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Personal Tax Return
When filing your personal tax return, there are several documents that you need to gather and include in your submission. These documents typically include your W-2 forms, which provide information on your earnings and the taxes withheld by your employer. Additionally, if you have any income from freelance work or self-employment, you will need to gather your 1099 forms or any other relevant documentation that shows your income and expenses. It is also essential to have your bank statements, which will help in reporting any interest income or investment gains. If you have made any charitable contributions, gather the receipts or acknowledgment letters for deductions. Lastly, if you have any dependents, make sure to gather their Social Security numbers and relevant identification documents. By organizing and including these documents, you can accurately file your personal tax return and avoid any potential issues with the tax authorities.
The documents required to file your personal tax return can vary depending on your individual circumstances and sources of income. However, here is a general list of documents you may need:
W-2 Forms: If you're employed, you'll receive a W-2 form from your employer detailing your wages, tips, and other compensation, as well as the taxes withheld.
1099 Forms: These forms report various types of income other than wages, such as freelance income (1099-MISC), interest income (1099-INT), dividend income (1099-DIV), and more.
Income Statements: Any additional income statements from sources such as rental properties, partnerships, or S-corporations.
Investment Statements: Statements from your brokerage or financial institution detailing investment income, gains, and losses, including those from stocks, bonds, mutual funds, or retirement accounts.
Records of Expenses: This includes receipts or records for deductible expenses such as mortgage interest, property taxes, charitable donations, unreimbursed business expenses (if self-employed), and medical expenses.
Health Insurance Forms: If you purchased health insurance through the Marketplace, you'll receive Form 1095-A. If you have health insurance through other means, you might receive Form 1095-B or 1095-C.
Records of Estimated Tax Payments: If you made estimated tax payments throughout the year, you'll need records of these payments.
Education Expenses: Documents related to education expenses, such as Form 1098-T (Tuition Statement) from educational institutions and records of student loan interest paid.
Childcare Expenses: Documentation of any expenses related to childcare or dependent care, such as receipts from daycare centers or providers.
Other Deduction Records: Records related to other potential deductions, such as state and local taxes paid, home office expenses (if self-employed), and other miscellaneous deductions.
Previous Year’s Tax Return: Having your previous year's tax return can be helpful for reference, especially if there are recurring items.
Personal Information: This includes Social Security numbers for yourself, your spouse, and any dependents, as well as your filing status.