Preparing for your appointment with your tax professional may seem like a daunting task, but it doesn’t have to be if you know what you need. Sandy Furuya, Senior Accounting Manager at Wamhoff Financial Planning and Accounting, provides tips to help you be ready for your tax appointment and make it a productive, stress-free experience.
What should I bring?
- As a general rule of thumb, it’s always better to bring too much that not enough. So if in doubt, bring it with you! This includes:
- Tax forms you’ve received from employers, vendors, or government authorities: W-2s, 1099s
- Statements from your brokerage and investment accounts (many of these 1099s do not arrive until February or later, and many are not final)
- Receipts and supporting materials for business-related expenses
- Forms or receipts related to moving, childcare, education, medical expenses, home mortgage, etc.
- Social Security card for any new dependents
- Mileage logs
- Home office deductions
- Any changes that will affect the future year
- Any notices you’ve received from the government, including your IP Pin if you’ve had ID theft
- Voided check for direct deposit of your refund. This year, your tax professional must verify this information and sign off on it.
Other things to know and do:
- Make a list ahead of time with questions you have for your tax professional. This helps to ensure a productive meeting, and helps you receive the most comprehensive tax advice.
- Many tax professionals have an organizer they can provide which will assist you in gathering your information. Ask for it and use it!
- Be aware that the IRS will be delaying refunds this year until mid-February for people claiming the Earned Income Tax Credit, Additional Child Tax Credit, or the American Opportunity Tax Credit. In addition, your tax preparer will be required to complete a Due Diligence Checklist Form 8867 as required by the PATH Act.
- There are new ID and refund fraud safeguards put in place by the IRS and states which will cause additional review of tax returns.
- After filing, you can use “Where’s My Refund” tool at IRS.gov, or the IRS2Go mobile app to check on the status of your Federal refund.