Don't fear the tax man, follow these easy steps…
1. 2016: A Year in Review. Go back and make a list of all the major financial and personal events from last year. If you have the stomach for it, download our tax questionnaire and tax organizer to help jog your memory.
2. Start collecting your tax docs. Just to name a few forms:
• W-2: Employee annual statement of wages
• 1099-MISC: Freelance/independent contractor statement of compensation
• 1095-A/B/C: Health care statement
• 1099-INT, 1099-DIV, 1099-B: Interest, dividend, capital gains statements from investments, respectively. (Think Betterment, Robin Hood, E-trade, and the like.)
• 1098: Mortgage interest paid
• 1098-T: Tuition paid
• 1098-E: Student loan interest paid
• 5498: Retirement contributions
3. Other things to give your CPA:
• Copy of your prior year tax returns
• Summary of any estimate quarterly tax payments (Fed & State). Include the amount and date paid.
• Summary of other business and personal income and expenses.
• And it’s not too late to contribute to an IRA for 2016 so ask your CPA if it’s right for you.
4. Come say "Hi!" No, really! there’s nothing more helpful to a CPA than a good old fashioned chit-chat. It’s the best way we can save you big tax bucks. So call me up and come on through. The whiskey is on me!