5 Things You Must Get To Your Tax Preparer's Office

A taxpayer has various options when it comes to filing his or her income tax returns. If you earn a modest income, do not own a house, work for someone else, or supervise plenty of investments, then you have a comparatively simple tax situation. In such cases, online websites of tax preparation are a safe bet. From these websites, you get inexpensive and quick services, with a guarantee of accurate tax returns. Along with the popular tax preparation website, Turbotax, you can choose from a wide variety of tax preparation websites that offer good quality web-based services. These websites are owned by different brick-and-mortar companies of tax preparation.

However, not every tax situation is equal. For instance, if you supervise some rental property, are self-employed, earn lots of income from investments, or operate a small business or farm, you are in for trouble. In these kinds of situations, you must enroll in the services of a tax expert, one who can reduce your overall burden and can increase your deductions.

The best way is to hire an accountant, who can fix your appointment at your nearest tax preparer's office. Accountants are well versed with the tax codes and they can help you claim all your tax exemptions, deductions, and credits that you deserve. In order to make the trip to your tax preparer’s office successful; you must prepare yourself in advance.

5 things to carry to the tax preparer’s office

We have compiled a list of the five things that you must carry to the tax preparer’s office. These things must be carefully studied when your gather your receipts, W2s, and invoices to take to your tax preparer's office. Let us have a look at them, one by one.

1. Identification

Identification is one of the basic things that you must bring to the tax preparer’s office. When you file your taxes, it must be verified and proved who you are and if what you say about your identity is actually true. You can take either of the following ID forms to confirm your identity.

·         Passport

·         Driver’s License

·         Military ID

·         Social Security Card

In order to claim that there are dependents on your tax returns, you must bring along their full names, dates of birth, in addition to their Social Security numbers. Moreover, you must also bring an evidence of every penny that you have earned in the year of tax. It is necessary for the Internal Revenue Service to be aware about your income source.

2. Proof of Income

The second most important thing that you must get to the tax preparer’s office is an evidence of your income. Income tax has such a name because of some reason. The Internal Revenue Service or IRS department wants to know about every dime that you earn from your job, along with all other income sources, including hobbies, self-employment, investments, retirement income, real estate sale, Social Security benefits, and much more.

We have put together a list of the kinds of income that you must state to the IRS. Remember to bring along a pay stub, income statement, receipt, or any other proof of each source of your income.

·         Self-employment income

·         Income from a company

·         Foreign earned income

·         Retirement income from a pension, IRA, or annuity

·         Rental income

·         Social Security benefits

·         Unemployment benefits

·         Investment income from interest, sale of stock, dividends, etc.

·         Gambling earnings

·         State tax refunds

·         Alimony

·         Awards and prizes

·         Royalties

3. Proof of Expenses

The third thing in the line is a proof of your expenses. One of the biggest deductions often appears as business expenses. There are various flexible qualifications that can justify your business expenses. Therefore, a creative accountant can stack some severe deductions.

We have composed a list of all the business expenses that are eligible for itemized deductions. In order to claim each of the deduction, you must carry proof of your expenses or other receipts.

·         Business expenses (client meals, gas mileage, travel, etc.)

·         Self-employment expenses (equipment, gas mileage, home office, etc.)

·         Education expenses (directly related to your field or job)

·         Charitable contributions (non-cash and cash)

·         Medical expenses

·         Mortgage interest

·         Local, state, and foreign taxes (real estate tax, income tax, property tax, qualified vehicle taxes, and sales tax)

·         IRA contributions

·         Union dues

·         Last year’s tax preparation fees

·         Job-hunting expenses

4. Proof of theft, disaster, or other losses

Every taxpayer is entitled to some special deductions in case of a theft, robbery, disaster, or other such losses. IRS considers blackmail, embezzlement, burglary, extortion, larceny, kidnapping for ransom, and robbery. However, victims of theft have to provide evidence that the property, which was stolen from them, was theirs, in addition to a proof as to when it was stolen.

5. Payment method

The last thing that you must get to your tax preparer’s office is the mode of payment via which you want the payment back from the IRS. That is, you must bring along your bank account details. The IRS can pay your money back through a direct deposit in your bank account, rather than mailing you a check. You can find all the necessary information on one of your checks, including bank name, account number, and routing number.

Be prepared to go to your tax preparer’s office

Thus, you should carry all the above-mentioned thing to the tax preparer’s office. However, when you plan to do any one of these things, remember that income tax rules are different from federal tax rules.