In order for tax preparation Addison TX to go as smoothly as possible, an individual needs to get all the necessary documents to their accountant as soon as possible. When the accountant has all the paperwork they need they are able to get started on tax preparation. Despite the practical benefits that come with getting everything to an individual’s accountant as quickly as possible, people often don’t do it because they aren’t sure which documents are needed.
The accountant doing the tax preparation Addison TX will need documents that show the individual’s income for the year. These documents usually consist of a W-2, which is provided by the individual’s employer to show how much they earned over the course of the year. The accountant might also need other forms that report other income. These forms include 1099-MISC which shows self-employment income, 1099-B which shows brokerage account activity, Form K-1 which shows income from a trust, S-corporation, or partnership, and 1099-SSA which shows the amount of Social Security income an individual has received. Other income received but not reported on a standard form, such as rental income or alimony, must be reported on your tax return.
It’s also important to provide deductible expenses for tax preparation. These include medical expenses, property tax, mortgage interest, investment interest, and charitable deductions. If you are looking for tax preparation Addison TX and don’t know where to start, consider Jennifer Morrow, a CPA. You can contact us at (972) 992-1800 or visit us online at www.morrowpc.com/ to learn more.
Tax Preparation Addison TX
Jennifer R. Morrow CPA, PC
14354 Proton Road
Dallas, Texas 75244
(972) 925 0739
Photo Credit: ©Depositphotos.com/ W a v e b r e a k m e d i a