Tax season can be stressful, but being prepared can make all the difference. To help you navigate the process, we’ve put together a comprehensive checklist of the documents and information you’ll need to prepare your taxes.
Personal Information
Before you start, make sure you have the following personal documents:
– Social Security numbers for you, your spouse, and dependents
– Dates of birth for everyone included on your tax return
Income and Investment Information
Gather the following documents related to your income and investments:
– Forms W-2 for you and your spouse
– Forms 1099 for freelance work, dividends, and other income
– Interest statements from banks and investments
– Dividend statements
– Capital gains statements
Business and Self-Employment Records
If you’re self-employed or own a business, you’ll need:
– Business expense records, including receipts and invoices
– Quarterly estimated tax payment receipts
– Mileage records for business travel
– Home office expense records, including utility bills and mortgage statements
Medical Expense Receipts and Records
If you have medical expenses, gather:
– Receipts for unreimbursed medical expenses
– Form 1095 for health insurance coverage
– Social Security benefits statement (SSA-1099)
Homeowner Documents
If you own a home, you’ll need:
– Property tax receipts
– Mortgage interest statements (Form 1098)
Adjustments to Income
Gather documents related to adjustments to your income, including:
– IRA contributions
– Energy credits
– Student loan interest statements
– Moving expense records (for tax years prior to 2018 only)
Itemized Tax Deductions and Credits
If you itemize your deductions, gather:
– Charitable donation receipts
– Medical expense receipts
– Mortgage interest statements
– Property tax receipts
– Child care cost records
– Education expense records
Taxes You’ve Paid
Gather documents showing taxes you’ve already paid, including:
– State and local income tax payments
– Real estate tax payments
– Personal property tax payments
Other Information
Finally, gather:
– Estimated tax payment records
– Direct deposit information
– Foreign bank account information (if applicable)
By gathering these essential documents, you’ll be well-prepared to tackle your taxes and ensure you’re taking advantage of all the deductions and credits available to you.
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