How Can You Best Prepare for Tax Season?



Needing help with Tax preparation? Click Here!
Needing help with tax planning? Click Here!
Want to find out more about Ed Lloyd & Associates? Click Here!

Hello everyone! It's tax time, and we want to help you make the most of what can sometimes be a stressful time of year.


Recently, we sent you some information for your business and individual tax returns, and today we want to help you understand what information we need from you so we can make the process as smooth as possible.   

Business Tax Returns

We sent you a business information checklist that's simple to fill out. First, make sure you sign your engagement letter. After that, go through the information request and answer the questions as completely as you can so we can accurately prepare your return. There are many things in here that can help you reduce your taxes.

If we don't prepare your accounting records for you, we ask that you please provide us with a backup. We have sent you some straightforward instructions on how to get this information to us. We also need a copy of your Form 940 and a copy of the shareholder W-2s, so we have an idea of how large your company's payroll is. Make sure your health insurance is included with the W-2s - if it's not, you will not get the reduction! 

We also need your December bank statements, loan statements, and any additional information you can share!

Individual Tax Returns

The checklist we've sent you will tell you what information we need from you, as well as what  you can do to help reduce your taxes as much as possible. Like the business tax return, the first thing we need is a signed engagement letter. 

There are additional forms we need you to complete due to the Affordable Care Act, and it's very important you get them to us. We've streamlined the checklist as much as possible, so that we can get the information we need without being burdensome. If there is information outside of what we ask for, there are places you can go for that as well.

Help us help you by providing the following items:
  1. W-2s
  2. Mortgage interest statements
  3. Dividend
  4. Interest income
  5. Brokerage Statements
Also, if we did prepare the K-1s you're involved with, we will also need those. If you purchased or sold a home this year, we will also need a settlement statement. We request that you please send us any additional information we ask for, as we are simply trying to help you save as much money as possible.

If you have any referrals we could help out with, or have any questions about this tax season, don't hesitate to give us a call or shoot us an email. We would love to give you a hand! 

Thank you.


Ed Lloyd CPA, PFS, CTC

Ed Lloyd & Associates, PLLC