W2 (Employee)
A Form W-2 is a tax document used in the U.S. to report an employee's wages and the taxes withheld from their paycheck. Employers are required to provide a W-2 for each employee they pay through wages, salaries, or other forms of compensation.
What You’ll Need to Get Started
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Taxpayer & Spouse (if applicable): Name, Address, SSN
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Dependents: Name, Birth Certificate, SS Card, DL/ID (if applicable), School/Medical Records
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Income: W-2s (all employers), all other income sources (must be reported)
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Daycare Expenses: Provider’s Name, Address, TIN/SSN
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Tax Forms: 1095, 1098, 1099 (as applicable)
Having these ready will make your tax preparation quick and easy!
1099 / Self Employed
A Form 1099 is an IRS tax form used in the U.S. to report income other than wages, salaries, or tips, such as payments for freelance work or investments.
Self-Employment: Being self-employed means working for yourself rather than for an employer. If you earn income independently, the IRS considers you self-employed, and you’ll need to file a tax return to report that income.
What to Provide for Tax Preparation
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Taxpayer & Spouse (if applicable): Name, Address, Social Security Number (SSN)
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Dependents: Name, Birth Certificate, SS Card, Driver’s License/ID (if applicable), School or Medical
Records
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Daycare Expenses: Provider’s Name, Address, TIN or SSN
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Forms: 1095, 1098, 1099 (as applicable)
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Business Information (if applicable):
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Address, EIN (optional)
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Start Date
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DBA Documents (optional), Business Type
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Profit & Loss Records, Mileage Logs
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All Income Sources: It’s the taxpayer’s responsibility to report all income.
Having these documents ready ensures a smooth and accurate tax preparation process!
Partnership
A partnership is a formal agreement between two or more parties to jointly manage and operate a business, sharing its profits and losses.
Partnerships themselves do not pay income tax. Instead, the tax liability passes through to the individual partners, who report their share of income or losses on their personal tax returns.
Common Types of Partnerships:
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General Partnership (GP): All partners share management responsibilities and are personally liable for the business's debts and obligations.
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Limited Partnership (LP): Includes both general partners, who manage the business and assume liability, and limited partners, whose liability is limited to their investment and who typically have no management role.
Information Needed for Partnership Tax Preparation
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Business Address and EIN
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Date the Business Was Established
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DBA Documents (if applicable) and Business Type
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Number of Partners: Include names, home addresses, Social Security Numbers (SSNs), and Driver’s License/ID details for each partner
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Profit and Loss Records/Logs
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Business Mileage Records
Each partner is responsible for reporting their share of the partnership’s income and losses on their personal tax return.
LLC
A Limited Liability Company (LLC) is a U.S.-specific business structure that blends the pass-through taxation benefits of a partnership or sole proprietorship with the limited liability protections of a corporation.
Like a corporation, an LLC is a separate legal entity from its owners. This means that, in most cases, the owners are not personally responsible for the company’s debts or liabilities.
Information Needed for LLC Tax Preparation
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Member Information: Name, Address, Social Security Number (SSN)
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Ownership Percentage
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Business Details:
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Name, Address, EIN (if applicable, but not required)
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Date the Business Was Established
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DBA (Legal Documents, if applicable) and Business Type
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Profit and Loss Records/Logs
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Business Mileage Records
This information will help ensure accurate and efficient tax preparation for your LLC.