As we flip the calendar to a new year, the familiar January hustle begins. We’re all gathering our W-2s, 1099s, K-1s, and more. Depending on your financial activities this past year, the stack of documents may vary in size. But there’s no need to panic or procrastinate. We have a method for this annual “madness”.
To make this process smoother and less daunting, Fulton & Kozak provides two essential documents to every client each January:
- The Tax Year Questionnaire
- The Tax Document Organizer
Why Our Annual Client Questionnaire Matters
The annual questionnaire is our way of ensuring no detail is overlooked. It’s designed to capture all the life and financial changes that may impact your tax situation. These might seem like small details, but they can have big implications.
Consider These Questionnaire Topics:
- Personal Details and Dependents: Did your family change this year? Did a dependent graduate college this year?
- Healthcare Coverage: Any changes in your healthcare or shifts in policies?
- Purchases, Sales, and Debt: Buy or sell a property? Buy or sell any investments? Did you start a business?
- Retirement Plans: Did you contribute to an IRA or make withdrawals from a 401(k)? Did a job change prompt a rollover for your old employer’s retirement plan?
- Education: Have you paid for any educational expenses?
- Itemized Deductions: Are there charitable donations, mortgage interest, or medical expenses?
- Estimated Taxes: Did you make estimated tax payments throughout the year?
- Miscellaneous: Any other life events, like marriage or divorce, that could affect your taxes?
Even if it feels like “nothing has changed,” it’s always wise to double-check. Our lives are dynamic, and sometimes changes are subtle or easy to forget.
The Organizer’s Role
The organizer is a recap of your previous year’s filings, giving you a checklist for this year. It’s designed to help you gather everything you need so you’re not left scrambling at the last minute.
Why Bother with All This?
Efficient tax preparation ultimately saves time and stress for everyone involved. By using the questionnaire and organizer, you’ll avoid the last-minute scramble and ensure your CPA has everything they need to start your return promptly. Plus, understanding your tax situation can lead to smart financial decisions moving forward.
If you’re not yet a client but are intrigued by this streamlined process, feel free to download our questionnaire. Turning tax season into an organized and predictable endeavor is one resolution worth keeping!