What does it mean to be “Tax Ready” and why should you care?
Being Tax Ready ensures you have given us everything we need to prepare your return. The reason you should care is that the sooner we have all your documents, the sooner your return enters our tax preparation queue!
Definition of Tax Ready
- Your Engagement Letter has been signed
- If required, your deposit has been made
- Questionnaire has been filled out and submitted
- All your tax documents* have been uploaded to your client portal
*Tax documents for your engagement are listed below.
Businesses that work with our Client Advisory Services (CAS) Team
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- Your books are closed for December and no further adjustments are being considered
- List of fixed assets purchased and disposed of during the year, if not clear in QB
- PDF Copies of the W-3 and all W-2’s
- PDF Copy of Form 1096 – Summary of 1099s sent
- The CAS Team will coordinate with the Tax Team to get any financial reports we need to prepare your return
Businesses that maintain their own books
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- Profit and Loss statement in Excel for the year just ended
- Comparative Balance Sheet (Year Ended + Prior Year) in Excel
- General Ledger Report in Excel
- List of fixed assets purchased and disposed of during the year, if not clear in QB
- PDF Copies of the W-3 and all W-2’s
- PDF Copy of Form 1096 – Summary of 1099s sent
- If we have access to your QuickBooks online account, please let us know you have finalized your books for the year and send us your W-3 & W-2’s. We will pull the reports.
Individuals
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- Legal name, date of birth, and SSN for any new dependents for the year
- If you got married during the year we will need your spouse’s Legal Name, Date of Birth, and SSN.
- Copy of W-2’s
- Form 1099’s from investment advisors & brokers (include ALL PAGES)
- Form K-1 from any businesses you own or are invested in
- Sch C Profit and Loss (if applicable)
- Rental Property Profit and Loss Statement(s) + a list of any additional expenses.
- 1099-SSA if you receive Social Security payments during the year
- 1099-R if you received any pension or retirement benefits during the year (you will receive a 1099-R from EACH ACCOUNT that pays benefits to you during the year)
- Amount of any SEP or IRA contributions made and Form 5498 if available
- HSA tax forms
- Form 1098-Int (if you had any mortgage payments during the year)
- Property Tax Payments made in 2022
- List of Charitable Contributions for the year
- Please list cash and non-cash donations separately
- Please include name of organization
- Please include copies of any donation acknowledgment letters for the year
- Total amount paid to a third party for childcare services for the year, as well as name and address of the person/organization providing the care
- List of any Estimated Tax Payments made to the IRS with copies of payment confirmation if paid online or copies of checks if paid by mail
- Any Tax Notices received from the IRS or any state taxing authorities that you have not already sent us
- If you are not using any accounting software for your Sch C or Rental activities, please let us know if you would like a copy of our Excel workbook to help you summarize and report your activity for the year
By being Tax Ready you help us make the tax return process run smoothly and in a timely manner, with fewer e-mails requesting additional information and/or documents.
