Getting Organized: Your Checklist to a Streamlined Tax Appointment

The time has come to set your appointment with your tax professional or accountant to prepare to file your taxes. To get the most out of your appointment, it helps to be prepared. There is a variety of documentation that you have collected throughout the year based on your tax strategy. In order to maximize your time with your tax professional, such as AccuraTax LLC in Fort Collins, CO, it is best to come to your appointment organized.

Here are a few tips to make sure that your tax professional is able to provide the best experience throughout the tax return preparation process.

Schedule  Early

For many accountants and tax professionals, the closer to April 15^th, the more likely they will not have room for another client. Therefore, be sure to book your appointment early in the season. This can benefit you in a few ways. One, if you find out that you have an outstanding tax liability, then you will have a few weeks to plan out how to pay the outstanding taxes.

If you are planning to discuss tax planning with your client for the upcoming year, including any large purchases or investments, then scheduling early will allow your accountant to give you the additional time to discuss your questions.

However, if your 1099s have a history of being amended, particularly for your investors, then you will need to be sure to inform your accountant not to finalize your return until any amended 1099s have been received.

Come  Prepared 

Many accountants can provide a tax organizer worksheet that can assist you in getting prepared for your appointment. This will cover a variety of areas where you might have seen changes, including purchasing a new home or the birth of a new baby. Below are a few items to be sure and include in your tax preparations.

• Closing letter for a home refinance or purchase
• Real estate tax receipts if they are not paid through an escrow with your mortgage company
• New baby’s social security number to claim the child as a dependent
• Any tax payer ID numbers, addresses, and phone numbers for child care providers
• Business mileage for any unreimbursed business expenses

Also, be sure that you have your accurate cost basis for any investments. While you should receive a 1099-B, if an investment was a gift or the original receipt is not available, then you should do the legwork in advance of your appointment.

Documents  and Receipts

In order for your tax preparer to determine which deductions apply to your circumstances, or to determine your eligibility for various tax credits, you will need to provide documentation for all major changes that have occurred throughout the year. Therefore, it is important to make sure that you keep files with receipts for your business, medical expenses and charitable donations.