your best approach should be.

3. Wage Statements

If you’re an employee at a company, you’ll receive a Form W-2 wage and tax statement from your employer. If you don’t receive this document by January 31,you may want to check with your employer to ensure there weren’t any mix-ups. Non-employees, which includes independent contractors and freelancers, should receive a Form 1099-MISC from each client you’ve worked with throughout the year. In this case, you’ll want to bring upload these forms.

4. Additional Income Statements

Did you accrue any additional income throughout the year? This may include interest and dividend income from investments, unemployment income, or social security income. You should receive statements for each of these sources of income, if applicable. You’ll need to upload these in as well.

5. Real Estate Documents

There are a lot of different deductions [MAN1] that can betaken when it comes to real estate holdings. You should bring your accountant any documents pertaining to a recent home purchase, proof of paid mortgage or home equity loan interest, or proof of paid real estate and personal property taxes paid.

6. Proof of Expenses

If you want to get your deductions and credits, it’s imperative that you hand overdocumentation that proves your expenses. This includes receipts, invoices, medical bills, charitable contributions, IRA contributions, job-hunting expenses, mileage logs, education expenses, self-employment expenses, and more. It’s better to upload too much documentation than too little.

Come To Us Prepared!!!

Filing a tax return is one of the more complicated financial tasks you have to handle each year. And codes because of the complex, room for interpretation, and different rules for various situations, it can be a stressful and challenging process. Instead of attempting to file your own tax return[MAN2]  and getting frustrated over the process, why not let Mac Neal LLC handle everything for you? Just make sure you bring in the documentation mentioned above, as well as anything else you believe may be important.

 [MAN1]Link to 9 things you didn’t know were tax deductions blog post

 [MAN2]Link to The 6 Reasons Not to Do Your Taxes Yourself blog post