Tax season can be confusing and frustrating for us all. Especially when it involves filing not only your personal taxes, but business taxes as well. We came up with some tools to help you prepare, so you can stress less this tax season.

What are the file dates?

• Individuals & Businesses should file all taxes with the IRS by April 15, 2022.

What documents do I need to provide as an individual & business? You’re probably starting to see them arrive in your mailbox. The best thing to do is put them together till you have collected them all. Below is a list of the forms you should bring, but please confirm with your accountant for a more personalized list.

• Individuals
  • W-2’s for wages, gambling
  • 1099 forms for dividends, income, retirement, brokerage, miscellaneous income, interest, social security, HSA’s, refunds & unemployment.
  • 1098 forms for tuition and mortgage interest
  • K-1 forms from investments in S corporations or partnerships
  • Form 5498 – 2021 IRA & Roth IRA contributions
  • Childcare costs, include the name, address, amount, & ID # of the recipient
  • Receipts or forms for Charitable donations
  • And it never hurts to bring any form you receive from the IRS or a state tax entity
• Business
  • Personal Information & EIN number
  • Previous Year’s Tax Return
  • Financial Business Reports – income statement, balance sheet, & statement of cash flows
  • Tax Forms
  • Asset Information – list of assets purchased including cost and date purchased
  • Loan Information
  • Income Records – could include copies of bank statements, deposit slips, or sales invoices
  • Expense Records – could include receipts, bills, bank statements, credit card statements, and Mortgage/Property Tax forms
  • Deductible Expense Information – may include mileage log, business travel, or charitable donations
  • Payroll Data – if you have employees you will need to provide W-2s/W-3s, 1099-MISCs, health insurance records and information regarding bonuses.
  • Inventory Total
  • Stocks & Bonds Information – any information regarding stocks and bonds your business purchased or sold.
  • And any IRS or other taxing agency correspondence

Are there any changes or updates that we should be expecting for this year?

• You will receive forms in the mail from the IRS regarding any stimulus (IRS Notice 1444-C) or child tax credit (IRS Notice 6419) payments you may have received in 2021. You will need these to file your taxes, so do not throw them away.
  • Keep in mind, if you received child tax payments throughout the year, then they will not appear on your tax return this year.
• Are your employees asking if their home offices and supplies are tax deductible? Many professionals are finding themselves working remotely and setting up home offices. The team at Jackson Hewitt Tax Service created this short video to help individuals get answers to that very question: https://www.youtube.com/watch?v=Cv62X7Hh-kU

Where in Muskogee can I find CPA/Accounting services for assistance with filing my taxes?

• A-Plus Accounting Service LLC
  • 3509 Chandler Road
  • (918) 682-3310
• Bethany D. Bowline, CPA, Inc. PC
  • 1002 N. Main Street
  • (918) 683-7881
• Jackson Hewitt Tax Service
  • 2117 Chandler Road
  • (918) 686-6800
• Kathy Hewitt, CPA, LLP
  • 207 N. 3^rd Street
  • (918) 683-2931
• Moffitt, Parker & Company, Inc.
  • 215 State Street #900
  • (918) 683-2931
• Sam Fowler, CPA
  • 2406 W. Broadway
  • (918) 682-7622

We hope this information is helpful, but please when in doubt contact a tax professional. Now start collecting your documents and remember to schedule an appointment with your accountant or CPA today.