Top documents that you need to collect before the tax filing

Share with :
Top documents that you need to collect before the tax filing

As we are approaching the third quarter of the year, we need to start thinking about taxes, we are going to pay, filing tax returns. As there is some time to start a process, we can start focusing on the items that we will need for tax returns to avoid the hassle that a business faces when the deadline comes nearer.


With that being said, you also need a tax preparer in NYC, who exactly knows about the documents that you need to bring in for preparing tax returns. The most information that you need is to get the documents and data that will be demanded. The more you know about these documents, the better you will feel when the tax preparer NYC will ask about. Therefore, we are discussing all those requirements, which you will need at the end of the year.


Let us start!

Provide your tax preparer, access to some specific data

It is necessary. Identification information helps tax preparers know who you are and how you work in the market. He also needs information about your industry, the previous years' performance, social security numbers, and other personal details. However, providing social security card helps him acquire all the information he needs for filing tax returns.


You should have the record of previous tax returns

Yes, the record of previous tax returns, especially the most recent one, should be available. The reason is that the tax preparer needs to know the tax amount, the tax deductions, which you are already enjoying, and other factors, involved in calculating taxes and deductions. The tax preparers will go through the information, identify the flaws in it if there are, improve the procedures, help you achieve more facilities, and examine the overall impact of the return to make sure that you will get the maximum benefits with the upcoming tax return filing.

You need wage statements

For employees, you need a Form W-2, which covers wages and taxes. It normally belongs to your employer, who is responsible to provide you in January of every year. However, if you have not got it till today, you must go for its recovery. For non-employees, who work independently as a consultant, contractor, or a freelancer, Form-1099 MISC is required, and if you are one of them, you need to ask about it from your clients. These wage statements help your accountant identify mix-ups if any. So, make sure that you have these forms according to your job requirements before the end of the financial year.

Additional Income Statements

Are you accruing some additional income as well? If yes, you need to produce additional income statements. What kind of incomes these are? The dividend income, interest income, unemployment income, income through freelancing, and contractual incomes are included in it. To make sure that your tax returns should be submitted with the maximum correctness, you need to provide these details to your tax preparer with documents.

Documents that describe your property

Holding real estate entitles you to take some deductions or submit other information according to the law. So, if you hold any documents related to the most recent home purchases, documents that tell about your paid property and real estate taxes paid mortgage forms, or any other relevant document, you must present everything to your tax preparer. It will help you avoid any ambiguity that can be generated due to a lack of information.


Must provide proof of expenses

To get the maximum output against your credits and deductions, it is mandatory to provide the expense sheet. You will include everything in this sheet such as utility bills, rents, receipts, charitable contributions, education, and medical expenses, transportation charges, IRA contribution, self-employment expenses, and more to make sure that you are providing proof of expenses.

Prepare yourself before presenting yourself in front of tax preparer

While talking about the most tiring financial tasks, filing tax returns should be at the top. The reason is the complexity that belongs to rules and interpretations related to tax returns. To avoid this stressful and challenging task, you need two things that are preparing the documents before time and engaging a skillful tax accountant to deal with tax returns. So, make sure that you have done both the tasks before the end of the financial year.