Tax Preparation for Individuals

Insurance

Tax season is right around the corner, and Toledo’s individual tax experts at Brangham & Associates is here to help you with your 2017 state and federal tax needs.

Bringing the Right Paperwork

Tax season can be a frustrating time, if you’re like a lot of people. All you really want is to avoid penalties, maximize any tax advantages and keep your finances in order — but with all the complex codes, rules and regulations, filing your tax return might be too complicated. Enlisting the help of a trusted accountant can take away much of the hassle, but making sure you have all the right tax documents is crucial.

Discover below what tax preparation paperwork is essential for minimizing tax liability, maximizing your income and ensuring financial success

Social Security Information

Tax preparers you’ve used before might not need you to bring your Social Security card. But if you’re using someone new, having your card (and those of your spouse and dependents) makes verification easier. If you aren’t able to bring your card, at least make sure you have last year’s tax return with your name and current address, along with your Social Security number.

Income Documents
  • Form W-2 — Your employer must send you this report of your annual salary/wage income and withheld tax, due by January 31 via mail.
  • Form 1099-MISC — Have one per client for independent contract / freelance work or for various modes of income.
  • Additional income documents — Bring any paperwork reporting income from social security, unemployment, interest, dividends or other sources.

If you didn’t receive any of the above forms by January 31 or misplaced them, contact the appropriate employer, client or institution to request a new copy as soon as possible.

Expense Documents

Some expenditures are eligible for tax credits, reducing how much you owe; others allow tax deductions, which reduce taxable income. Ask your financial accountant which expenses qualify for credits or deductions and what documents you must provide.

Some eligible expenses include, but are not limited to:

  • Childcare expenses
  • Student loan interest
  • Higher education tuition
  • Medical expenses
  • Charitable contributions
  • Rental expenses
  • Moving expenses
  • Mileage logs
  • Homeowner mortgage payments and interest

Remember to bring any and all documentation— receipts, bills, invoices and other expense reports — to maximize any possible tax credits and deductions.

Stress-Free Tax Filing Services

Qualified tax experts can make filing on Tax Day 2018 easier for you, but you can also make it easier for them by bringing the right tax documents. Before you meet with your accountant, be sure to assemble the appropriate paperwork, listed above, ahead of time. That way, you’ll avoid unnecessary challenges and optimize your overall financial success.

Take the trouble out of Tax Day and schedule your tax filing appointment with Brangham and Associates, Certified Public Accountants. Call us at (419) 872-2221, or visit our Contact Us page for additional information.