Filing your own tax returns hasn’t even crossed your mind. You’re not a numbers type of person, but neither do you want to be penalized by the IRS. What you did was hire a CPA, that is, a certified public accountant. This was one of the best decisions that you have ever made. The CPA will take care of everything on your behalf and even help you find ways to save money. If you want to get the most out of this partnership, then you have to make an effort. The certified public accountant can’t do all the hard work. But what should you do? You should be prepared with the documents required for income tax return. These are the items that you absolutely need to bring to the professional.
Social security card
There are plenty of capable certified public accountants out there. One great example is Kevin Farley CPA. Okay, maybe you don’t want to say who you’ve hired. Anyway, the next time that you meet with the financial expert, make sure to bring your social security card. The accountant is new and, therefore, they will need to get hold of your social security number. When tax returns are filed, it’s necessary to include the numbers of yourself. How else do you think that you’re going to support your claim? Without the social security number, you’re not allowed to file a tax return. The truth be told, there are exceptions to the rule, but you don’t want to go there.
One thing that the CPA desperately needs is your financial statements. These documents contain vital information, such as how much profit you’ve made over the last year or how much loss you’ve experienced. You’ll have to provide the trained professional the following documents:
- Cash flow statement
- Balance sheet
- Income statement
If the financial statements aren’t yet prepared, don’t despair because the certified public accountant can help you in this respect. You can have peace of mind knowing that you’re in safe hands. CPAs have the time and expertise to carry out this task in a timely manner.
Last year’s tax return
It’s not absolutely necessary for the financial expert to have the tax return that you’ve filed the previous year. This won’t prevent them from doing their job. Nonetheless, last year’s tax return can be of great use. The accountant will retrieve certain information from the document, data that are necessary to calculate tax return and, of course, deductions. It’s best if you have a copy of the file and the attachments. What do you do if you’ve misplaced the document or the copy? The answer is simple: you request another one. All you have to do is fill in the form provided by the IRS and you’ll receive the copy in the shortest time possible.
Undoubtedly, there are many other papers that you have to make available, but these ones right here are the most important. The CPA will tell you what pieces of information are necessary. When they do, make sure to write things down.