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What To Bring To Your Tax or bookkeeping Appointment
Here’s a list of the documents you will need to bring to your appointment
Welcome to G&P Bookkeeping! We understand that effective financial management is crucial for small businesses. To ensure your financial records are in good hands, we kindly request the following essential documents and information:
Tax Appointments
Personal Documents
Bring the following documents:
- Photo ID
- Social Security Cards
- Social Security Number verification letters, or Individual Taxpayer Identification Number assignment letters for you, your spouse, and dependents
- Birthdates for you, your spouse, and dependents claimed on the tax return
- Bank account and routing number or a voided check for direct deposit of your refund
Employment Income
- W-2 form(s) for all jobs held last year (your employer(s) will have sent you this by January 31st
- Self-Employment Income
- 1099-MISC and/or 1099-K
- Records of income not reported on 1099 forms
- Record of estimated tax payments
Retirement Income
- SSA-1099 form for Social Security benefits
- 1099-R for pension/IRA/annuity income
Other Sources of Income
- 1099-G for refund of state/local income taxes
- 1098-T for scholarships/fellowships
- 1099-R for disability income
- Income or losses from the sale of stocks, bonds, or real estate
- Income or losses from rental property
- Alimony received
- Statements for prizes or lottery/gambling winnings
- Interest and dividend statements from banks
- Records for any other income
Expenses
You can reduce the income you are taxed on by claiming tax deductions for some of your expenses
Bring documentation for all applicable expenses:
- 1099-G for refund of state/local income taxes
- 1098-T for scholarships/fellowships
- 1099-R for disability income
- Income or losses from the sale of stocks, bonds, or real estate
- Income or losses from rental property
- Alimony received
- Statements for prizes or lottery/gambling winnings
- Interest and dividend statements from banks
- Records for any other income
Additional Items
- Last year’s tax return (if available)
- Proof of health insurance or exemption: Form 1095-A if you had coverage through the Health Insurance Marketplace
- Form 1095-B/1095-C if you had other kinds of insurance, or a Health Insurance Exemption Certificate (if received)
- Tax notices: Documents from the IRS, Health Insurance Marketplace, your state tax agency, or anything that says “IMPORTANT TAX DOCUMENT”
Documents to prove you qualify for credits
Here’s a list of the documents you will need to determine your tax credit eligibility.
Head of the household
- Utility bills such as power, water, or lease contract
To claim dependents
- Birth certificate and Social Security cards
- Certificate documenting the dependents had medical insurance coverage
- Any document which could evidence that you and your dependents live at the same address (lease contract)
- Proof of tuition payments (2020 Summary)
- Proof of immunizations
- Form 8332 Release/revocation of release of claim to exemption for child by custodial parent
Bookkeeping Appointments
Financial Statements: Provide us with previous financial statements, including balance sheets, income statements (profit and loss statements), and cash flow statements, if available. These documents offer valuable insights into your business’s current financial standing.
Bank Statements: Share all business bank statements for the relevant accounting period. Bank statements assist us in reconciling transactions, tracking income, and monitoring expenses.
Receipts and Invoices: Keep records of all receipts and invoices related to your business transactions. Proper documentation of expenses is essential for precise expense tracking and maximizing tax deductions.
Payroll Records: If your business has employees, we’ll need payroll records, including wage information, tax withholdings, benefits, and deductions.
Sales and Purchase Records: Maintain records of all sales and purchases, including sales invoices, purchase orders, and receipts. These documents are critical for tracking income and expenses accurately.
Tax Documents: Provide relevant tax documents, such as previous year’s tax returns, W-2s, 1099s, and any correspondence from tax authorities. These documents are vital for tax compliance and preparation.
Bank Reconciliation Statements: If available, bank reconciliation statements help us match bank transactions with your financial records, ensuring accuracy.
Inventory Records: If your business deals with inventory, maintain accurate records of inventory levels, valuations, and the cost of goods sold (COGS).
Business Contracts and Agreements: Share legal agreements or contracts related to your business, as they can have financial implications and obligations.
Business Entity Information: Details about your business’s legal structure, such as articles of incorporation, partnership agreements, or LLC operating agreements.
Business Expenses: Keep records of all business-related expenses, including receipts for office supplies, travel, utilities, rent, and any other operational costs.
Mileage Logs: If your business uses vehicles for business purposes, maintain a mileage log to track deductible mileage for tax purposes.
Credit Card Statements: Provide credit card statements to reconcile credit card transactions with your financial records.
Loan and Debt Statements: Share documentation related to any loans or debts, including loan agreements and repayment schedules.
Business Licenses and Permits: Share copies of any required business licenses, permits, or registrations.
Insurance Policies: Provide details of your business insurance policies, including coverage and premium information.
Legal Correspondence: Any legal correspondence or notices related to your business should be shared with us for proper handling.
Having these documents readily available and organized allows us to maintain accurate financial records, make informed decisions, and ensure compliance with financial regulations and tax requirements for your small business. Proper record-keeping is essential for achieving financial transparency and success, and we’re here to assist you every step of the way.
