If you’re like most people, you dread tax season. But did you know that hiring an accountant to help with your taxes can save you time and money? Here’s why you need an accountant to help with your taxes:
- An accountant can help you take advantage of all the deductions and credits you’re entitled to.
- An accountant can ensure that your tax return is filed correctly and on time.
- An accountant can help you plan for next year’s taxes so that you’re not caught off guard.
- An accountant can represent you in case of an audit by the IRS.
- An accountant can provide valuable insights into how to run your business more efficiently for tax purposes.
- An accountant can help you plan for retirement and other financial goals.
6 things to bring:
W-2s
W-2s are an important part of preparing your tax return. Here are six things to bring your accountant to help them prepare your return:
- Your most recent W-2 form from each employer.
- A copy of last year’s tax return.
- Any documents related to changes in your income or deductions since last year.
- Documentation of any charitable donations you made during the year.
- Records of any medical or dental expenses you incurred during the year.
- Proof of any other taxes you paid during the year, such as state or local taxes.
- 1099s
If you’re an independent contractor or own a small business, there’s a good chance you’ll be issued a 1099-MISC form come tax time. Here’s what you need to know about 1099s and how to prepare for them.
As an independent contractor, you are considered self-employed by the IRS. This means that you are responsible for paying your own Social Security and Medicare taxes and any state and local taxes.
You would receive a 1099-MISC form from any person or company you worked for during the year if you were paid $600 or more. The payer is required to send both you and the IRS a copy of the form by January 31st.
The 1099-MISC form will show how much money you were paid during the year in box 7.
Receipts
There are a few key things you should bring with you when you meet with your accountant to prepare your tax return:
- Bring any receipts for charitable donations you made throughout the year. These can be in the form of cash or property donations.
- Bring receipts for any medical or dental expenses you paid out-of-pocket throughout the year.
- If you have any receipts for business expenses, such as travel or office supplies, be sure to bring those as well.
By bringing these items with you to your meeting, you can be sure that your accountant will have all the information they need to prepare an accurate tax return for you. This will help ensure that you get the maximum refund possible.
A detailed list of deductions
As the tax season approaches, you may be scrambling to get your documents in order. Don’t forget to bring these key items to your accountant to ensure a smooth and accurate tax return.
Your W-2 form from your employer is the first item on the list. This document will show your total earnings for the year, as well as any taxes that were withheld from your paycheck.
Next, bring any 1099 forms that you may have received. These forms report interest, dividends, or other income that is not reported on a W-2 form.
If you had any significant life changes during the year, be sure to bring documentation of those. This could include a marriage certificate, birth certificate, or divorce decree.
Finally, don’t forget to bring records of any charitable donations you made during the year.
Previous year’s tax return
If you’re getting ready to sit down with your accountant to prepare your tax return, you’re probably wondering what you need to bring. Here are six things you should bring to ensure your return is done right.
- Your previous year’s tax return. This will help your accountant understand what needs to be done and what forms need to be filed.
- A list of any changes in your financial situation. This includes a new job, a new baby, or a change in marital status.
- Documentation of any deductions or credits you plan on claiming. This could include receipts, canceled checks, or other documentation.
- Any relevant information about investments or property holdings. This includes things like stock certificates or deeds to the property.
Social security number
When you sit down to prepare your tax return with your accountant, there are certain items you’ll need to bring along. One of the most important is your social security number. This is the key to ensuring that your return is filed correctly and that you receive any refunds or credits you’re entitled to.
Without your social security number, your accountant won’t be able to accurately file your return. In addition, if you’re owed a refund, the IRS won’t be able to process it without your social security number. So be sure to bring this critical information when you prepare your taxes.
The Role of Accountant
An accountant can help you with tax preparation in some ways. They can help you gather the necessary documents, ensure that you are claiming all the deductions and credits you are entitled to and prepare the return itself.
TPI tax services can also help you to plan for your taxes throughout the year so that you are not surprised come tax time. This may include advice on what kinds of investments or expenses will be tax deductible, and how to best structure your finances to minimize your tax bill.
An accountant can save you time and money when preparing your taxes.
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