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Preparing Your Documents for Tax Season

Posted by Emily Taibl on Jan 11, 2018 7:20:17 PM

Big stack of papers ,documents on the desk .

by Karen Allison and Tenly Krakoff

It’s January again and that means time to start thinking about those 2017 taxes! At this point, tax documents have probably started showing up in your mailbox. While it may seem like there is plenty of time, the sooner and more organized you can make your documents, the smoother the process will be.

As accountants, we are all eagerly anticipating the upcoming tax season. We get to do what we love! This year we thought it might be helpful to create a checklist for easy organizing of your documents that will streamline the process for all of us!

To make sure we have all of the right information organized efficiently, please:

  • Fill out as much as you can in the tax organizer.
  • Update address, phone, and emails as necessary.
  • Avoid post it notes. Write notes and questions on a separate piece of paper or on the tax organizer.
  • Do not use highlighters on your tax documents.
  • For charitable deductions, make sure you send us the thank you letters and donation receipts for donations over $250. You can summarize donations less than $250.
  • If you are summarizing your medical expenses you do not need to send us the receipts. Just keep them in your files.
  • If you are summarizing your expenses for Schedule C or your rental, you do not need to send us the receipts.
  • If you are grouping documents together, avoid stapling and taping them. This will make it easier when your documents are being scanned.
  • Stack all supporting documents behind the organizer. They do not need to be organized within the organizer.
  • Provide one copy of your 1099s. You can keep any duplicate copies.
  • Original tax documents are preferred to copies or photos.
  • No need to tear apart tax documents if they are perforated. Just keep them together.
  • When in doubt, just send us the document and we can review and determine if it needs to be included in your tax return.

Last but not least, call your tax professional if you have any questions. We are here to help!

Thanks for your support and happy tax season!

Topics: Tax

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