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So You've Got Your Tax Meeting Scheduled... Now What?




Once you've scheduled your meeting, it's time to start gathering the documents. We know that taxes can feel overwhelming with which documents are where and what matters with taxes. So we put together a list of what you may need depending on your situation.


Partnerships and Corporations:

  • Income and Expenses: profit and loss

  • Balance Sheet

  • Assets Purchased: description, amount & date of purchase for each item

  • Assets Sold: description, amount & date of sale for each item

  • Bank Accounts: ending balances as of December 31st on all accounts

  • Loans: year-end statements, including any loans refinanced or paid off

  • Business Partnerships or Shareholders: any changes during the year

  • Payroll Records: W-3, W-2s paid to employees, employer share of payroll taxes including Social Security/Medicare, State Unemployment, Federal Unemployment

  • New Clients: last year's tax return

  • New Clients: Articles of Incorporation (or list of incorporators) and letter of acceptance as an S-Corp (if applicable), and Employer Identification Number (EIN)

  • New Partnerships: bring in the Partnership Agreement and Employer Identification Number from the state


Small Businesses, Rental Properties, Farms

  • Income and Expenses: profit and loss

  • Itemized Expenses: summarized by category

  • Assets Purchased: description, amount & date of purchase for each item

  • Assets Sold: description, amount & date of sale for each item

  • New Rental Property: closing statement if you purchased or sold a property during the year


Individuals

  • Yearly Income: W-2s, 1099-R, 1099-T, 1099-INT, 1099-DIV, 1099-MISC, K-1 (if you own any part of any company)

  • Year-End Brokerage Statements: (1099's) reporting any stock sales, purchase dates and cost

  • Year-End Lender Loan Statements: including statements from loans refinances or paid off during the year

  • Sale of Securities: realized gain/loss reports

  • Real Estate Transactions: Closing statement if you purchased or sold a home during the year

  • Itemized Deductions: property taxes, medical expenses, charitable contributions

  • New Items: items that were not included last year - what changed?

  • New Clients: last year's tax return


Breathe a little, search through the office for the papers you need, and get through taxes one step at a time with us here to help.


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