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!