Checklist: Everything You Need for a Successful Tax Day
Tax day is right around the corner, and whether you're filing for yourself or your business, getting organized can make the experience stress-free and efficient. At Carlson Hearne CPA, we help individuals, retirees, small businesses, and trusts navigate tax season smoothly by ensuring they have everything they need for a successful filing. Here’s your go-to checklist to ensure nothing slips through the cracks!
Note: In addition to the checklist below, all new clients are required to provide a copy of their prior year’s income tax return to ensure accurate filing and a seamless transition.
1. Personal Information for All Filers
Make sure to gather these essentials to identify yourself and any dependents accurately on your tax return:
Social Security Numbers: You’ll need SSNs for you, your spouse, and any dependents.
Bank Information: Routing and account numbers for direct deposit refunds or payments.
2. Income Documentation
The IRS expects that all forms of income are accurately reported. Gather all relevant forms:
W-2s for wages
1099s for any contract work, dividends, or interest income
Investment Records: Details on stocks, bonds, or cryptocurrency transactions
Rental Income Statements for property owners
Business Income Records if self-employed
3. Expense Records for Deductions and Credits
Deductions can help lower your taxable income, while credits can reduce the tax you owe. Collect these documents to maximize your tax savings:
Medical Expenses: Out-of-pocket payments for healthcare or prescriptions.
Education Costs: Tuition, fees, or loan interest statements (Form 1098-T for students).
Childcare Expenses: Daycare or nanny expenses may qualify for credits.
Charitable Donations: Receipts for any contributions, both cash and goods.
Mortgage Interest Statements (Form 1098): Essential for homeowners.
Property Tax Receipts for any owned property.
Retirement Contributions: Records for IRA or HSA contributions.
4. Documents for Special Circumstances
If you’re self-employed or manage a small business, you’ll have additional items to gather:
Mileage Records: For any business-related travel.
Income and Expense Logs: Essential for accurate deductions.
Home Office Deduction Records: If applicable, ensure you have measurements and details of your workspace.
5. Year-End Financial Statements for Businesses
Small businesses need to organize a few more specific documents to ensure a smooth filing process:
Balance Sheets and Profit & Loss Statements
Payroll Information: Including W-2s and 1099s if you have employees or contractors.
Asset Documentation: Records for any new equipment or property purchases.
6. Important Dates to Remember
Avoid any last-minute rush by keeping these individual tax-related dates top of mind:
Tax Filing Deadline: Typically April 15th, though it may vary.
Extension Deadline: October 15th, if you file for an extension.
7. Verification of Contact Information
Finally, be sure your accountant has your current contact information. At Carlson Hearne CPA, we confirm contact details every year so there’s no delay in getting important updates or copies of your tax returns.
Ready to Get Started?
We know how valuable your time is, and with this checklist, you’ll be well-prepared to file your return with ease. At Carlson Hearne CPA, we’re here to make tax season less stressful and more efficient, offering tailored guidance whether you need a physical copy with a signature, a digital copy with in-office signing, or a fully electronic experience. Let us help you check off every box for a successful tax day – contact us today to schedule a consultation or learn more about our services!