It’s that time of year again! Tax Day is approaching on April 18th and you need to file your taxes before time runs out. Now is the time to get all your ducks in a row to complete your tax preparation or opt for professional help with filing.
The very first thing you need to gather is all your tax-related documents. Which ones you need will depend on your financial situation and employment. For instance, business owners and those who are self-employed will need to gather additional information.
The team at Gonzalez and Arrambide, Inc., wants you to know which documents are necessary for tax preparation.
Proof of Income (W-2, 1099-NEC, etc.)
Most people who are traditionally employed will receive a W-2 form from each job they have. However, self-employed people and business proprietors will need to have their 1040 on hand. If you’re an independent contractor, you should have a 1099-NEC form available.
It’s important to note that there are a variety of 1099 forms that cover the various ways you are obtaining income; from rental income to payouts from a retirement fund, there is likely a 1099 form for that.
If you’re getting your tax preparation done by a Weslaco accountant, bring every form you’ve received. You can also bring any receipts or other records if you’re unsure whether it needs to be reported.
Do you have kids or other dependents? You’ll need to claim them on your taxes, just be sure you have all their information available to you, including: full legal names, dates of birth, and social security numbers. If you share custody of your children, you’ll need to discuss which parent will claim them.
If you own a business or spend a lot on expenses for your job, you’ll be able to claim a number of deductions on your taxes.
Charitable donations, major purchases, and some life events — like paying for college — can also be deducted.
Our experienced tax accountant can help you find additional deductions you may not have even thought of!
Other Tax Documents You May Need
Every individual’s situation is unique, so you may need additional documents to properly complete your taxes.
Businesses can see their taxes change depending on how their year went. If you expanded, the IRS wants to know. Even gambling wins need to be reported! There’s nothing wrong with gathering more documents than you think you need. Critical financial information can come from a variety of sources.
If you want to make sure you remember everything you need, hire a Weslaco accountant to keep your finances on track. As a bonus, it makes Tax Day way easier!
If you’re doing your tax preparation, all you need is your full name and social security number. If you’re getting help with filing taxes, then you will need to provide some information to the preparer.
Your Weslaco accountant at Gonzalez and Arrambide, Inc., may have more requirements, but these are the basics:
- your social security number or Taxpayer Identification Number
- a government-issued photo ID; a passport, state ID, or driver’s license will work
- 2020 and 2021 tax returns if you have them
- your Identity Protection PIN if you were issued one
- ID, social security number, and birth date for your spouse if you are filing jointly
- social security numbers and birth dates for your dependents (children)
Dread Doing Taxes? Let Gonzalez & Arrambide Help!
If you don’t want to deal with the headache of Tax Day, let Gonzalez & Arrambide, Inc., take care of filing your taxes. Our CPAs can help you prepare, file your taxes, and make sure you succeed this tax season.
As a bonus? We can help you year-round with our bookkeeping services! Our CPAs work with individuals and businesses to get ahead of their finances. We help with everything from investments to audits and everything in between. Taking advantage of our bookkeeping services also means you’ll have a leg up next tax season.
Don’t wait, see what we can do for you!More