Common Tax Documents

Tax season is here! There is now less than one month until corporate tax filings are due (March 15th), and individuals are due April 15th.  We encourage all clients, those with businesses and those just filing as individuals to get us your documentation as early as you can.  As deadlines approach, we become increasingly busy.

March 15th is also an in-house deadline for us.  For our clients that we prepare the individual tax returns for, March 15th marks the last day you can get us your documentation for your tax return. Clients who miss the March 15th deadline will have their tax returns extended and completed after the April 15th filing deadline.  This is a necessity to ensure that we can accurately and properly complete every tax return.

A common question we get asked from clients is what documentation do we need?  While this list can vary greatly because of independent situations, below are some common things to look for in providing us with the necessary documents to complete your return. 

• Notices:

o   Please provide us with copies of any federal, state, or local/city notices that you may have received over the course of the year.  While some notices will require action right away, others just provide information that will impact your return.

• Income:

o   W-2s.

o   1099s: A collection of various forms that typically document non-employment income.

-  1099-INT (interest), 1099-MISC (miscellaneous), 1099-NEC (non-employee compensation), 1099-DIV (dividend), 1099-Consolidated, 1099-R (distributions from pensions, etc.), the list goes on.

o   Social Security: SSA-1099.

o   Schedule K-1.

o   State and local tax refunds received.

o   Income from rentals or small businesses.

• Deductions:

o   Charitable donations.

o   1098- Mortgage interest paid.

o   Estimated tax payments made.

o   Real estate or school district taxes paid.

o   Medical expenses (if more than 7% of your AGI and/or you are itemizing your return).

o   Expenses for rentals or small businesses.

• Miscellaneous:

o   1095-A, 1095-B, or 1095-C: Health insurance.

o   Any documentation you think has a tax effect but you are not sure.

Again, the documents needed vary client to client based on individual tax situations.  We ask that clients retain all original documentation, providing us with copies either digitally or physically. At Hark and Associates, PC, we are here to provide high quality service with the highest ethical standards in the business of CPA firms. If you have any questions related to your tax documents, include them with your documentation or reach out to us.