When it comes to tax preparation, it’s important to have all the necessary information ready for your tax professional so they can file your return accurately and on time. But what does your tax preparer need? Lighthouse Financial is here to help with this easy checklist for your tax prep.
Personal Information
Your tax preparer will need the names, addresses, and Social Security numbers of anyone listed on the tax return — this includes yourself, your spouse, and any dependents. Bring identification and Social Security cards for everyone so names and numbers are copied correctly.
Income Statements
Income includes wages, salaries, tips, and income from investments and rental properties. In most cases, your employer should issue you a W-2 form that reports your income from the year. If you are self-employed or receive other income, you may have a different form than a W-2 like a 1099 or 1098. Your tax preparer will need any income statements and tax forms from both you and your spouse.
Deduction and Credit Information
Your tax preparer will need to know about any deductions or credits that you qualify for. Some major deductions include:
- Interest paid on your mortgage or student loan
- Donation of an automobile, boat, or aircraft
- Tuition paid for post-secondary education
- Estimated tax payments
Receipts for Expenses
Your tax preparer will also need any receipts for expenses you would like to deduct. Medical bills, charitable contributions, IRA contributions, and certain education expenses can be tax-deductible.
Working with a financial planner throughout the year can help you feel more confident and prepared when it comes time to do your taxes. Lighthouse Financial has been helping clients prepare for tax season since 1992. Contact us and we'll work with you every step of the way to ensure that you have what you need to get your taxes done.