When visiting a tax preparation service, bring personal identification, income verification forms, Social Security benefits information, past tax returns, child care provider information, unemployment compensation statements, and receipts for medical expenses, charitable contributions, and interest and mortgage payments.
Using a professional tax preparer can be a great idea, especially if there isn’t much time to keep up with the latest information on tax deductions. When preparing to make your first visit to a tax preparation service, there are a number of documents to collect and bring to that first interview. These are the most important documents that will need to be submitted to a tax preparer for the process to work.
First, carry personal identification with you. While this may seem like an obvious document to take to a tax preparer, it’s surprising how many people forget to do this. Bring your Social Security card, a valid driver’s license, or government-issued photo identification card. If you have dependents, also bring the Social Security numbers of each dependent. Tax preparers often like to make photocopies of these documents and keep the copies in the client’s file.
The task of doing taxes will require any form documenting your earnings from the previous tax year. There are several different types of income verification forms that must be submitted to a tax preparer. For people who work for a business, your earnings will be recorded on a W-2 form. Independent contractors, including freelancers, will receive a 1099 form that will show all payments for services rendered. If you have interest and dividend earnings on investments, or funds accumulated through the sale of assets, you probably also have a miscellaneous form 1099-INT, 1099-DIV, or 1099 to carry.
Many people don’t know that Social Security benefits may be taxable. All benefits of this type are recorded on an SSA-1099 and must be taken to a tax preparer along with other documents. Even if you don’t think your total benefits will be enough to require a tax payment, take the information to the preparer anyway. Under the right conditions, you may be eligible for a larger refund.
Tax documents from past years are also important. Copies of prior year’s tax returns should be taken to a tax preparer, along with any documents showing the amount of federal income tax paid in prior periods. This helps give the preparer an idea of what has been done in the past and can help provide some practical suggestions on how to proceed with the current round of filing.
There are several other types of documents that need to be taken to a preparer. Parents must submit the child care provider’s name and employer identification number, along with documents verifying the amount of payments made to the provider. If unemployment compensation was collected during the period, take the statements with you.
Lastly, don’t forget to provide receipts for medical expenses, charitable contributions, and interest and mortgage payments. When brought to a tax preparer, all of these documents can be considered and possibly used to justify a deduction of the amount of income taxes owed for the tax year.
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