pexels-nataliya-vaitkevich-6863181.jpg

Common IRS Forms and Schedules You Should Know

There are nearly 1000 tax forms on the IRS website and knowing which ones you need can be very overwhelming.

 

Whether you’re a self-employed contractor or a married couple with several properties, there are specific IRS forms you are required to include in your federal tax filing.

The tax preparers at Clymer, Hall and Davis will ensure that you have every form specific to your unique tax status.

Copy of Copy of Clarity Call (45).png
Copy of Copy of Clarity Call (68).png

Having the right forms is only half of the equation.

 

All tax forms and schedules are available on the IRS website for individuals to download and fill out themselves. While this may seem to make it easier to file your own taxes, the type of information to provide can still be confusing.

Even if you know which forms you need, you may not completely understand which information to report. The tax preparers at Clymer, Hall and Davis are trained to recognize and understand the nuances of the federal tax code, ensuring that your tax return is correct…every time. 

For most people, keeping track of the changing tax laws can be difficult at best. If you aren’t constantly paying attention, you could miss something important. A tax preparer knows what’s new, and can help you get the latest tax benefits. Keep up with the tax changes on The IRS Website.

 

Own A Business? 

Business owners typically file their business taxes separate from their individual taxes.

We’ll help you file your business taxes to reduce your business and personal tax liability. We are well-respected strategic business advisors and decision-makers, and we act as consultants on many issues, including taxes and accounting. A tax preparer is a trusted financial advisor who helps individuals, businesses, and other organizations plan and reach their financial goals.

If you have multiple sources of income, an accountant can help you sort through how to report everything correctly. It is a lot more complicated then if you just have one W-2 to record.

If you are self-employed or own your own business, an accountant can help with that too. Hiring someone with financial expertise can help you find ways to lower your taxes that you might otherwise miss.

There are some big write-offs for the self-employed. Don’t miss out.

Do you own real estate?

If you own your own home, or own rentals, an accountant can help you manage them. There are some specific tax situations tied to rental properties and some major benefits. You definitely don’t want to miss out on those.

Your future could be up in the air if you just inherited a large amount of cash or property. Inheritance taxes can be costly if you don’t have help navigating the specifics. An accountant will help advise you on the present situation and help you reduce your taxes for the future, as well.

Have you had a major life change?

If you are about to go through a big life change, or you recently have, an accountant can help lead you through the transition.

Anytime you get married, get divorced, retire or have children your tax situation changes as well. An accountant will help lead you to navigate the changes when it comes to your financial being.

Or if you’re about to start your own business an accountant can help you prepare. With their help, you’ll be able to ensure that all the necessary tax forms are filed correctly.

Perhaps your kids are getting older and you want to contribute money to a college savings account, or even a trust. An accountant can help set all of that up. They have the tools to help you maximize your money as you look toward your family’s future.

Want to save time and money?

If time isn’t on your side, an accountant may be your new best friend. Not knowing what you are doing can be a real time-waster.

 

An accountant will likely be able to cut down on the confusion and cut down on the time it takes to do the job effectively.

 

Truly, the number one reason you need an accountant is simple. An accountant can save you money. Lots of money.

A skilled accountant knows how to make sound decisions when it comes to preparing your taxes, helping you plan a business, or setting yourself up for a sweet retirement. Don’t leave money on the table.

Numbers are not really your thing?

Obviously, if you are bad with numbers, getting some expert help is to your advantage. An accountant is trained to catch mistakes, and to fix them. You don’t want to make a mistake and up being audited.

If you owe any back taxes to the IRS, do not delay in contacting an accountant to help you out. He or she can help you understand what you owe, and how to avoid any future problems. Most accountants understand how scary it can be going up against the government. A good accountant will stand up for you, and help you get your life back to normal as quickly as possible.

Bottom Line Is

Hiring an accountant can be a great way to save yourself time, money and confusion. At Clymer Hall and Davis we aim to ensure you are getting the very best expert advice. In the end, this one decision can end up saving you thousands of dollars.

Copy of Copy of Clarity Call (53).png
TAX DOCUMENTS

  • W-2

  • 1098

  • 1098-E

  • 1099-INT

  • 1099-DIV

  • 1099-B

  • 1099-G

  • 1099-R

  • 1099-MISC

  • Social Security Numbers (including spouse and children)

  • Birthdates (including spouse and children)

  • Deduction Records

  • Medical and Dental Expenses

  • Real Estate and Personal Property Tax

  • Estimated or Foreign Taxes Paid

  • Donations, Cash and Non-Cash

  • Unreimbursed Employment Expenses

  • Job Related Educational Expenses

  • Child Care Expenses/Provider Information

  • Educational Expenses

  • Self-Employed Business Expenses

  • Expenses

Additional  Information
or documents:
FORMS & WORKSHEETS

  • New Client Information

  • Returning Client Information

  • 2021 3rd Stimulus/Economic Impact Payment

  • 2021 Advance Child Tax Credit Payment Letter 6419

  • Foreign Income Letter

  • Engagement Letter & Privacy Notification

  • Engagement Letter & Privacy Notification New Client

  • Consent to Use Tax Information

  • Consent to Disclose Tax Return Information to Third Party

  • Auto Expenses

  • Business Expenses

  • Daycare Business

  • Hairdresser/Manicurist Expenses

  • Rental Property