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Summary: When preparing tax information for a CPA, organization is the most important facet over all other things. Make sure all financial statements are organized when preparing a tax return with advice from an experienced tax professional in this free video on taxes.
Danielle Loughran is a CPA with over nine years of public and private accounting experience at Arthur Anderson and Ernst & Young. Loughran was also responsible for internal controls...read more
"Are you one of those people who waits until the very last minute, to contact your CPA? And then, you want your taxes done right away? Well, my name's Danielle Loughran. I'm a CPA, and I'm here to tell you how to prepare your taxes for your CPA. There's a couple things that you want to keep in mind. And organization is the key word. First, make sure that you've gathered all of your receipts. Now, that doesn't necessarily mean throwing them into a shoe box, because we really don't appreciate that. We'll work with it, but you'll get charged more, because it will take more time to sort through those. So, if you want to be organized, get your receipts together, and maybe you can even put them into an Excel spreadsheet. You can just put the title of the place where the receipt is from, the amount, the date, and a brief description of why that should be deducted. I can not stress to you enough, how important it is, to have your receipts organized. This saves you money and it saves your CPA time. And that means you have a better chance of getting your return done more quickly. Another thing you want to have together, is your W-2 form, and any other employment forms, like 1099, mortgage interest statements from your home, and any K-1s that you've received. There's a host of other things that you may need, and most CPAs give you a tax preparation check list. Consult that checklist and you should be all set. My name's Danielle Loughran with Accell, and I hope that you know how to have your taxes ready for your CPA."