As tax time grinds on, it’s all about documents, documents, documents. We talked about it a little bit, but I thought maybe we could go into further detail.
Get together last year’s tax return: Especially when going to a new accountant, you need to dust off your returns from last year — or dust off the list of passwords. Alternatively, if you have somebody like JHA that’s going to prepare everything for your accountant, they can look at what you have.
Charitable contributions. Make sure that you have all the acknowledgement letters for any contributions over $250.
1099 How many 1099s should you have? We have a post for that!
W-2: W-2s have been sent and received. If you’re like most people, you only get one at a time. If you’re a W-2 employee, evaluate your withholding to make sure you will max out contributions to your retirement accounts. I recommend consulting with a financial professional before following through with any adjustments.
Receipts for: medical expenses, moving expenses, rental properties, tuition (for kids or self-improvement).
At JHA we’re like airline pilots — in the sense that we believe in, and rely on, checklists. Checklists allow us to be consistent with all our clients, and they’re an extension of our organization ethos. One of the many things we can do is make checklists for you. Our organizers can also:
- Sync your physical file cabinet with your online files
- Help you find password solutions
- Streamline your bill paying
If you’re going to a new tax preparer, make sure you have your state-issued identification — and make sure you at least know your Social Security number. Again, look for an accountant who seems engaged with their profession, and there’s no better indicator of that than a good blog!
For more information, contact me.
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