Tax Preparation Checklist: Streamline Your Tax Filing Process
Filing your taxes can feel overwhelming, but preparing the necessary documents and information ahead of time can help make the process much smoother. This comprehensive tax preparation checklist will help you gather everything you need to streamline your tax filing process, maximize your refund, and ensure you don’t miss any critical deductions or credits. Whether you're a business owner filing taxes for your LLC or an individual filing taxes in Pittsburgh, PA, this guide has you covered.
Personal Information
Before you begin filing your tax return, make sure you have the following personal details readily available:
Your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
Spouse’s SSN or ITIN (if filing jointly)
SSNs or ITINs for all dependents claimed on your return
Birthdates for yourself, your spouse, and dependents
A copy of last year’s tax return (optional but helpful for reference)
Income Documents
Gather all documents that report your income for the year. These may include:
W-2 Forms: From all employers
1099 Forms: Including 1099-NEC (non-employee compensation), 1099-MISC (miscellaneous income), 1099-DIV (dividends), 1099-INT (interest income), 1099-B (sales of securities), 1099-G (unemployment compensation), 1099-R (retirement distributions), and 1099-K (payment card and third-party network transactions)
Schedule K-1: For income from partnerships, trusts, or S corporations
Self-Employment Income: Documentation of business income and expenses, including an LLC expenses cheat sheet for accurate reporting
Rental Income: Records of rental payments and expenses for any Pittsburgh rental properties
Alimony Received: For divorces finalized before 2019
Social Security Benefits: Form SSA-1099
Unemployment Compensation: Form 1099-G
Gambling Winnings: Form W-2G
Other Income: Documentation of any other sources of income
Deductions and Credits
Maximizing your deductions and credits can significantly reduce your tax liability. Gather documentation for the following items:
Expenses for Deductions
Medical Expenses: Receipts, statements, and insurance reimbursements
Charitable Contributions: Receipts for cash and non-cash donations
Mortgage Interest: Form 1098
Property Taxes: Statements from your local tax authority, especially relevant for Pittsburgh property tax
State and Local Taxes Paid
Education Expenses: Form 1098-T (tuition statement) and receipts for qualified education expenses
Student Loan Interest: Form 1098-E
Childcare Expenses: Provider information and receipts
Business Expenses: If self-employed, gather records of business-related expenses, including office supplies, travel, meals, and advertising. If you’re an LLC owner, check if shared LLC expenses can be written off.
Investment Expenses: Brokerage fees and related expenses
Documents for Credits
Child Tax Credit: Birth certificates, school records, and any other documents proving dependency
Earned Income Tax Credit (EITC): Proof of income, residency, and qualifying children
American Opportunity Tax Credit: Form 1098-T and related expense receipts
Lifetime Learning Credit: Form 1098-T and receipts
Retirement Savings Contributions Credit: Documentation of retirement account contributions
Health Insurance Information
For those who purchased health insurance through the marketplace:
Form 1095-A: Health Insurance Marketplace Statement
Form 1095-B or 1095-C: If applicable, for other types of health coverage
Banking Information
To receive your refund via direct deposit, have the following ready:
Bank name
Routing number
Account number (checking or savings)
Additional Documents
Certain life events or unique situations may require additional documentation:
Alimony Paid: For divorces finalized before 2019
IRA Contributions: Documentation of contributions to traditional or Roth IRAs
HSA Contributions: Form 5498-SA
Moving Expenses: For military members only
Adoption Expenses: Proof of expenses related to the adoption
Home Purchase or Sale: Closing documents and Form 1099-S
Debt Cancellation: Form 1099-C
Identity Protection PIN (IP PIN): If the IRS has issued you one
Filing Requirements for Different Types of Income
Wages and Salaries: Form W-2 from all employers
Interest and Dividends: Form 1099-INT for interest income, Form 1099-DIV for dividend income
Business Income: Documentation of business-related income and expenses for your LLC or sole proprietorship
Rental Income: Records of rental income received and related expenses
Retirement Income: Form 1099-R for retirement distributions
Social Security Benefits: Form SSA-1099
Final Thoughts
Preparation is key to a successful tax filing process. By gathering all necessary documents and understanding your filing requirements, you can reduce stress and ensure a smooth experience. This comprehensive checklist will help you stay organized and maximize your refund or minimize your liability.
If you’re in Pittsburgh, PA, and need assistance with tax preparation or year-end tax planning for businesses, consider working with Pittsburgh Logos Tax and Business Solutions. Our professional tax consultants are here to ensure accuracy and help you take advantage of every deduction and credit available to you.
Need help with your tax preparation? Contact us at Pittsburgh Logos Tax and Business Solutions to streamline your tax filing process today!