Tax Season can be stressful for you and your accountant, but completion of a few small tasks will make your tax return preparation easier for both of you. Of course the simplest way to do this is to fill out your organizer and include copies of all supporting documentation (W-2s, 1099s, receipts, etc). Not everyone is comfortable filling out an organizer, but following these guidelines will save your accountant time, which may also save you money.
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Be sure the correct birthdays and social security numbers are listed for you, your spouse and any dependents.
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Notify your accountant of any changes in marital status or number of dependents.
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Inform your accountant of any address changes.
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Let your accountant know if you paid any estimated taxes (federal and/or state) during the year.
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Bring all of your W-2s, 1099s and K-1s for income you earned throughout the year. Your tax return can’t be completed without all of these, so make it easier by bringing them all at once.
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If you have a Schedule C, calculate the gross income and separate the expenses into the appropriate categories.
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If you plan to deduct un-reimbursed business mileage, keep a mileage log throughout the year and calculate the total using the appropriate mileage rates. Click here for the 2008 mileage rates
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Separate your itemized deduction receipts into appropriate categories for medical expenses, mortgage payments, charitable donations, etc. and calculate the totals for each. (Excel spreadsheets are a great way to do this, so you can keep up with everything all year long!)
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If you earned interest from your bank during the year, be sure they send you a 1099 and give a copy to your accountant.
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If you received any distributions from your retirement plan, be sure you receive a 1099 and bring a copy to your accountant.
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Keep an eye out for year-end statements from your investment companies if you earned interest or dividends, or sold stock during the year. Bring these to your accountant instead of your monthly brokerage statements. (You can often access year-end information online through the investment company’s website.)
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If you sold stock and there is no cost basis to determine the gain or loss, contact your broker and have him or her fax that information to your accountant.
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Be sure to obtain the necessary information from colleges or universities if you plan to deduct tuition expenses for yourself, your spouse or a dependent.
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If you are paying back student loans, obtain a copy of the student loan interest you paid during the year from the loan organization.
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If you plan to deduct child care expenses please include the name, address and EIN for the business, in addition to the total expenses per child.
