{"id":2212,"date":"2018-11-02T09:10:27","date_gmt":"2018-11-02T17:10:27","guid":{"rendered":"http:\/\/blog.huddlestontaxcpas.com\/?p=2212"},"modified":"2019-11-23T21:05:24","modified_gmt":"2019-11-24T04:05:24","slug":"what-tax-documents-do-i-need","status":"publish","type":"post","link":"https:\/\/huddlestontaxcpas.com\/blog\/what-tax-documents-do-i-need\/","title":{"rendered":"What Tax Documents Do I Need?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">When you&#8217;re a business owner, doing your own taxes feels like a zero sum game where you&#8217;re not making money, you&#8217;re not growing your business, instead you&#8217;re tallying all the money you don&#8217;t get to keep. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is why hiring an <a href=\"https:\/\/huddlestontaxcpas.com\/about\/\">accountant<\/a> is well worth your time and money. Accountants can find the savings you&#8217;re missing out on and help you <a href=\"https:\/\/huddlestontaxcpas.com\/accounting-services\/small-business\/coaching\/\">plan for the future<\/a>. When you hire an accountant, here&#8217;s a few things you should bring with you. <\/span><\/p>\n<p style=\"padding-left: 40px;\"><b>Your Social Security Card (&amp; Dependents)<\/b><\/p>\n<p><span style=\"font-weight: 400;\">This is just to start, since (assuming you stick with the same accountant), you won&#8217;t need to bring this every time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your social security card will provide your ID and name as it should appear on your taxes.<\/span><\/p>\n<p style=\"padding-left: 40px;\"><b>Income Related Documents<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Depending on what kind of worker you are you will want to make sure you are bringing in plenty of income related documents. A list of these documents include but are not limited to: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Form W-2 (wage and salary income)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form W-2G (gambling winnings)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-A (foreclosure of a home)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-B (sales of stock, bonds, or other invest-ments)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-C (canceled debts)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-DIV (dividends)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-G (state tax refunds and unemployment compensation)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-INT (interest income)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-K (business or rental income processed by third-party networks)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-LTC (benefits received from a long-term care policy)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-MISC (self-employment and other various types of income)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-OID (original issue discount on bonds)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-PATR (patronage dividends)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-Q (distributions from an education savings plan)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-QA (distributions from an ABLE account)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-R (distributions from individual retirement ac-counts, 401(k) plans, and other types of retirement savings plans)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-S (proceeds from the sale of real estate)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1099-SA (distributions from health savings accounts)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form SSA-1099 (Social Security benefits)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form RRB-1099 (Railroad retirement benefits)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Schedule K-1 (income from partnerships, S corporations, estates, or trusts)<\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><b>Expense-Related Documents<\/b><\/p>\n<p>Provide documentation of your expenses. Anything that provides a record\/proof of all expenses you&#8217;re deducting. This is especially pertinent if you <a href=\"https:\/\/huddlestontaxcpas.com\/blog\/managing-your-small-business-finances\/\">run a small business<\/a>. Some forms you might need:<\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Form 1097-BTC (bond tax credit)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1098 (mortgage interest)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1098-C (charitable contribution of vehicles)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1098-E (student loan interest)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1098-MA (homeowner mortgage payments)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Form 1098-T (tuition for higher education)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Business expenses (summarized by type and amount)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Child care expenses (summarized by provider and amount)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Gambling losses<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Medical expenses<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Moving expenses<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Personal property tax, such as car registration paid<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Real estate tax bills<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Realized gain\/loss report for any stocks, bonds, mutual funds and other capital investments sold during the year<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Receipts or acknowledgment letters for gifts to charity<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Rental expenses (summarized by property, type, and amount)<\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><strong>Most Recent Tax Returns<\/strong><\/p>\n<p>If you want your accountant to get your finances in order quickly, bring your two most recent tax returns, this&#8217;ll give them insight into income to set your expectations for the future.<\/p>\n<p style=\"padding-left: 40px;\"><strong>Documentation of Real Estate Holdings<\/strong><\/p>\n<p>Your mortgage and any income property documentation will expedite this process. Note that if you started an income property (rental) this year, include documentation of when you started <a href=\"https:\/\/huddlestontaxcpas.com\/tax-guides\/rental-property\/deducting-startup-expenses\/\">listing your property<\/a> for rent. You can expense many startup costs so long as the house is livable and listed for rent.<\/p>\n<p style=\"padding-left: 40px;\"><b>What If I\u2019m Missing a Document?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re missing a document, you can ask your employer to give you a new copy. If you\u2019re missing 1099 contact your client. <\/span><b> <\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you&#8217;re a business owner, doing your own taxes feels like a zero sum game where you&#8217;re not making money, you&#8217;re not growing your business, instead you&#8217;re tallying all the money you don&#8217;t get to keep. This is why hiring an accountant is well worth your time and money. Accountants can find the savings you&#8217;re [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3373,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[20],"tags":[],"class_list":{"0":"post-2212","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-taxes","8":"entry"},"_links":{"self":[{"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/posts\/2212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/comments?post=2212"}],"version-history":[{"count":1,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/posts\/2212\/revisions"}],"predecessor-version":[{"id":3370,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/posts\/2212\/revisions\/3370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/media\/3373"}],"wp:attachment":[{"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/media?parent=2212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/categories?post=2212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/tags?post=2212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}