Tax season may still be a few months away, but getting an early start can make the process much less stressful. Nothing makes your tax preparation more difficult than hunting down lost documents and tracking down receipts, so the first step is to collect your necessary paperwork. Below are a few of the things your accountants will need to prepare your taxes.

5 Documents You’ll Need to Do Your Taxes

1. Identifying Documents

To prepare your taxes, you’ll naturally need your financial information—but don’t forget to bring identifying documentation as well. If you’re claiming your spouse or any children as dependents, you’ll need their identifying information, too.

2. Last Year’s Tax Return

Your tax preparation professional can use last year’s tax return to gather valuable information and calculate deductions without requesting much more paperwork. They can also double-check your previous year’s filings for any mistakes or discrepancies.

3. Wage & Earning Statements

You’ll need to bring your W-2s and 1099s, along with any statements from your investment accounts, unemployment income, 401(k)s, and any other investments.

4. Real Estate Documentation

If you’ve purchased a home or paid interest all year, the interest and many other expenses may be deductible. Bring any receipts or other supporting documentation, including proof of any property taxes you’ve paid.

5. Receipts for Deductions

Any deduction you claim has to be supported by receipts, medical bills, and other invoices. A wide range of expenses, from business expenditures to IRA contributions, are deductible, so bring along everything you have so your tax preparation professional can identify all of the exemptions you qualify for.

For almost 18 years, the tax preparation professionals at Tudor Wilson & Associates CPAs have been building close working relationships with taxpayers throughout Honolulu. Visit their website for a full list of their services, or call (808) 592-2000 to get started on your tax preparation today.