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Tax Filing Checklist: Getting Your Documents In Order

 

Tax Preparation Checklist

⭐ Download Our Tax Preparation Checklist Here ⭐

Personal Information:

  • Social Security numbers (SSNs) for yourself, your spouse, and any dependents.
  • A copy of last year’s tax return.

Income Documentation:

Gather documents that report your income, such as:

  • W-2 forms from all employers.
  • 1099 forms (e.g., 1099-NEC for independent contractors, 1099-DIV for dividends, 1099-INT for interest income, etc.).
  • Altruist Forms: Like all custodians, Altruist is required by the IRS to report and produce tax documents for reportable activities. 1099-Consolidated tax forms (including 1099-DIV, 1099-B, 1099-INT, 1099-OID, and 1099-MISC) will be issued from Altruist in two phases based on the complexity of your financial portfolio.  Learn more here
  • K-1 forms for income from partnerships, trusts, or estates (if applicable).
  • Unemployment income statements (if applicable).
  • Any other income-related documentation (e.g., rental income, gambling winnings, etc.).

Deduction and Credit Documentation:

Ensure you’ve collected receipts and forms to maximize your deductions and credits:

  • Receipts for charitable donations (including cash and non-cash contributions).
  • Mortgage interest statements (Form 1098).
  • Medical and dental expenses if you plan to itemize. If you're not sure, your tax pro can help you decide what is most advantageous based on your situation.
  • Property tax receipts.
  • Education expenses (e.g., Form 1098-T for tuition, 1098-E for student loan interest).
  • Childcare expenses (include the provider’s tax ID number).
  • Records of contributions to retirement accounts (e.g., IRA contributions).

Business and Self-Employment Records:

  • Income and expense reports.
  • Receipts for business purchases.
  • Mileage logs for business travel.
  • Home office expense details (if applicable).

Other Essential Documents:

  • Healthcare coverage documentation: Form 1095-A, 1095-B, or 1095-C.
  • Any correspondence from the IRS or state tax agencies.
  • Records of estimated tax payments made.

Bank and Investment Records:

  • Statements showing interest, dividends, and other investment income.
  • Records of any stock sales, including purchase and sale dates and amounts.
  • Cryptocurrency transaction reports.

State and Local Tax Information:

  • If you paid state or local taxes, gather those documents for your records.
  • Documentation for any tax credits specific to your state.

Tips for Success

  1. Use a Tax Organizer: Keep a folder or digital organizer for all your tax documents. As new forms arrive, place them directly into this folder.
  2. Be Proactive About Missing Forms: Reach out to employers, financial institutions, or other entities if you haven’t received your W-2s, 1099s, or other forms by mid-February.
  3. Verify Accuracy: Review all forms and receipts for accuracy before filing.