Tax Preparation

• NEW clients should bring a copy of their 2023 returns.
• Income Source Statements – W-2s and 1099 forms for: retirement income, investment income (i.e. interest and dividends earned, stocks sold), independent contract work, etc.
• Name, date of birth, and social security number for dependents.
• Mortgage Interest & Property Taxes paid – look for Form 1098 from your lenders.
• Closing Statements – for homes purchased, sold or refinanced in 2024.
• Sales Tax – paid on “big ticket” items such as automobiles, trucks, boats, etc.
• Charitable Contributions – such as donations to churches or charities. You must bring a receipt for the donation in order to take the deduction.
• Medical Expenses – Only those that exceed 7.5% of your income are deductible. If your medical expenses are significant, please have them totaled prior to your appointment. If you used your HSA account in 2024, you must bring form 1099-SA.
• Child Care Expenses – For each individual/company used during 2024, provide the name, address, social security number (or federal ID number) and amount paid.
• Tuition Statements – Amounts paid in 2024 for post-high school tuition, fees, and course-related supplies, books, and equipment. Bring all 1098-T forms.
• Businesses – Bring your Profit & Loss Statement; If one is not provided, we can prepare one for you.

Maximizing deductions starts with understanding all eligible expenses. Common deductions include home office costs, business-related travel, medical expenses, and charitable contributions. We’ll review your financials to ensure you’re not missing any opportunities.

For most individuals, the deadline is April 15th. Businesses and those with more complex filings may have different deadlines. We recommend filing early to avoid last-minute stress and ensure accurate submissions.

Missing the filing deadline can result in penalties and interest on any taxes owed. If you’re unable to file on time, we suggest requesting an extension. Keep in mind, though, that an extension doesn’t extend your payment deadline, so it’s best to estimate and pay any taxes due by the original filing date.

It’s best to wait until you have all required documents to ensure your filing is accurate.  Filing with incomplete information could lead to mistakes or delays.

Owning a business offers a variety of tax benefits, such as deductions for operational expenses, home office costs, and more. We’ll help you understand and take full advantage of these benefits to minimize your tax burden.

A tax deduction reduces your taxable income, which in turn lowers the amount of tax you owe. A tax credit, on the other hand, directly reduces your tax liability dollar-for-dollar. Examples of tax credits include the Child Tax Credit or education-related credits. We’ll make sure you’re aware of all the credits you may qualify for to help lower your tax bill.We’ll help you identify both to maximize your refund or reduce your payment.

The standard deduction is a set amount that reduces your taxable income, while itemizing involves listing individual deductions (such as medical expenses or mortgage interest). We can help you determine which option benefits you most based on your financial situation.