Get Organized: My Ultimate Tax Preparation Checklist
It’s that time of year again – tax season! As a busy person, I know how overwhelming it can be to tackle your taxes on top of everything else. That’s why I’ve created this handy tax preparation checklist to help you organize and file your tax returns with less stress.
Tax time doesn’t have to be scary or confusing. With some preparation and this checklist, you can avoid letting the tax season overwhelm you.
This checklist covers the essential documents and information you’ll need to gather to make tax time as smooth as possible. Here are some highlights of what it includes:
Income Information
- W-2 forms from your employer(s). The W-2 reports your annual wages, salary, and tips, in addition to the taxes withheld from your employer for the past year. If you haven’t already received your W-2, download one from your employer’s human resources portal.
- 1099 forms for any freelance or contract work: The 1099-MISC, 1099-K, and 1099-NEC report your non-employee compensation, depending on the nature of your work.
- Documentation of any other sources of income: Common sources may include equity compensation, retirement account distributions, and capital gains from investments.
Deduction Documentation
- Receipts for any deductible expenses related to your job, business, or investments
- Student loan interest documentation.
- Form 1098, the mortgage interest statement: This document reports the mortgage interest you paid over the year, which may be deductible.
Credit Eligibility
- Records of any significant life events like having a child or buying a home
- Receipts for energy-efficient home improvements and/or an electric vehicle purchase
- Records of retirement account contributions
Other Essential Details
- Social security numbers for you, your spouse, and your dependents
- Bank account and routing numbers if you want direct deposit in the case of a refund
- Last year’s tax return for reference
Having all these documents and details in one place before you start will make filing your tax returns much smoother. Then, you can confidently submit your return, get refunds quickly, and move on to more enjoyable things!
Let me know if you have any other questions about filing your taxes. I can help you find your tax forms if you have not received them. You should have received most of your necessary forms, except for the K-1 Forms for partnership income. Wishing you a stress-free tax season!
