Frequently Asked Questions

• Form W-2 Wage and Tax Statement -Your W-2 shows how much you earned and how much was withheld for taxes. Your employer has until January 31 to send you your form. If you haven’t received yours, go ahead and request it.

Bank or financial institution statements – Did you make contributions to an IRA? You’ll need a Form 5498. Are you paying down student loan debt? Be sure to grab your Form 1098-E. Did you take out a home mortgage? Be sure to have your Form 1098 Mortgage Interest Statement.

• Last year’s state refund amount – If you itemize your deductions, then your state refund is considered income for tax purposes.
• Other miscellaneous income records – This could include award money, gambling winnings, lottery pay-outs, etc.
• Any (and all) Form 1099s – There are several different types of 1099. Some of the common ones include:
  • 1099-MISC if you are self-employed or an independent contractor and received $600+ from a client 
  • 1099-DIV if you received dividends  
  • 1099-G if you received money or benefits from the government 
  • 1099-K if you made third-party transactions (through PayPal or Venmo, for example) 
  • 1099-R for distributions from a retirement plan, IRA, pension, annuity, etc. 

• Business expense records – These could be receipts, credit card statements, records of checks you’ve written, etc.
• Quarterly estimated tax payment receipts – If you make installments to your tax bill during the year, the IRS (and your state) should send you a record of what you paid – similar to a receipt.
• Mileage records – In order to get a deduction for your travel, you’ll need to know how many miles you drove for work purposes.
• Home office expenses – Taking the home office deduction? You’ll need to know how big your space is in square feet. If you decide to use the actual expense method, you’ll also need a record of your home-related expenses, like utilities and mortgage (or rent). 

• Receipts for unreimbursed medical expenses – These could include exams, surgeries, and preventative care. It could also be braces, glasses, hearing aids, prescriptions – even transportation to and from treatment.
• Form 1095: Health insurance coverage forms – If you are enrolled through the Marketplace, you’ll receive Form 1095-A. Insurance providers will send a 1095-B for individuals they cover. If your employer offers coverage, they should send you a 1095-C.
• Social Security benefits – If you receive Social Security, you’ll receive an SSA-1099 in January showing the total amount of benefits you received for the year.

• Charitable donation receipts – If you are planning to take a tax deduction for the donations you made to charity, you’ll need to be able to back them up with receipts showing the date, value, and charitable organization.

• Property tax receipts – If you itemize your deductions, you could write off a portion of the property taxes you paid.

Accountant - An accountant is a professional who handles the bookkeeping and prepares financial documents like profit-and-loss statements, balance sheets and more. They perform audits of your books, tax planning and preparation, and handle all the financial information that's part of running your business. 

Tax Preparer - A legitimate tax preparer is a professional that is qualified to calculate, file and sign income tax returns on behalf of individuals and businesses.

Which tax professional is right for you and your situation depends on your particular needs and comfort level with your taxes. For simple returns, a  tax preparer might be sufficient, but those with more complex needs should consider more experienced professionals.

Bookkeeper - A bookkeeper records and classifies a company's daily financial transactions such as sales, payroll, payment of bills, etc. Their focus is on accurate record keeping with less focus on the analytics

As a business owner or professional, you can't afford NOT to have an accountant. Having an accountant pays for itself with penalty avoidance, tax savings, and most importantly peace of mind.

We're building professional relationships. Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accountant, the answers should be a resounding "Yes!"  We offer financial analysis and advice to business owners.