A Guide to Streamlining Your Tax Preparation Process

Preparing your taxes can feel overwhelming, but organizing your documents ahead of time makes the process much easier. Here’s a comprehensive guide on what to collect before you start filing your tax return.

Personal Information

• Social Security numbers (or tax ID numbers) for yourself, your spouse, and any dependents.

• Previous year’s tax return: Useful as a reference for carryovers, prior adjusted gross income, and more.

• Bank account and routing numbers if you plan to receive your refund or pay taxes electronically.

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Income Documentation

• W-2 forms from your employers.

• 1099 forms for other income (such as freelance work, interest, dividends, or unemployment).

• Records of other income, such as rental property income, Social Security benefits, or alimony received.

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Deductions and Credits

• Receipts for deductible expenses: medical bills, charitable donations, mortgage interest (Form 1098), and property taxes.

• Records of educational expenses (1098-T for tuition, 1098-E for student loan interest).

• Childcare expenses, including provider’s tax information.

• Contributions to retirement plans or Health Savings Accounts (HSA).

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Health Insurance Information

• Forms 1095-A, 1095-B, or 1095-C if you received them, to verify health coverage.

• Records of out-of-pocket medical expenses if you plan to itemize deductions.

Other Relevant Documents

• Information on estimated tax payments made during the year.

• Records of any state or local taxes paid.

• Documentation for any significant life changes, such as marriage, divorce, or the birth of a child.

Gathering these documents in advance will help ensure a smoother and more accurate tax filing experience. If you’re unsure about what’s required for your specific situation, consider consulting a tax professional or visiting the IRS website for additional guidance.