Having a tax professional help prepare your taxes can be convenient and it will help save you lots of time, money, and induce accuracy in your tax preparations.

Let’s say you live in New York City, and you are looking for a tax preparation service provider. You can search in google: tax preparation service in New York and find local listings of tax preparation services provider in your area. Having a tax preparation service in a vicinity that can cater to your time, and is of convenient travel distance from you so that you can meet with your tax professionals in a timely fashion, at a reputable location, will make the cost of hiring a tax preparations service more valued.

Don’t waste your time

The time you spend laboring with your own taxes, or the time wasted working with a tax preparation service that doesn’t cater to your hours and needs, whether it’s for meeting with your tax professionals to talk and understanding the IRS’s form instructions, or to identify your eligibility of tax credits and tax deduction benefits; time wasted with your tax professionals is money loss. If you can save your time by being able to see and talk to your tax professionals at a timely manner and in a timely fashion that doesn’t rush the details, this investment will become much more worth the price you are originally paying the tax professional service in Brooklyn, NY for.

When hiring a tax professional, make sure the tax preparation service is of utmost integrity in their business approach, and make sure you can schedule appropriate times to go over your tax preparations to get the most bang for your buck. So, in this case, if you live in Brooklyn, NY, definitely google: tax preparation service in Brooklyn, NY, and work with the listings popped up by that search engine.

Create a Tax Checklist

Another form of advice about preparing your tax preparations, is to make sure you have a Tax Checklist with you, this way you can save time and confusion when talking to your tax professional. Tax preparation checklist should include:

Personal Information:

The IRS needs to know exactly who is filing the tax return, and whom the tax return is covering. To do this, you will need to input Social Security numbers and the date of birth of your spouse, you, and your dependents.

Information about your income:

  • W-2 forms of you and your spouse
  • Investment Incomes – 1099 (-NT, -DIV, -B, etc.), K-1s, stock option information
  • Income and state tax refunds
  • Alimony received
  • Business or farming income
  • IRA/pension distributions – forms 1099-R, 8606
  • Social Security benefits
  • Prior year installment sale information
  • Other miscellaneous income – Jury Duty, Medical Savings, Scholarships.

Include Adjustments to your income:

  • Moving Expenses
  • Adoption costs – Social Security number of child, legal, medical, and transportation costs.
  • Home mortgage interest and points you paid – forms 1098
  • Medical and dental expenses
  • Casualty and theft losses

Taxes you have already paid:

It’s important for you to properly document the taxes. Having the proper documents that show he taxes you have already paid can keep you from overpaying.

  • State and local income taxes
  • Real Estate taxes paid
  • Personal property taxes – vehicle license fee based on value

Other important tax Information:

  • Estimated tax payments during the year
  • Prior refunds from previous year applied to this current year
  • Foreign bank account information
  • Direct deposit information

Small Business Tax preparation Checklist

Income:

  • Gross receipts from sales or services
  • Return on allowances
  • Sales records (For accrual based taxpayers)
  • Other income

Costs of goods sold:

  • Inventory
  • Items removed for personal purposes
  • Materials and supplies
  • Inventory purchases
  • Ending inventory total dollar amount

Expenses:

  • Advertising
  • Phones (Landlines, fax or cell phones related to business)
  • Computers and internet expenses
  • Travel and transportation expenses
  • Other expenses