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.