April 15^th will be here before you know it, and the better prepared you are now, the less stressful the entire process will be. While everyone’s tax situation is unique, accountants usually recommend having the following documents on hand, as they’ll likely be needed for you to file. 

What Documents Will I Need for the Upcoming Tax Season?

1. Items for Deductions

Deductions are a great way to lower your overall tax burden. You can deduct expenses like fuel costs for work, home offices, individual medical costs, and charitable donations. However, you must have backing documents for any deductions you claim, if the IRS has questions. 

2. Tax Forms

Most tax forms go out in January and February of the new year. This includes items like W-2s and 1099s, which are provided by employers to taxpayers. If you haven’t received a document by February, be sure to reach out to the sender to verify that it’s on its way. 

3. Past Returns

In the event the IRS has questions about a previous return, you may need to provide it to produce answers. This is one of the benefits of filing your taxes online, as an electronic copy will be easily accessible as long as you maintain your account. For returns filed via mail, be sure to keep a copy in an organized storage location, such as a desk or filing cabinet. 

4. Additional Documents

Were you married last year? Did you have a new baby or adopt? Did you make improvements to your home or boost energy efficiency? If so, be sure to keep copies of all documents related to these life events, including birth and marriage certificates, as well as invoices and receipts related to home repairs and renovations. They can show how income was spent and clarify your expenses to the IRS.

Working with an accountant to compile documents and prepare your return is the best way to avoid mistakes and issues. Clark W. Terrell, CPA has earned a reputation for knowledgable and compassionate tax service in Crossett, AR. Unlike other firms, this accountant charges a fixed price based on the services you need. He’s also available to come to you in the event you can’t make it to his office. Call (870) 364-5006 today to schedule an appointment or visit their website for more information on the services they offer.