Before you dive into preparing your income tax return, check out our updated 2024 Tax Preparation Checklist. It’s a simple guide to help you streamline the process. Not every section will apply to you, so feel free to skip what doesn’t. By organizing your tax documents ahead of time, you’ll save yourself time (and stress) when it’s time to file.
Before You Start Tax Preparation:
- 1️⃣ Download and print the checklist.
- 2️⃣File it—either place it inside a folder or attach it to the outside.
- 3️⃣ Organize your tax documents as they come in. Check them off the list as you go.
- 4️⃣Scratch off irrelevant items from the checklist—it’s laid out by the most common tax documents first.
- 5️⃣ Add missing information, like bank routing/account numbers for direct deposit.
- Use Quicken® or another financial tracker? Print out your annual report—it’s a game-changer for simplifying your tax prep.
Having a financial summary in hand beats digging through your bank statements for hours. Highlight key details in the report that you’ll need or jot down notes for reminders.
Personal Information:
The IRS needs to know exactly who’s filing and who is covered in your tax return. To do this, you will need Social Security numbers and dates of birth for you, your spouse, and your dependents.
Information About Your Income:
- 💡 Income from jobs: Forms W-2 for you and your spouse
- 💡 Investment income: Forms 1099 (-INT, -DIV, -B), K-1s, stock option details
- 💡 Refunds/unemployment income: Forms 1099-G
- 💡 Business/farming income: Profit/loss statement, capital equipment info
- 💡 Rental property income: Profit/loss statements, expense details, rental property tax info
Adjustments to Your Income:
Certain deductions can lower your taxable income, possibly leading to a higher refund (or a smaller bill). Keep documentation for:
- 📌 IRA contributions
- 📌 Student loan interest
- 📌 Health Savings Account contributions (HSA)
Itemized Deductions & Credits:
Make sure you get every deduction and credit you’re eligible for. Here’s what you’ll need:
- ✅ Child care costs: Provider’s tax ID, address, and amount paid
- ✅ Education costs: Form 1098-T and receipts for expenses
- ✅ Charitable donations: Cash contributions, value of property donated, and mileage driven
- ✅ Medical and dental expenses: These can often be overlooked, so make sure you track them.
Taxes You’ve Paid:
Make sure you don’t pay more than necessary by documenting:
- 📌 State and local income taxes paid
- 📌 Real estate taxes paid
- 📌 Personal property taxes (like vehicle license fees)
Other Important Info:
- 💡 Estimated tax payments made throughout the year
- 💡 Direct deposit info (routing/account numbers)
- 💡 Foreign bank account info if applicable
Getting organized with your tax preparation checklist isn’t just about avoiding last-minute panic—it’s about saving time and making the process as painless as possible. Plus, it increases the chances of maximizing your return.
Need a hand with this year’s taxes?
Let’s chat! We can guide you through every step and make sure nothing falls through the cracks. Let’s make 2025 the year of stress-free filing.