Documents for your Taxes

This is the time of year when companies will be sending out many different types of forms to their customers and employees.  According to Internal Revenue Service (IRS) forms are due starting January 31st, with some extensions until the end of February and mid-March for more complex forms, such as K-1s or Consolidated 1099s. 

Some of the important forms to look for include:  

  • W-2 Wage Statements  
  • 1099-MISC Miscellaneous Income (Independent contractor work, rental income, etc.) 
  • 1099-B Brokerage Statement 
    • Brokerage Statements could also be mailed separately as: 
      • 1099-INT Interest Statement 
      • 1099-DIV Dividend Statement 
  • 1099-R Pension, Annuity, IRA and Retirement Distribution Statement 
  • 1098-E Student Loan Interest Statement 
  • 1098-T Tuition Statement 
  • 1098 Mortgage / Home Equity Interest Statement 
  • Schedule K-1 Pass-through Income 

As you begin receiving your documents, the easiest way to prepare to meet with your CPA is to begin combining all of your tax documents in one spot. If you have scheduled a meeting with your CPA, see if bringing documents ahead of time will be advantageous to your meeting. Some CPAs, such as myself, prefer to have a client’s tax return prepared ahead of time so that the meeting can be used to finalize any open items, review questions and sign e-filing authorizations.

For new clients, it’s also helpful for the preparer to have your prior years’ income tax return. Most preparers also have a tax data sheet that they use to collect personal information which often cannot be found on tax documents.

Lastly, be prepared to provide a picture of both the taxpayer and spouse (if applicable) licenses (front and back). The IRS uses this information in an effort to help protect tax payer’s identities and prevent fraud.

Tax documents can be confusing sometimes. Any questions, please get in contact with my office so we can help!

I love bringing in new clients and having the ability to teaching them about their taxes!

Megan Muccio