Do you hate getting your taxes done? Are you always confused about what information you need and what you don’t? Don’t let tax time ruin your spring every year. Here are some basic things you should always gather before going to your tax accountant.
Proof of Income
Not all income is taxable, but you still want to include it in your taxes. If you had earned income the prior year, you will receive a Form W-2 from your employer. However, if you’re an independent contractor, you’ll receive a Form 1099-NEC. If you’re getting social security, including social security disability Madison WV, you’ll get an SSA-1099 or SSA-1042S form.
Other proof of income that you’ll include could be money you receive from a side job, child support or alimony payments you receive, or rents you are paid for a property you own.
While your tax professional doesn’t always need last year’s taxes, it’s always a good idea to bring them with you. Often, you need information off of the tax forms to access information on the IRS website, so you’ll potentially prevent some slowdowns by bringing them with you.
You also need to provide proof of identity for yourself, your spouse and any dependents on your return. You can do this by providing everyone’s social security cards and birth certificates for minors.
You never want to forget to include as much information about deductions as possible because they help reduce your taxable income. The less taxable income you have, the fewer taxes you’ll likely have to pay. Some deductions you should provide documentation for are:
- Medical bills
- Charitable donations
- Education costs
- Work expenses
- Retirement account contributions
If you have trouble remembering to keep track of your different expenses all year, you should consider downloading an accounting program or app on your phone that will help you with them.