What You Need when Filing a Tax Return

As the U.S. tax deadline approaches, individuals and businesses alike are preparing to file their tax returns. Knowing which documents are necessary when preparing your tax return with your accountant can make this process a smooth and easy one. Whether you are an individual or a business owner preparing your taxes this year in Tucson, Kalil & Associates can help.

Income Documents

The taxes you pay are based on your income. Thus, you need to accurately report your income for the year to determine whether additional taxes are owed or whether you qualify for a refund. When you visit your accountant for tax filing purposes, make sure to bring any documentation provided by your employer regarding your wages. You’ll also need any documents provided by your bank or other financial institutions stating interest or other payments you have received for stocks, savings accounts, IRAs, and other financial assets. Such documents include W-2 forms, 1099-MISC or K-1 forms, 1099-INT and 1099-DIV forms, 1099-B forms, and 1099-SSA forms if you are receiving Social Security benefits.

Expense Documents

In addition to your income, your taxes are also calculated based on your expenses. Thus, you’ll need to bring in any documentation you have for tax- or business-related expenses, such as retirement account contributions, moving expenses, college expenses, healthcare expenses, real estate expenses, and business expenses including travel and meals for business purposes. If you made any contributions to charities, you should also bring these receipts as well. Those who are self-employed or have paid taxes on a semi-annual basis should bring documentation regarding the taxes you have paid in the last year, such as a federal or state summary of your payments.

Kalil & Associates of Tucson specializes in bookkeeping and tax preparation to help you manage these important financial tasks. You can reach us by phone at (520) 433-9121 to schedule a meeting, or click through our website to find out more about our comprehensive accounting solutions.