What tax documents does my tax professional need to prepare an accurate tax return?

You guessed it: All of them. And if possible, share the documents with your tax pro at the same time.

As Congress has made the tax code more complex, taxpayers are receiving more and more tax documents that may need to be reported on your tax return. Make sure you have all of your tax documents gathered together before bringing them to your tax professional.

Tips to help you gather all of your tax documents

• Check the mail & check the “online mail”. Many financial institutions have an online “Tax Center”. Many banks are delivering documents to online portals instead of by mail.
• Go through the tax organizer BakerStarrett sent to you. The organizer lists the tax documents that were included on the prior year tax return, and can serve as a good reminder of what documents you may need for the current tax year.
• Review the questionnaire in the tax organizer and answer the questions in a timely manor.

Why does your tax professional need all of your tax documents (preferably delivered at the same time)?

As tax professionals we can provide the most value by evaluating the entire tax picture and finding ways to minimize your lifetime taxable income. We are too frequently diverted from our primary goal of tax minimization and instead spend time “project managing” tax returns by asking for tax documentation that was not included upfront.

When YOU are organized, it helps your tax preparer file an accurate and timely return.

In summary, give your accountant all the needed information, all at the same time. This makes the process smoother, ensures compliance, and allows us to focus on minimizing your lifetime taxable income.