Don’t Forget to Bring These Things to Your Next Tax Appointment

When it comes time to file your taxes, you’ll want to be prepared. As we’ve noted many times in the past, showing up at your CPA’s doorstep with a shoebox full of receipts is good– but tallying them (and organizing them) in advance is much better.

Although the 2020 tax filing deadline was May 15 (unless you live abroad and your filing deadline is June 15, or you filed for an extension, which gives you through mid-October), it’s never too soon to start prepping for next year.

Below are just a few of the documents you start preparing for next time.

Starting with the obvious

If you’re working with a new firm, you’ll want to bring copies of last year’s state and federal tax returns along with documents that support the current year’s deductions.

Examples of supporting documents include medical bills, mileage records (if you plan to write off mileage due to your job), receipts for meals, work-related travel, documents related to home office expenses, student loan interest statements, retirement account contributions, educational expenses, property taxes and mortgage interest, classroom expenses (if you’re a teacher), and information to support you state and local tax payments.

You’ll also want to bring your income information, such as W-2 forms and 1099 forms.  If you worked as an independent contractor, you likely received a 1099-Misc. If you received interest income, you should have a 1099-INT, and if you lost your job and received unemployment insurance payments, you should have received a 1099-G.  Lastly, if you received payments via PayPal, Google Checkout, or your business used a credit card payment processor, you might have received a 1099-K.

As you start gathering documentation for your appointment, don’t forget to jot down the social security numbers for yourself, your spouse and you’re your qualifying dependents. Dependents include minor children (or in some cases, young adults up to age 24 if they’re full-time college students), children of any age if they’re totally and permanently disabled. If you have questions about the rules for qualifying dependents, be sure to speak with your tax professional.

Have questions? Call Hughes, Snell & Co. P.A. today to get started

For more information about how you can start to plan for next year’s taxes (or to learn about the types of documents you should start setting aside now), we can help. Call the office of Hughes, Snell & Co., P.A. to schedule a free, no-cost consultation.