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Being prepared truly helps make the tax preparation experience go smoothly. With that said, we have a number of helpful items listed below that can help you to organize and manage your particular tax situation.
The Client Checklist is first on the list and should be filled out by each tax client. Many clients ask if it's really necessary to fill this out every year, things never really change, can't we use last year's checklist, etc. The answer to that question is YES, It IS necessary to fill this checklist out each year! The reason it is necessary is two-fold. First, the checklist is updated each year to include (and sometimes exclude) questions based on the constantly changing tax laws. Trust us when we say the tax laws do change every single year and this year we had FIVE new tax laws which is extremely unusual. In some cases, a new tax law created in March was then changed in December with a new tax law This list is updated with the most recent information. Whether it is a large amount of changes or a few changes, these do potentially impact your tax return. The second reason is that you, the taxpayer, can easily have a singular situation in a tax year that is different from what you had in the past. The point of this checklist is to help catch those unusual tax events to make absolutely sure that your tax return is accurate with ALL of your tax information and avoid any potential letters from the IRS because one item was accidentally forgotten. Also, we included this checklist with the letter we mailed to all clients in January, 2021 for 2020 Tax Year Returns.
Finally, a few more links are below to help you with the gathering of your tax information.