Tax Season is Here! What does your Accountant need from you?

The holiday season is now officially over which means it’s time for a new season, Tax Season! We understand the majority of people dread this time of year because they have to gather and keep track of all these documents to give to their accountants so they can prepare their tax returns. Most people stress over not knowing if they have everything and are missing some documents, etc.

To help you out, here are some very common documents/information your accountant will need in order to properly fill out your tax return:

  • W-2’s
  • 1099’s
  • K-1’s
  • Income and expenses related to a business entity or rental property

Additionally, if you expect to itemize your deductions instead of taking the standard deduction (exceeding $24,400 as married filing jointly, or $12,200 if filing as single for 2019) you will need to provide any and all of the following as well:

  • Out-of-pocket medical expenses
  • Real estate taxes paid
  • Personal property taxes paid
  • Mortgage interest
  • Charitable contributions

These are just a brief listing of the most common documents needed to prepare a tax return. If you are ever in doubt of what you need to provide or would just like a list of what you’re supposed to provide, feel free to email your accountant asking for a list of the documents they use to prepare your tax return. They will look at the documents they used in prior years for your tax return to give you that information. That means if anything additional occurred in the current year, that hasn’t happened prior, chances are they don’t know to ask for it so it’s important to remember to provide them with it.

Your accountant is there to make this process easier for you, so utilize them and when in doubt, ask!

If you have any questions or need additional information, contact Sami Crigler at scrigler@bwtpcpa.com.

Sami Crigler works in the Tax Department at BWTP P.C. Read more about her here.

Leave a Reply

*

captcha *