The Ultimate Tax Prep Checklist: What You Need Before You File

We all learn a lot as we go when it comes to our taxes. If you’ve normally just winged it but this year you have found that you have made some mistakes, well, it may be time to come up with a tax checklist. In order to do it right, here are some things you want to keep in mind as you start to prepare to file: 

Get All of Your Personal Info

First things first, you need to gather your personal info if you want to be confident that you’re ready to file. Gather all of the details that will be required for your filing. That includes your social security number, your tax forms, your paycheck stubs if needed, and also your bank account information for receiving your refund in your direct deposit. If you happen to run a small business, you need to make sure you have your TIN.

Get Help From a Professional

Another thing to consider as you prepare for tax season is that a professional may be the person you need to succeed in filing your taxes. While you can file your tax returns yourself, if you have a complicated tax situation or simply don’t understand the overwhelming details required when filing your tax return, a professional can help you file accurately. 

Not only that, but they can also help to ensure that you’re getting all of the savings that you could be getting, since it’s not always easy to know what you can file as expenses. With their professional tax software, they can get you the help and accurate filing you’re looking for. 

Get Your Income Documents Together

Okay, so we mentioned that you need to gather your personal information. Beyond your tax identification method and bank account details, you also need to make sure you have your tax forms ready to go when you’re sitting down to file.

This may look like a W2, a 1099-MISC, 1099-K, 1099-G form, etc. It’s important that you keep track of all of your income documents so that you don’t miss anything when it’s time to file. You want to be confident that you have reported your entire income for the year, filing accurately so that you’re sure you’re clear to go and that you can get the best refund possible. It can be easy to let smaller 1099s from side hustles slip under the radar but be careful with this when attempting to file your taxes. You want to be sure you’re getting it all right.

Get Those Receipts Organized

If you’re reporting your expenses and trying to get deductions with them, it’s helpful to have your receipts organized so that you can be confident that you’re in the clear should you ever be audited. For self-employed people, this is important and it’s also something to pay attention to.

While you may not ever be asked for it, it’s one of those things where it’s better not to need it but to have it than to need it and not have it. Keep your paperwork organized.

Don’t Forget Health Insurance Coverage, Investment, and IRA Accounts

It’s easy to forget things like health insurance coverage with Marketplace or your investments and IRA accounts. However, these things need to be reported when it comes time to file your taxes. While some of your IRA contributions could be tax deductible, you must have everything ready to file and are clear on what your investment profits are during your filing.

In Conclusion

With the tips above, you can more easily file your taxes accurately. If you have one, prepare your documents in advance and stay on top of everything from your receipts to your business expenses. With the right preparation, you can ace your tax return.