Preparing Your Tax Return. What You Need to Know and Do

February 17, 2021


Contact PPL

The team of professionals at PPL is here for you! If you would like to discuss an important topic or something that will significantly impact your tax return, call PPL to schedule an appointment or virtual meeting. The sooner you contact us, the sooner your return will be complete. Don’t wait too long to meet with us. Also, don’t forget the April 1 deadline to get PPL all relevant information necessary to meet the April 15 filing deadline. 

Be Prepared

By now, many should have received all of the various tax documents you need from your employer(s), as well as from brokerage firms, banks and others with whom you’ve done business. Make sure each form matches your records.

Types of standard forms:

  • W-2: Employment 
  • Form 1099-B: Securities transactions
  • Form 1099-DIV: Dividends
  • Form 1099-INT: Interest
  • Form 1099-MISC: Non-employee and independent contractors compensation
  • Form 1099-R: Retirement
  • Form 1098: Mortgage interest
  • Form W-2G: Gambling winnings

Gather Your Receipts 

Whether you itemize your deductions or claim the standard deductions, choose the best option that produces the most significant write-off for you. It’s important to provide a summary of your medical costs not covered by insurance or reimbursed by other health plans (for example, flex spending and/or health savings accounts), property taxes, and investment-related expenses. The better organized and complete your records are, the less time it will take us to process your taxes. 

Gather All Personal Information

Make sure you have all of your dependents’ social security numbers that you plan to claim. Gather any home or rental property information including addresses, dates you bought and/or sold the property, the amount you paid, and how much you received from the sale. 

If You’re New to PPL

If you used PPL in the past, we have all of your previous information, so no need to worry. Using the same trusted preparer makes the tax filing process more smooth and seamless. If you’re new to PPL, gather your previous tax documents, and we’ll take it from there.

In Short

The most important thing to take away is to keep good records that will save you time and, in some cases, money. The sooner you start the process, the sooner you can get to your return. If you’re in need of advice, give us a call, and we’ll help you out. 


PPL CPA is here for you to provide advice, bookkeeping services, tax services and payroll. Contact one of our team members today to help in preparing your tax return.