As the tax season approaches, it's time to get organized. Here is a list of documents you should start pulling out for your CPA or tax practitioner:
1. Personal and Basic Information:
Address for Tax Filing
Personal Information of the Family for Tax Filing – Names / Dates of Birth / Social Security Numbers
2022 Tax Return (First-time visitors)
2. Income-Related Documents:
W-2s, 1099s, SSA, and other income-related documents
W-2G for Gambling Income (if applicable)
Rent House Income (if applicable)
Foreign Bank & Financial Accounts Information
Stock and Crypto-Related Documents – Forms 1099, 1099-DIV, Crypto Transaction Statements, etc.
Any other Income related documents
3. Expense and Tax Deduction-Related Documents:
Mortgage Documents (if applicable): Form 1098
Obamacare Health Insurance Document: Form 1095-A
College Tuition: Form 1098-T
Daycare Expenses: Documents showing the name of the child, name, EIN, and address of the Daycare
Electric Vehicle (EV) Purchase-Related Documents (if purchased)
Energy-Efficient Home Improvement Credit
Charitable Donation Receipts (if donated)
Significant Medical Expense Documents (if applicable)
While this list can be a good starting point for many, it may be more than what some might need. It is crucial to consult with your tax advisor to ensure you're gathering all necessary documents and not missing any opportunities specific to your financial situation. Remember, tax laws and regulations are complex and vary greatly depending on individual circumstances, so it’s always best to get personalized advice.