Capitalizing on your Tax Return
At Christianson, we want to ensure our clients are receiving the most from their tax returns. We’ve compiled a list of the items you may want to consider toting along to your next visit with your CPA. This list may not entirely represent all of the items you will have to bring as some exclusions/inclusions may need to be considered under unique circumstances.
Using a New CPA
Meeting with a new CPA may be intimidating and oftentimes leads to a little discomfort in the sense that your other CPA already had the information they needed last year to complete your taxes. Fear not, making the switch only requires a couple of extra items:
- Your Social Security number
- Your spouse’s Social Security number (if married)
- Social Security numbers for any dependents
- Previous 3-years tax returns (if you have them)
- A voided blank check (if you opt for direct deposit for your return)
What to Bring to Tax Appointments
Have you ever wondered “what do I need to bring to my tax appointment”? This is something that (for most of us) we only have to do once a year, so remembering all of the requirements can be a challenge. We’re here to help. This is an easy to follow list of the items you will need to bring to your tax appointment:
- W-2 Forms from all employers you (and your spouse, if filing a joint return) worked for during the past tax year
- 1099 Forms if you (or your spouse) completed contract work and earned more than $600
- Form(s) 1095-A, 1095-B, or 1095-C with required health insurance information
- Schedule(s) K-1 (income/loss from partnerships, S-Corporations, etc. …)
- Form(S) 1098 (mortgage interest) and property tax statements
- Closing statements pertaining to real estate transactions
- Investment income information (including: interest income, dividend income, proceeds from the sale of bonds or stocks, and income from foreign investments)
- Income from local and state tax refunds from the prior year
- Business income (accounting records for any business that you own)
- Unemployment income
- Rental property income
- Social Security benefits
- Any tax notices received from the IRS or other taxing authorities
Other Tax Credits/Deductions You May Have Records For
There are several things that impact the other various expenses in your life that some people neglect to consider. These include:
- Education costs – you can read about Minnesota Education Tax Updates here, and Minnesota Credit for School Supplies here
- Childcare costs
- Adoption costs
- Charitable contributions/donations
- Casualty and theft losses
- Qualified business expenses
- Medical expenses
- Job and moving expenses
- Vehicle tabs/registration
Questions
Tax time can often be a scramble and leave you feeling unprepared. Don’t hesitate to contact us if you have questions about what is needed prior to your meeting!
