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Blog: Minimizing Financial Clutter
 One More Way to Drive Your Accountant Crazy at Tax Time - #4
I'm sure your accountant is a smart fellow (or gal). But there are certain things he simply can't know – unless you give him the information. "What information?" you ask. Well, for starters, all of those pieces of important-looking mail you received in the mail during the month of January. You know, the ones that have the words IMPORTANT TAX DOCUMENT ENCLOSED on the outside of the envelope. Yes, those pieces of mail! Without them, your poor accountant has a dilemma: He can either prepare your tax return without them (which is not a good idea, since the IRS already knows how much money you made last year), or he can send you desperate e-mails in which he begs you to please, please, please find those missing W-2s and 1099s because he can only sit, twiddling his thumbs, until you do.
So, be kind to your accountant. If you haven't already gathered your IMPORTANT TAX DOCUMENTS, please go find them RIGHT NOW, rubber band them together, and put them in a safe place. Go ahead, I'll wait for you…
…Did you find them all? If so, that's GREAT! You can go watch the Super Bowl or the Lingerie Bowl now. If not, then use the table below* as a guideline for the documents you might need to locate so you can give them to your accountant:
If you… Then give to your accountant…
Are still working W-2 from each employer
Receive Social Security income Red Form 1099
Have CDs, brokerage, or investment income Form1099 from each financial institution
Receive a pension Form 1099
Took a 401k/IRA distribution Form 1099
Contributed to an IRA or 401k Form 1099
Had medical expenses Medical expense records
Paid mortgage interest Form 1098 from each lender
Received a state tax refund last year Form 1099-G
Made charitable contributions Receipts from charities
Paid investment expenses Brokerage Form 1099
Had non-reimbursed job expenses Total amount
Had sale or redemption of securities Brokerage Form 1099
Sold or purchased a home HUD-1 settlement sheets
Had any partnership or shareholder activity Form K-1
Paid estimated tax payments How much & when you paid
Paid or received alimony Total amount(s)
Had a loss due to theft or casualty Records
Received unemployment income Form 1099-G
Had business income or are self-employed Business expense reports
Have childcare or dependent expenses Name, address & EIN or SSN of care provider
Have rental property Income and expense reports
Have dependents Legal names & social security numbers
*The information in the table was obtained from Legacy Associates, LLC in Lutherville, MD. This is general information. Please consult your personal tax advisor for advice related to your individual situation.
Hats off to our accountants, brave warriors for us that they are! Let's each do our part to make their lives a bit easier this tax season!
posted on: 2/3/2008 11:30:00 AM by Katherine Trezise
category: Finances
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