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When you decide to get help with accounting services Albuquerque NM or tax preparation in Albuquerque NM, it is nice to know that you can rely on an expert to handle all the paperwork for you. However, that doesn't mean that you won't need to help out by providing all the essential information your tax preparer may need. Although each case can be different, the following list will discuss the main things you need to provide for the person doing your tax preparation. The first thing you'll need is identification. Your driver's license will suffice in most cases, however there is a good chance you will be asked to provide your social security card as well. If you have any dependents, you should bring along their social security cards rather than just their social security numbers. The Internal Revenue Service prefers this type of dependent identification so that duplicate claims on the same dependent are not accidentally filed. You also need to bring any income documentation that you have along with you to the tax preparation in Albuquerque NM. Your income documents would include any W-2 forms and 1099 forms that your employers have issued to you. Additionally, if you have any specific expenses that are related to your job -- gas and transportation, for example -- that you wish to use as deductions, then you will need to bring along all documentation of those expenses. Self employed persons will need to provide their 1099-MISC forms as proof of self employment income. Independent contractors who work as freelancers for a variety of different clients will need to provide the 1099 forms from each company or person who provided one to you. Other types of income that you may have a 1099 form for could include rental income, alimony, or nearly any other significant income source. If you have got investment income, you will need proof of that in the form of 1099-INT forms (these document interest income) and 1099-DIV (these document dividends income.) If you have any brokerage trading history you will need to provide 1099-B forms that track this money. Should you have income from a business partnership, from your own small business, or from any type of trust, K-1 forms are needed for proof of this income. If you are currently receiving Social Security retirement income each month or you receive Social Security disability payments, you will receive a form 1099-SSA from the Social Security Administration, and you will need to provide that to the individual doing your tax preparation in Albuquerque NM. One of the things that a specialist in tax preparation in Albuquerque NM excels in is identifying deductions that a client may have been unaware of. In many cases, it is more beneficial for a client to itemize their tax deductions, however this does require more extensive record keeping. For example, your tax preparer will be able to maximize your deductions if you bring along any canceled checks or receipts for expenses that are tax deductible. Many different expenses can be tax deductible including school tuition, medical costs, relocation costs related to employment, dental costs, contributions that you make to Individual Retirement Accounts, charitable donations, and even child care costs. If you are in doubt about whether an expense might be deductible, bring along your proof of the expense and ask your tax preparer about it. Your tax preparer will work with you to make certain that you are filing your taxes the most effective way possible, and this job is made easier if they have all the information they need at hand. By taking along the documents mentioned in this article, you'll be empowering your tax preparer to get you the best possible results.
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