Meeting with an accountant can be intimidating.
If you’re heading to an accountant for the first time there are a number of things you should prepare. From identification information to tax return statements, wage documents, proof of expenses, and dependant details; knowing what to provide during the appointment can seem daunting.
To ensure your meeting is a success we’ve outlined the top things you should bring with you.
Identification Information
One of the most important things that you should provide to the accountant during your first visit is identification information. This is needed so that the accountant can verify that you are who you say you are. Without access to these details, the accountant will unfortunately not be able to process any of your requests or access any of your accounts.
Therefore, it is best that you bring your social security card. Otherwise, if the social security number and name on the tax return don’t match, the return will be sent back as incomplete. A secondary piece of ID is also recommended such as a driver’s license, passport, birth certificate, military ID or any other state-issues picture ID card.
Copy of Most Recent Tax Return
Another piece of information that you should provide on your first appointment is a copy of your most recent tax return. Although you may not qualify for the same tax deductions or write-offs as last year, providing an accountant with your previous return can help them gain access to information and calculate deductions much easier.
This can prevent frequent appointments, phone calls, and meetings to discuss your expenses. In turn, helping to save you both time and energy when filing.
Wage Statements
It is also recommended that you provide a Form W-2 wage and tax statement from your employer if you are an employee at a company.
If you are a non-employee (which would include independent contractors and freelancers) you should receive a 1099-MISC from each client. In this case, it is important that you bring along every 1099-MISC document for your advisor to review.
Real Estate Documents
There are a number of deductions that can be made when it comes to real estate which is why you should bring any recent information regarding real estate to your appointment. This information can include any documentation about a recent home purchase, proof of a paid mortgage, home equity loan interest, proof of paid real estate and personal property taxes.
Proof of Expenses
To get the most money back from your return you will want to provide information that proves your expenses. This information can be extensive and include documents like receipts, invoices, medical bills, charitable contributions, IRS contributions, job-hunting expenses, mileage logs, education expenses, self-employment expenses, and more.
Keep in mind that the more information you bring the better the outcome as the accountant will have more information and documentation to review.
Additional Income Statements
You will also need to provide information on any other income source you had coming in throughout the year. This may include income that is received from investments, unemployment, or social security. If you have received any of these additional sources of income there should be statements issued explaining exactly how much was received and where it was coming from that can be provided.
Dependent Information
The final piece of information that you should bring with you to your appointment is dependent information. To claim a dependent on your tax return you will need to provide their Social Security number as well as their full name and date of birth. Otherwise, without this information, you may incur delays, denied claims and additional late fees.
Although the initial appointment can seem daunting visiting a financial advisor is beneficial. When provided with all the necessary information an accountant will work to save you time, money and energy on your return. Contact us today to set up an appointment or speak with one of our professionals about the process.
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