Taxes can be overwhelming. At FNG, LLC, we love tax season. Tax preparation is like the accounting Olympics, and we’re champs. And one of the ways we help our clients save time and money on their taxes is to help them pull everything together. From information to documents, the following checklist will help you get your stuff together for your accountant. When our clients are organized, they save money on their tax preparation. And everyone likes to save money.
Information to Share
When you have an ongoing financial partner like FNG, LLC, this is a short list. In fact, your accountant should still have everything from last year. And if this is your first year working with an accounting partner, providing a copy of your previous year’s returns also shortens this list considerably. In fact, you will likely only need to let the accountant know if you have experienced changes in any of the following.
- Marital Status
- Childcare Expenses
- Healthcare Coverage
- Income Sources
- Deduction Sources
Documents to Gather
Different situations will require supporting documentation. This is not an exhaustive list, but the most commonly needed forms. If you bought a boat with your railroad retirement benefits and gambling winnings, you’ll need three more specific forms not on this list.
- W-2s. All of them.
- 1099s (Other sources of income, from retirement to interest and everything in between)
- Schedule K-1 (For partnerships and S Corps)
- 1098s (Other sources of deductible expenses, including mortgage interest and student loan interest)
Every tax scenario is different. And FNG, LLC spends time running a variety of scenarios with the information you provide to ensure your tax liability or refund benefits you the most. The more information we have up front, the easier it is to ensure your tax preparation goes smoothly.
Interested in our services? Download this PDF Checklist to get started. Then contact us!