Tax season is just around the corner, and it’s never too early to start getting prepared. Below are just a few of the items you’ll want to organize and have on hand before you sit down with your CPA.
Photo ID
When you file your taxes you’ll need to bring a photo ID. Regardless as to whether it’s a passport, state issued ID card, or driver’s license, be sure to bring identification to your appointment.
Tax Identification information
If you have a social security card, be sure to bring that with you. On the other hand, if you’re a non-resident, a resident alien, or a dependent of someone who is not yet eligible to get a Social Security Number, you should have an Individual Taxpayer Identification Number (ITIN). Similar to a SSN, the ITIN is a 9-digit number that’s formatted as XXX-XX-XXXX.
Income statements
If you’re a full-time employee with one job, you’ll receive a W-2 form. On the other hand, if you changed jobs last year (or you work for more than one employer), you may receive more than one W-2 form. Be sure to bring everything with you.
If you’re self-employed, you should receive a 1099-NEC (or in some cases, a 1099-k) from each client you work with. For example, if you’re a freelance graphic designer and you have 4 clients, you should receive a 1099-NEC from each of them. If you sell items online via Ebay, Etsy, or Amazon, and you receive more than $600 in payments via Venmo, PayPal, or other similar payment entities, you’ll receive a 1099-K that outlines the income you received via those sources.
Records of business expenses
Self-employed individuals who believe they have deductions that exceed the standard deduction will need to bring records of their business expenses. Examples include credit card statements, travel receipts, mileage information (if they used their vehicle for business purposes), home office expenses, and records of quarterly tax payments, among others. For more information about what might qualify as a self-employment write off for your 2022 taxes, be sure to check with your accountant.
In closing
Accountants and CPAs get quite busy during tax filing season. Suffice to say, if you haven’t made your tax appointment yet, now is the time to get that done. Do you need to schedule a time to meet with a CPA to get your 2022 taxes done? Call our office now to get something on the books.
