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Although the New Year is exciting and full of possibilities, it’s also a time to tidy up remnants of the previous year, particularly when it comes to doing your taxes. The good news is that tax preparation isn’t a task you have to handle all alone. A Certified Public Accountant (CPA) can help you prepare quickly and accurately, setting you up to receive the greatest possible return. If you’re interested in preparing for tax season with an accountant, here are five documents you’ll want to bring to your first meeting.

What to Bring Your Accountant for Tax Return Preparation

1. Social Security Card

If you’re seeing the CPA for the first time, you should bring your original Social Security card. The accountant will use this to verify the spelling of your name and your Social Security number, which is how the IRS identifies you.

2. Proof of Income

Typically, employers will provide you with a W-2 Form no later than January 31st. This document details how much the employer paid you and how much you withheld for taxes. If you’ve earned money through any other means, like self-employment or investments, you’ll need to bring records of that income, too.

3. Expense Records

tax preparationCertain expenses are used to determine deductions or values that reduce your taxable income. These deductions also decide the amount you owe the IRS.

There are many categories of deductible expenses you might review with your CPA. The most common expenses include medical fees, property tax payments, student loan interest payments, IRA contributions, and charitable donation receipts. If you work from home, you might also be able to deduct several business-related payments.

4. Health Insurance Records

If you’ve enrolled yourself or a family member in a plan through the Health Insurance Marketplace, bring the 1095-A form provided by the Marketplace. This statement shows how much you paid for your insurance premium, and if you received any tax credits on those payments. Since these tax credits are based on your estimated income, it must be checked with your actual income for the year. If you made a different amount than estimated, you may owe or be owed extra money.

5. Most Recent Return

Your return from the previous tax year can be incredibly helpful to the accountant and help speed up the processing time. In many cases, CPAs can pull data from these returns without having to perform exhaustive additional research.

 

Based in Holmen, WI, the experienced CPAs of Engelson & Associates can simplify your records and ensure your return is accurate and optimized to prevent over-payment. Beyond standard tax preparation, these experienced accountants also assist with tax planning for the upcoming year, bookkeeping, and employee benefit plan audits, and other critical financial services. View their services online or call (608) 526-3437 to schedule an appointment with a qualified accountant.

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