Prepare For Your Tax Return

February is coming to a close and March is upon us. My how time flies when you are busy. Just six and a half more weeks until April fifteenth. Tax information is rolling in and our CPA is working every day including weekends. Even though I do not prepare tax returns, here are some helpful hints for your tax return.



The most important thing you should do to prepare for your tax return is to fill out the tax organizer provided by your CPA. The questions on the organizer will inform you of what documents you need to include in your tax information. Be sure to include all your W-2s and any other income you may have, such as a K-1 for your business or a 1099 if you provided contract or casual labor services. Be certain that you have included all documents for other sources of income or include the amount on your tax organizer.



In addition to your income, you need to enclose documents for your deductions. If you itemize deductions on your return, you will need such items as real estate taxes, state income taxes, mortgage interest and charitable contributions. Other itemized deductions are medical expenses and job and miscellaneous expenses if you are over the specified threshold. If you are a college student, you may be able to deduct your tuition. Also there is a state tax deduction for a part of your homeowners insurance, so be sure to include the declarations page from your insurance provider.



Your CPA should include any tax law changes in your organizer. The more prepared you are with your tax information, the sooner your return can be completed. So the best advice is be prepared.