What Should You Be Communicating to Your Tax Preparer?

April 16, 2019 / by Fortis Family Office Tax Team

Communication is key to a successful relationship between you and your tax preparer. The tax preparer may ask certain questions and request information he or she believes is necessary to prepare a complete and accurate tax return.  However, you must understand that the responsibility to provide all necessary information lies with you.¹

Information you should be sharing with your tax preparer:
• New job
• Change in number of dependents
• Change in residency
• Large purchases, such as motor vehicle, boat, aircraft
• Change in marital status
• Salary increase or decrease
• Buy/sell a home
• Contribute to an IRA
• Establish a new trust
• Start a business

In conclusion, it is best to communicate with your tax preparer any life changing events as it can affect your taxes.

¹ https://www.picpa.org/articles/cpa-now-blog/cpa-now/2019/01/23/what-you-need-to-take-to-your-tax-preparer