For me, the end of the holidays signals the beginning of tax season. Starting the last week of January and continuing through the first two weeks of February, taxpayers begin receiving envelopes, big and small, that say, “Important Tax Document Enclosed”.
These are documents from employers issuing W-2s to employees, as well as financial institutions such as banks, mortgage lenders, and investment firms reporting interest income, dividend income, capital gains, mortgage interest, and property taxes paid to and by taxpayers.
I tell my clients, “Don’t open them” and “Don’t copy them”. Just put those envelopes in a folder and bring the folder to me.
If your tax professional prepared your tax returns for the prior tax year or years, remember to make them aware of any big changes that happened in your life since you last saw them.
Did you get married? Divorced? Did you move? Have a child? Change jobs? Start your own business? Buy a house? Sell a house? Have a child enter college or the military?
You’d be amazed at the life changes some of my clients went through and didn’t tell me unless I asked them all these questions.
Your tax professional will be very happy if you show up at their office with all your tax documents along with an explanation of all the events with tax implications that occurred in your life during the preceding year.
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