How to Prepare for Your Tax Appointment: Five Easy Steps

Professional tax preparers bring an unmatched level of knowledge, experience, and education to the tax planning and preparation process. We can prepare basic income tax returns for individuals as well as more complex income and other tax returns for families, not-for-profit organizations, and businesses of all sizes.

A professional tax preparer can help you save money in the long run and look out for your best interests. We will analyze your specific situation for tax savings opportunities and help you plan for next year while making your tax experience as smooth as possible. Here are five simple steps to get you started.

1. Schedule an Appointment

The sooner you can meet with your preparer, the better! If you're getting a refund, you will get it sooner. If you end up owing the IRS, you can still wait until April 15^th to pay the balance without penalties or interest, so you will have more time to find the money.

If you wait too long to schedule an appointment, you may miss your opportunity to take actions that could lower your tax bill, such as your eligibility for making deductible retirement or health savings account contributions.

Having an appointment scheduled will also give you a deadline to get your documents and information gathered. Call our office at (785) 537-0190 to make your appointment today!

2. Find a Copy of Last Year’s Returns

Last year’s return can serve as a reminder for most of the documents you’ll need. Often, you will have similar income and deductions from year to year.

If you are a new client, this information is especially helpful for us to make sure everything is included. Bring your federal and state returns in addition to any schedules that were prepared last year.

3. Gather Your Forms

By the end of January, you should receive the various documents you’ll need from your employer, financial institutions, and other third parties. When you receive each form, verify that the information matches your records and place in an “Income Tax File” that you’ll be able to easily grab when it’s time for your appointment.

Here are some of the more common forms you might receive:

• W-2: Wage & Income Report
• 1099-MISC: Miscellaneous Income (typically if you have self-employment income or rentals)
• 1099-INT: Interest Income
• 1099-DIV: Dividend Income
• 1099-B: Brokerage Statement
• 1099-C: Cancellation of debt
• 1099-G: State Tax Refund and/or Unemployment Compensation
• 1099-R: Distributions from Pension, Retirement, IRA, and Insurance Contracts
• SSA-1099: Social Security Income
• 1098: Mortgage Interest Statement
• 1098-E: Student Loan Interest Payments
• 1098-T: Tuition Statement for college expenses
• 1095 A, B or C: Health Insurance coverage forms
• W-2G: Gambling winnings

4. Gather Your Receipts and Other Documents

You may have receipts and other documents to compile if you own your own business, have a rental property, plan to itemize deductions, paid child or dependent care, or had a real estate transaction.

If you itemize, look for receipts for medical costs not covered by insurance or reimbursed by other health plans (e.g., a flexible spending account or health savings account), real estate and property taxes, and acknowledgements for charitable contributions. Note that the standard deduction for 2022 is $12,950 if you file single and $25,900 if you're married filing jointly, so itemizing deductions may not be beneficial. We can help you determine the best way to file.

If you have business or rental income and expenses to report on Schedule C or Schedule E, you’ll need to share your records with your preparer. The more organized you are, the less time it will take to prepare your return, which translates to lower fees!

If you paid for child or dependent care, bring the provider’s name, address, SSN/EIN, and amount paid.

If you purchased, sold or re-financed a home or real estate, bring your closing statement(s) (HUD-1 or Closing Disclosure).

5. List Your Personal Information

You probably know your social security number, but do you know the Social Security number for each dependent you claim? If you’ve had a baby this past year or adopted a child, make sure to bring their Social Security card.

If you anticipate a refund or want to pay any balance due via direct debit, be sure to have your bank routing and account numbers. You can split your refund if you want it to go into multiple accounts.

Use these five steps to help you get started on your tax preparation. Remember, it’s better to start sooner rather than later! If you have any questions, we are here to help. Give us a call at (785) 537-0190 or contact us online.

Contributing Author:

Erika Cave, CPA  |  Email  |  LinkedIn Erika joined Sink, Gordon and Associates LLP in 2013. She graduated in 2002 with her Bachelor of Arts degree from Wartburg College in 2002. She then furthered her education by earning her Master of Music degree in 2004 from the University of North Carolina at Greensboro. Erika went on to obtain her Master of Accountancy degree from Stetson University in 2011. Prior to her work with SGA, she gained eight years of accountancy experience and lived in a variety of communities prior to Manhattan due to her husband’s active military service.  She advises clients in a number of areas including compilation and review preparation, military tax strategies, QuickBooks consulting, tax preparation, payroll services, and general bookkeeping. Erika is a member of the American Institute of Certified Public Accountants. In her free time, she enjoys spending time with her family, especially her two young daughters, and being active in her church and community, including serving as a 3-16 CAV Regiment FRG Advisor.