It is never too early to start income tax preparation. There are not substantial benefits to filing your taxes before April minus the fact that if you qualify for a tax refund that you will get it sooner rather than later. Our accountant encourages our clients to start tax prep before getting close to tax deadlines to avoid extra fees and costs.
Whether you need an accounting service to help you with your tax preparation and tax filing depends on how complicated your finances are. The more big life changes, investments, and so forth will make your filing process more complex. Hiring an experienced accountant will help you save time and money.
The two biggest tax breaks for individuals are having kids or a mortgage.
If you are prepping to file your taxes and have a mortgage then you will need to get a Form 1098. This form is needed while filing your taxes so that you can report the interest you have paid on your mortgage.
If you were unemployed for a time during the past year and received unemployment benefits from Georgia or another state then you must provide your accountant with a 1099-G form. This form will detail out the benefits that you received over the past year.
As stated above it is never too early to tax prep. However, you can’t file your taxes until you receive all the necessary documentation that you need including your W-2 form.
Filing your taxes electronically typically means that you get your refund faster. Our accountant can file your taxes electronically or by mail.
Our accountant will need the below information from you to start on your income tax preparation and filing:
• Names ( for each family member)
• Date of births ( for each family member)
• Social security numbers ( for each family member)
• Last year’s tax return
• Valid driver’s license
• Interest ( 1099-INT)
• Dividend slips (1099-DIV)
• Stock Sales (1099-B)
• Self-employment income and expenses
• Sale of a personal residence
• Rental income information
• Sale of any assets
• Gambling or lottery winnings
• State income tax refund (1099-G)
• Personal income (1099-R)
• Estimated taxes paid
• Social security (SSA-1099)
• IRA or 401(k) distribution
• Unemployment compensation
• Miscellaneous income
The information can be faxed or emailed. If you are a local client you may schedule an appointment for pickup or onsite preparation.