Tax Season Prep: Essential Documents to Share with Your Accountant
Tax season seems to sneak up on us every year, doesn’t it? I know from working with clients that gathering everything can feel overwhelming, especially when life is already busy. The good news? A little preparation can go a long way. To help you stay organized and avoid any last-minute stress, I’ve put together a checklist of the essential documents you’ll need to make tax season go as smoothly as possible.
Essential Documents for Tax Season
Let’s start with the basics—these are the key documents your accountant will need to get started:
Personal Information: Your Social Security Number (SSN) or Taxpayer Identification Number (TIN), plus details for any dependents (names, dates of birth, and SSNs).
Income Records: This includes W-2 forms from employers, 1099 forms for freelance work or investment income, and K-1s if you’re involved in a partnership, S-corp, or trust.
Investment and Savings Contributions: Don’t forget 1099-INT (interest income) or 1099-B (stock sales). If you’ve made contributions to IRAs or HSAs, include those as well.
Retirement and Social Security: Retirees should include 1099-R forms for pension or retirement distributions and SSA-1099 for Social Security benefits.
Maximizing Deductions and Credits
No one wants to leave money on the table, right? That’s why it’s important to include documents related to deductions and credits:
Homeownership: Mortgage interest (Form 1098) and property tax statements.
Charitable Donations: Receipts for any donations made throughout the year.
Education Expenses: Whether it’s tuition (Form 1098-T) or student loan interest (Form 1098-E), these could mean valuable deductions or credits.
Childcare Costs: Include your childcare provider’s name and Tax ID, along with total expenses.
Medical Expenses: If your medical costs were significant this year, gather receipts and statements to see if they qualify.
For Business Owners or Self-Employed Individuals
If you’re self-employed or run a business, tax prep involves a little extra work. Be sure to provide:
A summary of your income and expenses (or profit and loss statement).
Receipts for business-related purchases.
Logs for vehicle mileage or business-related travel expenses.
Any 1099 forms you issued or received for contract work.
Taking the time to organize these will make your filing process much simpler—and help capture all the deductions you’re entitled to.
Simplify Your Tax Prep
Over the years, I’ve learned that a little organization can make a big difference. Here are my top tips:
Keep Everything in One Place: Whether it’s a physical folder or a digital one, gather all your tax-related documents in one spot throughout the year.
Don’t Hesitate to Ask: If you’re not sure about a form or receipt, ask your accountant. It’s always better to include more information than not enough.
Plan Ahead: Once your taxes are done, take a moment to plan for next year. Proactive strategies can save you time and money.
Let’s Make Tax Season Easier
Tax season doesn’t have to be stressful when you’re prepared. If you’re unsure about what to gather or need guidance on how this ties into your bigger financial picture, Mark and I are happy to help. Whether it’s organizing documents, planning ahead, or integrating tax strategies into your financial goals, we can work together to keep things on track. Reach out if you have questions—Mark and I are always here to support you.
