There are a few items you will need to gather before going into your tax preparer. Ensure that all forms w-2 and 1099s are available. It is important to compare the items from the previous year so that you don’t forget anything. There are many different types of 1099s. If you receive interest income you will receive a 1099-INT. If you receive dividends from stocks you own then you will receive a 1099-DIV. If you earn nonemployee compensation then you will receive a 1099-MISC. If you receive retirement income from a pension or and IRA then you will receive a 1099-R. All 1099s are needed to properly prepare your return. You will also need your social security income statement if you receive social security income. Income from partnerships, estates, trusts, and S-Corporations will come to you on a form K-1. If you receive a 1099-G that means you received unemployment benefits during the year.
You will also need all forms 1098. These are amounts you paid out that may be deductible. Such as mortgage interest or 1098-T for tuition, or 1098-E for student loan interest. Bring other items you would like to deduct such as property tax, auto tax, charitable contributions, employee business expenses, medical expenses, etc.
Also, bring your year end broker’s statements that might show sales of stocks.
If you receive a form and are not sure if it should be included in the information you provide to your accountant, bring it in and let them decide whether to include it or not.
Be certain that all of these forms have your social security number on them. Someone else who lives with you may need to file a return also.
Make a list of questions for your accountant.
If they provide you with a proforma, answer all of the questions even if you don’t fill in the rest because this helps your accountant to know which questions to ask and what forms will be required in filing your return.
For more information about selecting a tax preparer: www.etaxwiz.com
