What You Need to Do for Your Tax Preparation

February 9, 2018

Having Encino tax consultants prepare your taxes can be daunting, but actually it can be one of the best things you do for your finances. Tax advisors don’t only prepare your taxes, but can offer advice on what to do in the current year to minimize what you owe the government. The tax code is complex. Although many try to explain it to the average person, there may be things that go overlooked that could offer you a big deduction.

What documents do you need to file federal taxes?

Instead of stressing over your taxes, get your documents together and get Los Angeles tax preparation services from a professional tax preparer. Of course, you’ll need the social security numbers of anyone on your tax return and all of the W-2 and 1099 forms from employers and clients. Here are some documents you may forget about:

Other sources of income, Social Security benefits, unemployment, business income, income from local and state refunds in 2017, rental property income and any miscellaneous income.
Mortgage interest
Self-employed health insurance
Moving expenses
Student loan interest
IRA contributions
Green energy credits
Adoption costs
Education costs
Childcare costs and information about the caregiver
Medical expenses
Mileage for medical appointments, charity work and business

Typically, you will receive documents from many sources giving you information for your taxes. It’s a good idea to keep those in one place until you go to your tax preparer. You should also bring your bank routing number and account information if you expect to use direct deposit. Your tax advisors can ask for additional documentation for preparing your taxes, but it’s easier if you have everything together for the first appointment.

Wallace & Associates is here to help you with tax preparation for 2017 and for consultation about your 2018 taxes. The time to start keeping better records for next year is now.