Four tips for filing this tax season

Posted by lgtcpa on Feb 27, 2018

Are you ready to file your tax return(s)?

Avoid the rush! The sooner you can file, the easier your life will be, and the more your CPA will appreciate you. The easiest way to do that is to make sure you’re ready for them. Don’t wait until the last minute if you can gather your paperwork early. The less rushed your CPA is, the better off you’ll be.

Help me help you

1. Check your email for any checklists or notices from your CPA.

Different businesses file different returns, which require different forms. For instance, the list we send to our real estate clients is not the same list we send to our auto clients. It also depends on how you classify your business. Limited partnership, S-Corp, and sole proprietors are not all the same in the eyes of the IRS. If you have any questions, your CPA will be happy to answer them. Not sure where to start? Follow what was needed in prior years.

2. What are some of the buzz words I should know? Most returns will require the same basic elements:

  • Trial Balance
  • Fixed Asset details (additions & disposals)
  • General Ledger
3. Does your CPA also file your individual return? You'll need several forms for a 1040:
  • W-2s
  • 1099 (Interest & dividends)
    • 1099-INT
    • 1099-DIV
    • 1099-MISC
  • Tuition statements
  • K-1s
  • Mortgage interest statement
  • Charitable contributions
  • Health coverage (Form 1095-B)
  • Dependent info/income
  • Other income

4. Reach out to your CPA

As previously mentioned, not all returns require the same thing. If you’re unsure of something, call your CPA. They’ll be happy to answer any questions you may have. Do not be afraid of them. They’re here to help you. Let them navigate through the process. We encourage our clients to communicate with us.

Lastly, can we help you?

The tax code is not something one can read during the summer at the beach. To the non-licensed professional, it can seem even more daunting. You know some; you know enough to get yourself in trouble. Don’t have a CPA, but you have questions? Our tax professionals are here for you. Send us an email or give us a call and we can start a conversation.

Interested in learning more? Contact one of our professionals today.


Topics: Tax, Financial, IRS