moneytalk
What to bring to your accountant
for tax preparation - Get ready now!
By Cindy Nichols, CPA
It is officially December, which means it is also officially “get ready
for tax season”. While it might still be early, it’s important that you start
gathering your tax documents now, so that you can get your return filed as
early as possible. Here is a quick overview of the kinds of documents you
might want to bring to a meeting with your CPA, EA or tax preparer. The
specific documents you need will vary based on your unique situation;
however. Here are a few of the most common forms taxpayers receive.
If you receive any of the following, be sure to set them aside for your tax
prep meeting with your accountant:
W-2: You should receive this form if you are an employee receiving
a wage or salary. It outlines your annual wages and your withholdings.
1099-DIV: You’ll receive this form for any dividends and distributions
you received on your investments.
1099-INT: Most people receive this form from their bank to report
interest earned on their savings accounts; you may also receive it for other
types of interest earned.
1099-MISC: If you’re self-employed or an independent contractor,
you should receive this form from any client who has paid you more than
$600 during the tax year.
K-1: This form is given to shareholders and partners in trusts, S-corps,
and partnerships. It outlines your tax liability in the business.
1098: You should receive this form if you own a home and paid
mortgage interest or real estate taxes during the year.
Rental Income and Expenses
If you receive income from a rental unit, you should bring a detailed
report of your income and expenses related to the unit. Expenses should
also be accompanied by a receipt to prove the cost.
Selling Stock - If you sold stocks during the tax year, you need to
bring all the relevant information relating to the stock sold. This would include
the original purchase price and date, as well as the date and price
that you sold it for.
Buying or Selling a Home - Whether you were the buyer or seller,
if you were involved in a home sale in the last year, be sure to bring all
the settlement documents from the sale to your tax preparation meeting.
Charitable Contributions - Be sure to bring along any documentation
relating to charitable donations made throughout the year. Ideally,
you should have an itemized list of cash and items donated, the dates
they were donated on, and the value of the donation. If possible, bring a
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Continued on next page
20 • DECEMBER 2019 813.682.9364 FLORIDA WOMEN MAGAZINE