The National Association of Enrolled Agents suggests that you use a checklist this tax season to ensure you have all the necessary information when you visit your tax professional.
NAEA, the only professional association for professionals, is the NAEA. enrolled agentsAmerica’s tax professionals — This is great advice. The only federally licensed tax specialists, the enrolled agent can represent taxpayers before IRS. They know what they are talking about.
These are the steps to help you meet your tax professional.
1. If this is your first appointment, the tax returns from last year or the previous two years. The previous year’s returns will include social security numbers, dependents and credit, as well as deductions.
2. All W-2s issued in the last year. Your W-2 informs you and your tax professional what you earned and how much you withheld for federal and state taxes. You must have a W-2 for each employer if you hold multiple jobs. If you have not received a W-2 by your employer by February 15, please contact the IRS.
3. 1099 forms. The 1099 series of forms tracks additional income, earned interest and cancellation of debt. It also records dividends received, as well as proceeds from broker transactions.
4. Receipts to donate. You may be surprised by the amount of charitable donations you have made over the past year, even if you are not Warren Buffett and Bill Gates. Keep the receipts from all charity event sponsorships such as marathons and walkathons, money for holiday charities, or food donations to churches. The receipts for household goods and toys as well as clothing donations must be accompanied by a list and the value you assign to each item.
5. 1098 forms. A mortgage interest deduction should not be missed by homeowners, especially if it is the difference between owing money or getting a refund. A 1098 form also includes information about student loan interest, tuition paid to colleges, and universities.
This should help you get started. However, your tax pro can let you know if you need additional documentation to complete your return.
Visit www.enrolledagents.org to locate an agent in your local area. www.naea.org.