What Should One Bring to an Accountant's Office to File Taxes?
For many taxpaying Americans, the idea of filing their own taxes brings fear of paying too much, misunderstanding tax law and Internal Revenue Service audits. These individuals choose to hire a professional accountant to file their taxes, trusting the accountant to file correctly and relying on the accountant to defend them in the event of an audit. To prepare for a meeting with their tax accountant, taxpayers should bring along documentation to assist the accountant.
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Basic Information
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The IRS requires the taxpayer's Social Security number and her spouse's Social Security number to be reported on the tax return itself. If the taxpayer claims any dependents, the Social Security numbers of those dependents must be included on the tax return. The accountant needs the birth dates of the dependents in order to verify dependent status for each person.
Income Information
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Employers and financial institutions provide taxpayers with written documentation of the income paid to them during the tax year. Employers mail form W-2 to each employee they compensated during the year. Financial institutions mail form 1099 to each recipient itemizing any interest or dividend payments sent to the taxpayer. Businesses mail form 1099 to independent contractors itemizing the payments made to those taxpayers.
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Business Documents
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If the self-employed taxpayer has an income statement for the year, she should bring a copy along when heading to the accountant's office, as well as any receipts documenting the expenses she paid. The accountant creates a Schedule C, which reports business revenue received along with each business expense paid during the year.
Recent Tax Return
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The taxpayer needs to bring her most recent tax return along to the accountant's office. The accountant can refer to the previous year's tax return for several items. If there are any carryover items from the previous year, the accountant will discover them by reviewing the previous return. The accountant can also compare the previous year's return to the current year for reasonableness.
Deduction Information
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Many taxpayers are entitled to various tax credits or tax deductions. If the taxpayer owned a home, she should bring along her property-tax records and form 1098 from the mortgage company. Form 1098 details the mortgage interest paid during the year. The taxpayer should bring along her records of child-care expenses for the year, medical expenses, educational costs and student-loan interest payments. If the taxpayer made charitable contributions, she should gather those receipts.
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