What to Bring to Your Next Tax Appointment with Newman & Company PA
Getting organized to prepare for your tax appointment with your CPA, accountant, or tax preparer can save you a ton of time and is worth all the effort!
Personal Data
When gathering information for your tax appointment, make sure you bring personal data such as social security numbers for everyone (including your spouse and children).
Employment and Income Data
Your employment data is important to take into account when preparing your taxes. Make sure you bring the following documents for your CPA to review:
- W-2 forms for this year
- Tax refunds and unemployment compensation: Form 1099-G
- Miscellaneous income including rent: Form 1099-MISC
- Partnership and trust income
- Pensions and annuities
- Alimony received
- Jury duty pay
- Gambling and lottery winnings
- Prizes and awards
- Scholarships and fellowships
- State and local income tax refunds
- Unemployment compensation
Health Insurance Information
You may not think about it immediately, but having your health insurance forms and plans available for your tax preparer is important, especially when tax credits are involved. Be sure to bring the following health insurance documentation:
- All 1095-A Forms from marketplace providers (if you purchased insurance through a Marketplace)
- Existing plan information (policy numbers, etc.)
- If claiming an exemption, your unique Exemption Certificate Number
- Records of credits and/or advance payments received from the Premium Tax Credit (if claiming)
Homeowner and Renter Data
If you own or rent your house, make sure you bring relevant forms for you accountant when preparing your taxes. Relevant tax forms and documentation include:
- Residential address(es) for this year
- Mortgage interest: Form 1098
- Sale of your home or other real estate: Form 1099-S
- Second mortgage interest paid
- Real estate taxes paid
- Rent paid during the tax year
- Moving expenses
Deduction Documents
When saving on taxes, deductions are key. Make sure you provide your tax preparer with correct deduction documents, such as:
- State and local income taxes
- IRA, Keogh, and other retirement plan contributions
- Medical expenses
- Casualty or theft losses
- Other miscellaneous deductions
Financial Assets
What assets do you own that you need to report on your taxes this year? Some documents that could help your tax preparer document your financial assets are:
- Interest income statements: Form 1099-INT & 1099-OID
- Dividend income statements: Form 1099-DIV
- Proceeds from broker transactions: Form 1099-B
- Retirement plan distribution: Form 1099-R
- Capital gains or losses
Financial Liabilities
Be sure to collect information on your financial liabilities, such as:
- Auto loans and leases (account numbers and car value) if vehicle used for business
- Student loan interest paid
- Early withdrawal penalties on CDs and other fixed time deposits
Expenses
If you’re wanting to save on your taxes, you’re going to need to write some expenses off your taxes. Important expenses to bring to your CPA or tax preparer’s attention include:
- Gifts to charity (receipts for any single donations of $250 or more)
- Unreimbursed expenses related to volunteer work
- Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions)
- Investment expenses
- Job-hunting expenses
- Education expenses (tuition and fees)
- Child care expenses
- Medical Savings Accounts
- Adoption expenses
- Alimony paid
- Tax return preparation expenses and fees
Automobiles
Provide your accountant with the following automobile tax information:
- Personal property tax information
- Department of Motor Vehicles fees
Self-Employment Data
If you’re self-employed, you will need to file a Schedule C. This document can get complicated so it is important we have all the information possible when filing your taxes. Be sure you bring the following for your CPA to review:
- Estimated tax vouchers for the current year
- Self-employment tax
- Self-employment SEP plans
- Self-employed health insurance
- K-1s on all partnerships
- Receipts or documentation for business-related expenses
- Farm income
Schedule Your Tax Preparation Appointment Now
Filing your taxes right to only pay what you need to is important. We recommend hiring an experienced accountant to guide you through the process. Call the office of Newman & Company PA, CPAs, accountants, and tax preparers in Central Florida today at 407-960-4331.
