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[Video] Prepare for your tax returns using FORMS

by Financial Design Studio, Inc. / February 22, 2019

[Video] Prepare for your tax returns using FORMS


It’s tax season and everyone’s thinking of everything they need to get ready for their accountant.  I want to help you with an easy system to remember all the things you need to pull together. Here’s an acronym to walk you through the list!

Financial Forms:

This you may receive in the mail or from your employer. Examples may be a W-2 or 1099.

Ordinary Day Process:

You should be able to explain how your business receives revenue and pays expenses.


These are business reports like a profit and loss statement or a balance sheet.  This could be through a software like Quickbooks or Excel.


This may be necessary to track for business or personal reasons.  Tracking this throughout the year or compiling your log and miles before meeting with your accountant is necessary.  You could use an app, notebook, or spreadsheet to track this.

Summary Statements:

This means to have your bank account or investment account statements compiled in a way that information can be found quickly if there is a transaction in question.  A summary is a written list of anything that changed this year for your family. Examples of things that change are new children, new marriage, or you moved. You don’t get a document in the mail that reminds you to tell your accountant of your new child born last year.  But it’s important as there could be items that affect your taxes due to this change.

If you can be prepared to meet with your accountant this upcoming tax season they will be excited to work with you because you have your information in order.  Run through this checklist one last time before you meet with your accountant so you’re ready when that time comes.

Wondering how this affects your investments? Schedule a call with Michelle and Steve to discuss your portfolio today.

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Financial Design Studio, Inc.

We are financial advisors in Deer Park and Barrington, IL. A team with a passion for helping others design a path to financial success — whatever success means for you. Each of our unique insights fit together to create broad expertise, complete roadmaps, and creative solutions. We have seen the power of having a financial plan, and adjusting that plan to life. The result? Freedom from worrying about the future so you can enjoy today.