Preparing Your Taxes Professionally? Here's 5 Tips to Get the Most Out of Your Meeting

(ARA) - This year, millions of taxpayers will head out to have their taxes professionally prepared. The question most will ask isDo I have everything I need?

The process typically begins with a crazed search through drawers, wallets and file cabinets for receipts and documents that taxpayers will need in order to get the maximum refund allowable for their unique situations. During this frenzy, it is important to make sure that you have all the essentials as you head out to have a professional take care of preparing your tax returns.

"In order to make the most of your visit with a professional tax preparer, you need to pull together critical documents that oft times can make a big difference to your bottom-line," said Mike Lister, executive vice president, Jackson Hewitt Inc. "Taxpayers who overlook important documentation may be leaving money on the table."

The professionals at Jackson Hewitt Tax Service offer the following tips to help make your first tax preparation interview the most efficient, and hopefully, the only one needed.

 

1. Make sure you have all documents that pertain to income. This includes: wage statement - W-2s, pension, retirement income - 1099-Rs; interest and dividend income (bank statements and reports); self-employed business income; lottery or gambling income; social security/unemployment income; income from rentals; and commissions. And don't forget that, for those who are employed in the service industry, gratuities must also be included.

    

2. Provide documentation of expenses and losses that are important. These may include: self-employed business expenses; lottery or gambling losses; expenses from rentals; medical and dental expenses; unreimbursed employment-related expenses; job related educational expenses; and child care expenses and provider information.

    

3. Typically, home ownership provides many great tax benefits. Make sure you bring complete documentation regarding the sale or purchase of a home. The following documentation may be necessary: record of purchase or sale of residence; real estate and personal property taxes; and mortgage or home equity loan interest paid.

    

4. Miscellaneous income or debt documents. Other items to bring, if applicable, include: sales of stocks and bonds; state refund amount; alimony paid or received; estimated taxes or foreign taxes paid; cash and noncash charitable donations.

    

5. And last, but not least, make sure to bring the following, for all persons that will be included on your returns: social security card(s); driver's license(s); and dependent's social security numbers and dates of birth.

As a good reference point, it is always helpful to bring along a copy of your previous year's tax return.

With more than 3,200 locations nationwide, Jackson Hewitt Tax Service is currently the nation's second largest tax preparation service. The company provides full service, individual federal and state income tax preparation through its proprietary computerized software system. Jackson Hewitt Tax Service offers its customers additional services such as electronic filing, Accelerated Check Refunds, Assisted Direct Deposit of refund checks and Refund Anticipation Loans. To contact a tax preparer at an office near you, call 1-800-234-1040 or visit www.jacksonhewitt.com.