Now Is The Time…

Individuals and small business owners often wait until January, February, March, or even April to begin pulling their information together to have their tax returns prepared.

Here’s a hint for every person or small business: it would be a true gift to your tax preparer if you would gather your tax information as you go throughout the year, place it in a folder, and then cart it over to your tax preparer in November or December. Last minute and end of the year information can be submitted later.

For those of you who are too busy to get it done that way, check with your preparer beforehand and ask for a ‘Tax Preparation Check List.’ This will help you to be prepared, and also help your tax preparer and/or accountant.

Listed below are some of the items that you will want to gather, and have readily available:

• Social Security number, photo ID
• Dependents’ Birth Certificates
• W-2s, 1099 (series), etc.
• 1098s (education) (mortgage)
• Insurance information
• Property and auto + tag taxes information
• Tax preparation fees
• State tax refund amount
• Medical bills
• Charitable giving (for itemized deductions)
• Other donations

For those of you who might be self-employed or own a small business, you will also want to include things such as:

• Gas receipts and or mileage forms
• Receipts for meals and entertainment
• Office supplies and equipment
• Travel/Lodging
• Receipts for professional fees (Continuing education) or literature (books/magazines)

Utilize this list and let’s get going on reducing the headaches for both you and your tax preparer for your 2015 tax returns. You will be so glad that you took time to do this.

Happy Thanksgiving, Merry Christmas, and a Happy New Year!