What you need to bring to your tax appointment

You’ve scheduled your appointment with Professional Accounting Services, Inc. in Owing Mills, Maryland, and you are ready to get started!  But where do you start?  Besides your W-2 and any additional forms sent to you in the mail, you’re at a loss as to what to bring to your tax preparation appointment.  You certainly don’t want to miss great deductions because you weren’t sure if you should bring something along, and there could be credits out there that you’re entitled to if you only knew they existed before your appointment!  Although every taxpayer has different circumstances, here’s a guide that will cover most major items that you should bring to your tax appointment to make sure your getting everything you’re qualified for.

            First, identification for yourself and your family members is a must.  If you have any dependents, you will need their social security numbers.  It is also helpful to bring a report card or other item from the school to show proof of residence.  In many cases, this can mean the difference between qualifying or being denied for certain credits, and if your tax preparer can keep it with your taxes for you, this will assist if there are later audits or requests from the IRS. 

Any forms you have received reporting your income should be put aside as soon as they are received.  These include 1099 forms, W-2s, 1099-INTs, 1098s, K-1 and other income related forms that are sent to you from an employer, bank, or investment company.  If you are self-employed, or do contract work on the side, and have not received a 1099, make sure you have your invoices and transactions so that you can report your income.  If you own rental property, you will want to gather the receipts for payments your tenants have made, or bring whatever system you have been using to record these payments.   If you had gambling winnings throughout the year, make sure you bring those along as well.

If you sold stocks or mutual funds, bring the records the type of stock, date sold and income made, along with the price you purchased them for and the date of that purchase.

            Of course, most people have a good idea of what money they made.  What comes into consideration, and gets complicated, is what you’ve spent, and how much of your expenses can help with your taxes.

            If you plan on claiming the standard deduction, you will not need to bring a lot of the items you would if you were itemizing your expenses.  However, if you are not sure whether you would claim the itemized or standard deduction, it is best to bring everything that may qualify for an itemized deduction.  If you have any of the expenses below, you should bring the appropriate materials. 

• Real estate and property tax records
• Mortgage Interest Statements
• State taxes paid in the year before
• Cost of previous year’s tax filing
• Theft losses
• Casualty losses
• Federal Taxes paid the year before
• Cash donations made to non-profit or charitable organizations
• Receipts for non-cash donations (clothing, toys, etc.)
• Job search expenses: If you are looking for a job in your current industry and incur expenses during your job search, bring a record of these expenses
• Moving expenses:  If you moved for work more than 50 miles away, bring all of your moving expenses
• Job Expenses: Bring the following expense records if your employer did not reimburse you for the expense
• Travel- If you had to travel for work, bring flight receipts, mileage logs (non-commute), and fees associated with your travel
• Uniform cost- The cost of your uniform or clothing you needed to purchase for work purposes, and dry cleaning for said clothing
• Meals & Entertainment- If you had to take a client or work associate for a meal, or had meals while traveling for work purposes

Also bring records of your contributions to any IRAs, HSAs, and retirement plans.  These contributions can be deducted, unless in some cases if they are set up by an employer.

Bring your medical expenses, and the medical expenses of your spouse and dependents to your tax appointment.  There are many guidelines to medical expense deductions, but your tax professional at the Professional Accounting Center, Inc. can help you sort through and claim the correct expenses.

Education expenses can also be deducted, and may even qualify you for a credit.  Bring your own and/or your dependent’s education expenses, including private school tuition, college tuition, textbooks, and necessary electronic equipment, such as calculators or computers.

Child care and dependent expenses are also deductible.  You will need the name, and social security or federal identification number of the caregiver you hired to watch your dependent(s) while you were at work. 

            If you own rental property, you will want to report any repairs done to the property during the previous year.  You will also want to have a log of your mileage and/or gas and repair expenses for your vehicle for rent-related activity, such as answering to a tenant complaint.  If your property is out of state, flight and lodging for rental activity may also be deductible.

            Owning your own business brings another level of expense deduction, so be sure that you gather all of your receipts from business-related expenditures, including but not limited to travel, supplies, advertising, and rent or lease information.  You should also have your utility statements paid for office expenses.  If you are claiming a home office, bring your home utility expenses for the year, and obtain the square footage of the office.

            Knowing what to bring to your tax appointment can be daunting, but with this guide you should have most of what you need to head to your appointment in Owing Mills, Maryland with Professional Accounting Services.  If you haven’t made your appointment yet, click the link below to make one now.