F.A.Q.

When preparing your taxes, it’s essential to gather and provide the following documents and information:

1. Personal Information:
– Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for yourself, your spouse, and any dependents.
– Date of birth for all individuals listed on the tax return.
– Filing status (e.g., single, married filing jointly, head of household).

2. Income Documents:
– W-2 forms for wages earned from employers.
– 1099 forms for miscellaneous income, such as freelance work, rental income, or investment gains.
– Schedule K-1 if you’re a partner in a partnership or a shareholder in an S Corporation.
– Income records for self-employment, including business expenses and 1099-NEC or 1099-MISC forms.
– Unemployment compensation statements (Form 1099-G) if applicable.
– Documentation of any other income, such as alimony or Social Security benefits.

3. Deduction and Credit Documents:
– Form 1098 for mortgage interest paid.
– Property tax records and receipts.
– Records of charitable contributions made.
– Medical expenses, including bills and insurance statements.
– Education-related documents, such as Form 1098-T for tuition expenses or student loan interest paid.
– Receipts and records for other potential deductions or credits, such as business expenses or energy-efficient home improvements.

4. Healthcare Coverage:
– Form 1095-A, 1095-B, or 1095-C, which provide information about your health insurance coverage.

5. Bank Account Information:
– Bank account details for direct deposit of any tax refund.

6. Previous Year’s Tax Return:
– It can be helpful to have a copy of your previous year’s tax return for reference.

Remember, these are general guidelines, and your specific tax situation may require additional documentation. It’s always advisable to consult with a tax professional who can provide personalized guidance based on your circumstances.

To make sure we have enough time to file your taxes before the deadlines, we recommend bringing in your tax documents by February 1 for the March 15 filing deadline (for S Corporations and Partnerships), and by March 1 for the April 15 individual filing deadline.

If you don’t have all your documents by these dates, don’t worry! We recommend bringing in as much as you have by the deadline so we can begin preparing your return. Once you have the remaining documents, simply send them over to us in one go, and we’ll finalize your filing right away.

If you need an extension for your filing, we recommend getting your documents to us by August 15 for the September 15 extension deadline for S Corporations and Partnerships, and by September 15 for the October 15 extension deadline for individuals. This will allow us to file your extension on time and give us more time to complete your return once we have all your documents.

Tax Preparation involves gathering your financial documents, preparing, and filing your tax return for the current year. It ensures you comply with tax laws and pay what you owe, but doesn’t necessarily help you optimize your taxes for the future.
Tax Planning, on the other hand, is a proactive approach. It involves analyzing your financial situation and developing strategies to minimize taxes over the long term, taking into account factors like deductions, credits, and future goals.

If you have a complex financial situation, such as owning a business, managing investments, or dealing with significant income fluctuations, Advanced Tax Planning can provide personalized strategies. It’s ideal for individuals and businesses who want to reduce their tax liabilities while increasing wealth over time. We specialize in Advanced Tax Planning for small businesses, ensuring your tax strategies align with your goals and give you the maximum benefit.

Yes, we offer comprehensive tax preparation and planning services for businesses, including corporations, partnerships, and S corporations. Our services include tax return preparation, deduction optimization, and planning strategies to ensure your business is financially successful while complying with all tax laws. Small businesses are our strong suit, and we are committed to going above and beyond to help you grow and succeed.

We recommend an annual review for Tax Planning to make sure your strategies align with your changing financial situation. For clients who need more frequent adjustments or have complex business structures, quarterly meetings may be more beneficial.