Tax season is here, and it’s time to get everything in order for a smooth and stress-free filing. Whether you’re doing it yourself or working with a tax professional, being organized is key to making the process as simple as possible. To help you prepare, we’ve put together a comprehensive tax season checklist of the documents and information you’ll need to file your taxes. 

  1. Personal Information

Before diving into income and deductions, make sure you have all the personal details you need: 

  • Social Security Numbers (SSN) or Individual Taxpayer Identification Numbers (ITIN) for yourself, your spouse, and any dependents. 
  • Unexpired ID: for you and your spouse. 
  • Tax Organizer: If Abacus is preparing your taxes, make sure you’ve filled out the tax organizer in the Abacus app. This helps ensure our team has everything they need to file your return accurately and promptly. 

  1. Income Documentation

Your income is the heart of your tax filing, so gather all the necessary forms: 

  • W-2 Forms: From all employers you’ve worked for during the tax year. 
  • 1099 Forms: If you earned income outside of a traditional W-2 job, you may receive one or more of these:  
  • 1099-NEC: Self-employment income. 
  • 1099-K: Third-party payments, such as those received through PayPal or other online platforms. 
  • 1099-MISC: Miscellaneous income, including freelance or contract work. 
  • 1099-DIV, 1099-INT, 1099-B: Investment income like dividends, interest, and sales of stocks or bonds. 
  • 1099-G: Unemployment benefits or state tax refunds. 
  • 1099-R: Retirement account distributions. 
  • SSA-1099: Social Security benefits. 
  • Other Income Records: If you have rental property income, alimony, or gambling winnings, be sure to include those details as well. 

  1. Deductions & Credits Documentation

Deductions and credits can significantly reduce your tax burden, so make sure you capture all eligible expenses: 

  • Education Expenses: Forms like 1098-T for tuition and 1098-E for student loan interest. 
  • Medical Expenses: Receipts or records of out-of-pocket costs, including health insurance premiums. 
  • Childcare Expenses: The name, address, and tax ID of your childcare provider. 
  • Homeownership Costs: Include the 1098 form (mortgage interest) and property tax bills. If you’ve made energy-efficient home improvements, be sure to include those records for potential energy credits. 
  • Charitable Contributions: Gather receipts or acknowledgment letters for any charitable donations made during the year. 
  • Retirement Contributions: Documentation of any contributions made to retirement accounts, such as IRAs or 401(k)s. 
  • Other Deductions: This could include union dues, job-related expenses, or moving expenses (for active-duty military members). 

  1. Proof of Payments

It’s important to keep track of any payments you’ve already made toward your taxes: 

  • Estimated Tax Payments: If you made quarterly estimated payments, have those records handy. 
  • State or Local Taxes: Be sure to include receipts for any state or local taxes you’ve paid throughout the year. 

  1. Investment and Asset Details

If you’ve bought, sold, or earned income from investments, make sure you have the following: 

  • Investment Sales: Records showing the dates, purchase price, and sale price of any stocks, bonds, or other assets you’ve sold. 
  • Cryptocurrency Transactions: If you’ve traded cryptocurrency, gather transaction details such as purchase and sale records. 

  1. Miscellaneous

A few other documents can be helpful in ensuring your return is accurate: 

  • Last Year’s Tax Return: It can be helpful to refer to your previous return for comparison or to ensure nothing is missed. 
  • Direct Deposit Information: If you’re expecting a tax refund, have your bank account and routing number ready for a quicker deposit. 

Ready to File? 

Now that you have everything you need, it’s time to gather your documents and start the filing process. Call us today to schedule an ALIGN session where we discuss possible tax items that impacted you in 2024 and answer any questions you have before we begin preparing your returns.    

At Abacus!, we’re here to help ensure that your taxes are filed correctly and efficiently. If you haven’t completed your tax organizer yet, make sure to do so in the Abacus app. It’s an essential tool to help us get your taxes done right! 

If you have any questions or need assistance, don’t hesitate to contact us. We’re here to help you navigate your tax season checklist with ease.