Blogs Tips To Make Your 1040 Tax Filing a Smooth One

Posted: Jan 12, 2016

Having you and your CPA on the same page can go a long way to making this tax season a less stressfull one for you and your CPA. Here are some tips to help make that happen:

  1. Be on watch for W-2s and 1099s that should begin arriving in your mailbox over the next month or so from issuer’s such as your employer and financial institutions. Note that many forms can be downloaded electronically from those same issuer’s websites.
  1. Take a close look at these forms and make sure you agree with all of the information that is presented on them. If you find a substantial error you will want to contact the issuer to have it corrected.
  1. Not all necessary tax information will come in the mail in the form of a 1099. Be sure to gather all other information that you have accumulated during the year. A good example of this would be income and expenses from a rental property or sole proprietor business.
  1. Begin compiling a list of items that you feel your CPA may need to know when preparing your tax return and any questions you may have for them.
  1. Gather up all those receipts for charitable giving you have made during the year. Charities are only required to provide a year-end statement to you if your yearly giving totaled $250 or more, so this means that you will need to track all donations to any charity you donated less than $250 to yourself.
  1. Don’t forget those non-cash donations you have made during the year either. All those trips donating used personal items to your local Goodwill or Salvation Army can really add up.
  1. Be sure to let your CPA know if you believe you will need additional time past the April 15th due date to file your individual tax return so that they can file an extension for you.
  1. Is there an event occurring that will affect your next year’s taxes that you know about now? If so, be sure to fill your CPA in on it as well so that they can help you plan for it today.
  1. Don’t procrastinate! Try to start early by providing all necessary information to your CPA as soon as possible. This will go a long way in making your tax filing a stress free situation for all.
  1. The entire process can be done electronically.

Like to do things electronically with no in person appointment needed? Shein & Wente clients can send and receive all tax information and forms through our secure portal which really streamlines the process on both ends. For more information Contact Us today.