What Information and Documents Do I Need to File Taxes?
To file your taxes, you'll need several key pieces of information: your Social Security number or tax ID, W-2 forms if you're employed, 1099 forms if you're self-employed or have other sources of income, records of any taxes already paid, deductions or credits you plan to claim (like charitable donations or educational expenses), and details of any dependents.
Filing your taxes shouldn’t feel like navigating a paperwork labyrinth. Think of your CPA meeting as a conversation—bring the right materials, and we’ll guide you smoothly through deductions, credits, and forms. To make life easier, we’ve placed quick answers to common questions at the top, followed by detailed sections organized under clear headings.
Quick Answers at a Glance
How to Find Previous Tax Returns
If last year’s return has disappeared into your filing cabinet (or into someone else’s hands!), you can still recover it. Order a free transcript on IRS.gov, revisit your TurboTax or H&R Block account, or simply call the professional who prepared your taxes for a reprint.
How Long to Keep Income Tax Returns
The IRS generally advises holding onto returns for at least three years—the standard audit window. If you underreported income by more than 25%, you’ll want to keep records for six years. And if there’s ever a hint of fraud, store them indefinitely.
Schedule B Tax Form
Received more than $1,500 in dividends or interest? Those 1099‑INT and 1099‑DIV statements are your ticket to completing Schedule B (Form 1040 Schedule B). Bring them along so your CPA can record every penny accurately.
Your Personal Snapshot
Personal ID & Filing Status
Start with your Social Security number (SSN) or individual Taxpayer Identification Number (ITIN), plus a quick check of your filing status—single, married filing jointly, head of household, etc. This simple step can affect your entire tax picture.
Dependents & Exemptions
Supporting a child, an elderly parent, or another dependent? Gather their names and SSNs, because each one could unlock credits and reduce your overall tax bill.
Last Year’s Return
That prior Form 1040 tells us about carryover losses, credits, and the nuances of your individual situation. Even if it’s digital, having it on hand keeps us from reinventing the wheel.
Piecing Together Your Income
Employment Income (W‑2)
If you’re on payroll, your W‑2s show wages and withholdings. Make sure you collect a W‑2 from every employer you worked for during the year.
1099 Forms & Schedule B
Freelancers and contractors will receive 1099‑NEC or 1099‑MISC. Investors see 1099‑INT and 1099‑DIV for interest and dividends. When interest and dividends combine to over $1,500, Schedule B comes into play—so bring those statements so we can report passive income correctly.
Business & Rental Earnings
Own a business or lease property? Pack profit‑and‑loss summaries, sales invoices, bank deposit records, rental ledgers, and logs for expenses like repairs or maintenance.
Investment Transactions
Beyond passive income, your trades may generate capital gains or losses. Year‑end brokerage statements and trade confirmations help us fill out Schedule D without guesswork.
Deductions & Credits That Add Up
Home & Health Expenses
Mortgage interest (Form 1098), property‑tax bills, and medical premiums or unreimbursed healthcare costs all reduce taxable income when documented.
Education & Retirement Contributions
Tuition payments (Form 1098‑T) and retirement‑account deposits (401(k), IRA, SEP‑IRA) may offer immediate tax savings, so bring the statements detailing your contributions.
Charitable Giving
Even modest donations add up. Keep your acknowledgment letters or receipts from nonprofits and faith organizations to claim every eligible gift.
A Few Extras to Smooth the Way
Bank & Brokerage Statements
We use these to verify deposits and interest amounts, ensuring IRS consistency and avoiding potential notices.
Health Insurance Forms
If you purchased marketplace coverage, Form 1095‑A reconciles any advance premium tax credits you received.
Childcare & Education Expenses
Daycare receipts and your provider’s tax ID can unlock the Child and Dependent Care Credit.
Miscellaneous Records
Anything else that generated income—jury duty pay, alimony received, hobby sales—belong here so nothing slips through the cracks.
Benefits of Working with a Tax Preparer
While gathering the necessary information and documents is essential, enlisting the help of a tax preparer can streamline the process and potentially lead to a higher tax return. Here’s how a tax preparer can assist you:
Expertise in Tax Laws: Tax preparers are knowledgeable about the ever-changing tax laws and regulations. They can ensure that your return is compliant with the latest requirements and take advantage of deductions and credits you might miss on your own.
Maximizing Deductions and Credits: Tax preparers excel at identifying every eligible deduction and credit based on your unique financial situation. They can help you optimize your return while minimizing your tax liability.
Personalized Advice: A tax preparer can provide personalized tax planning and advice tailored to your specific goals and circumstances. They can help you make informed decisions that benefit your financial future.
Error Detection and Risk Mitigation: Tax preparers meticulously review your return to minimize the risk of errors or omissions. This can help you avoid costly penalties and audits down the road.
Time and Stress Savings: By outsourcing your tax preparation to a professional, you can save valuable time and reduce the stress associated with tax filing. This allows you to focus on other aspects of your life or business.
Conclusion
Filing taxes may seem daunting, but with the right information and documents in hand, you can navigate the process effectively. Gathering essential personal information, income documents, expense records, and additional documents is the first step towards a successful tax filing.
However, to maximize your tax return and ensure compliance with tax laws, consider enlisting the assistance of a tax preparer. At Levy & Hinckley CPA LLC, our team of experienced tax professionals is dedicated to helping you file taxes with confidence and accuracy. Contact us today to schedule a consultation and discover how we can streamline the tax filing process while optimizing your potential return. Remember, informed tax decisions can make a significant difference in your financial well-being. Our tax and accounting experts serve the Dallas-Fort Worth metroplex with our offices in Cedar Hill and Arlington – providing the best tax and financial services in North Texas.