What Your Accountant Needs to Prepare Your Tax Return

What Your Accountant Needs to Prepare Your Tax Return

What does your CPA need from you? The following is a list of general information that should be gathered for your income tax returns.

Tax Information Needed

Individual income tax returns:

    • If meeting with a new accountant, provide a copy of your prior year’s federal and state tax returns.
    • Income:
      • Identification Information for you and dependents (Social Security Cards, Birth Certificates, Driver’s License, etc.)
      • IP PINs
      • Wage Statement – Form W-2
      • Forms 1099 for interest, dividends, or retirement income
      • Gains & Losses for sales of securities and other assets such as real estate
      • Social security income Form SSA-1099
      • Income from pass-thru entities (forms K-1)
      • Rental property income and expenses
      • Self-employment income and expenses
      • Unemployment income
      • Alimony


    • Deductions, Payments & Credits:
      • Mortgage interest
      • Investment interest
      • Real estate taxes
      • Medical expenses – Subject to a 7.5% threshold,
      • Market Place Exchange Health Insurance form 1095-A – we no longer need Forms 1095-B or 1095-C
      • Charitable contributions, cash & non-cash (receipts for anything $250 or more
      • Miscellaneous itemized deductions – Suspended through 2025
      • IRA & HSA contributions
      • Child-Care cost information
      • College Tuition & Fees, & Student Loan Interest
      • Estimated tax payments


    • Current year standard deduction and personal exemption amounts:
      • Standard Deduction for 2023:
        • Single – $12,950
        • Married filing jointly – $25,900
        • Allowed an additional deduction if age 65 and over and/or blind (each) in the amount of $1,400 if Married Filing Joint, Qualifying Widow, or Married Filing Separate; $1,750 if Single or Head of Household.
      • Personal Exemption: Continues at zero


Business income tax returns:

    • If meeting with a new accountant, provide a copy of your prior year’s tax return.
    • You will also need to bring documents related to the income earned and expense payments. This could include the following:
      • Working Trial Balance & Financial Statements or QuickBooks Copy
      • General Ledger – Review prior to the meeting to make sure all income and expense items are properly categorized.
      • Fixed asset addition and deletions
      • Year-end bank statement and reconciliation
      • Statement or document reflecting proper yearend balance for any bank loans.
      • List of any ownership changes


      How to Submit Your Documents

      For business tax returns, clients will continue using Canopy for document uploads, ensuring a tailored approach that meets their needs.

      For individual & fiduciary tax returns, TaxCaddy will be your new partner for uploading and managing your documents. Rest assured that this change is designed to simplify and improve your experience.

      If you prefer, you can still drop off or mail tax documents to our office. However, Canopy and TaxCaddy are the most secure ways to exchange documents with us.

      Filing Deadlines

      Tax return filing due dates are generally as follows.

      • Partnership – March 15
      • S Corporation – March 15
      • Individual – April 15
      • FinCen (foreign asset reporting) – April 15
      • C Corporation – April 15
      • Trust and Estate – April 15
      • Gift – April 15
      • Estate – 9 months after the decedent’s death
      • Exempt Organization – May 15
      • Benefit Plans – July 31


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