In Tax Preparation in Tulsa, it’s all about information. Whether a customer goes to a nationally-owned franchise, a CPA or they choose an enrolled agency, they don’t have to worry about tax forms-; but they have to gather certain information. Read on to learn which types of information a tax preparer with Muretcpa.com needs to do their job.
Income Info
For some filers, gathering income information can be as simple as providing a W2 form. However, there are other income sources to consider before calling a tax preparer, such as:
* Alimony. There’s no form for it, but the filer should ensure that the amount they report matches up with the deduction their ex-spouse claims.
* Gambling proceeds and jury duty stipends. The clerk of court usually provides a form, but gambling winnings are handled by the servicing establishment.
* Local and state tax refunds. These forms are typically provided by states before January’s end. Some tax preparers may also ask for dividend income or interest statements.
* Annuities, estate income and pensions. These income sources’ forms are handled by providers or their accountants.
* Self-employment income over $600 must be declared.
Deduction Information
Not all taxpayers automatically calculate deductions on their returns. The Internal Revenue Service offers standard deductions for these taxpayers. If a person pays mortgage interest, they should consider itemizing deductions instead of taking the IRS standard deduction.
Other Information Provided to Tax Preparers
Mortgage interest information is provided via Form 1098, which typically arrives before January ends. Interest for all mortgages should be included. Real estate taxes and rent deduction info should be provided as well; taxes on real estate are handled by local clerks of court. Rent deduction documentation is needed in jurisdictions offering tax credits. Documentation on unemployment payments or tax refunds comes via a 1099 form from the federal or state government, which makes it easy for the tax preparer to locate.
Tax time can be stressful for some, but a good tax preparer can help their customers remove some of the stress. By gathering the right information before heading to the office for Tax Preparation in Tulsa, taxpayers can simplify the filing process and get their refund faster. Click here to know more.