THE BRIDGEWATER-SOMERVILLE CONNECTION PAGE 12 FEBRUARY/MARCH 2026 theconnectionsnj.com hether you are an individual or own a small business, organizing financial records in advance helps minimize errors, avoid delays, and identify potential tax-saving opportunities. This leads to reduced stress, timely filing of returns, and ensuring compliance with tax laws. Working with a Certified Public Accountant (CPA) can also help identify opportunities to minimize taxes and avoid common errors. Individuals First, gather all personal information. This includes full legal names, Social Security numbers, and dates of birth for yourself and any dependents. Communicate any significant life changes during the year, such as marriage, divorce, birth of a child, or change in dependency status, as these changes could impact filing status, credits, and deductions. Individuals should collect all income-related documents. Common forms include W-2s for wages, 1099-INT and 1099-DIV for interest and dividends, 1099-R for retirement distributions, and SSA-1099 for Social Security benefits. For gig and contract work, furnish Forms 1099-NEC or 1099-MISC, along with any related expenses. If there is income from partnerships or S-Corporations, provide Schedule K-1. Those with investment activity should furnish brokerage statements or Forms 1099-B showing sales, cost basis, and gains or losses. Be sure to have any documentation related to digital assets. Provide documentation related to deductions and credits, such as mortgage interest statements, property tax records, charitable contribution receipts, medical expenses, education-related costs, and childcare expenses. These items may impact your tax liability, and sources should be clearly summarized. Records should be maintained for ordinary and necessary expenses such as supplies, advertising, insurance, professional fees, utilities, vehicle use, meals, and travel. Payroll records, including Forms W-2, quarterly payroll tax filings, and contractor payments, should be furnished if applicable. Provide information related to assets, such as details of equipment, vehicles, or property purchased or sold during the year, including purchase dates and costs. Proper documentation allows your CPA to calculate depreciation and capital gains or losses accurately. Supply records of estimated tax payments, extensions filed, and any correspondence received from taxing authorities. By taking these steps, individuals and small businesses can expect a smoother and less stressful tax preparation process. Kingswood Tax and Business Services LLC is located at 75 North Bridge Street, Suite B, in Somerville, NJ. For all of your tax prep and business needs, they can be reached at 908-651-4659 or you can email frank@kingswoodtaxandbiz.com. accurate records help ensure that eligible deductions and credits are claimed properly. Lastly, supply records of any estimated tax payments, extension filings, or prior-year carryforwards, along with any correspondence received from the IRS or state tax agencies. Small Businesses Having complete records ready for your tax preparer helps reduce delays, minimize errors, and ensure all income, deductions, and credits are properly reported and considered. First, gather all basic business information. This includes the legal name of the business, employer identification number (EIN), business address, ownership details, and prior-year tax returns. Communicate any changes during the year, such as a change in ownership, business structure, or operations. Complete and accurate income records are essential. Small business owners should provide documentation of gross receipts, including sales reports, bank statements, and Forms 1099-NEC or 1099-K received. Rental income, service income, and other revenue TAX TALK Stress-Free Tax Preparation Starts with Good Organization By Frank Walko W Kingswood Taxand Business services, LLc Frank Walko, CPA – Owner Maximize your potential with innovative solutions and expert advice. Our PERSONALIZED Services include: • Income Tax Preparation – Individual, Business & Estate • Accounting & Consulting Services No Hidden Fees. Individual income tax preparation starts at $199 (may vary based on complexity). Learn more here: www.kingswoodtaxandbiz.com 908-651-4659 frank@kingswoodtaxandbiz.com 75 North Bridge Street | Suite B| Somerville Don’t Stress this Tax Season - Get Professional Help 10% OFF Mention this ad in THE CONNECTION MAGAZINES
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