The time has come to start preparing for the upcoming tax season. Whether you file on your own or work with a tax professional, streamline the process by keeping your records tidy. Get a head start now by gathering the items you already have into a digital folder or binder. Stay organized as additional documents arrive in your mailbox in January and February. Before you know it, you’ll be set up for a simpler and more seamless tax filing experience.
Here are two checklists: one designed for all tax filers and one specifically for small business owners.
DOCUMENTS CHECKLIST FOR ALL FILERS
- Personal information:
- Social security numbers (for you, your spouse and dependents)
- Driver’s license or state-issued ID (if filing for the first time with a new tax preparer)
- Income documents:
- W-2 forms from all employers
- 1099 forms for:
- Freelance or contract income (1099-NEC or 1099-MISC)
- Interest income (1099-INT)
- Dividend income (1099-DIV)
- Stock and mutual fund sales (1099-B)
- Retirement distributions (1099-R)
- Social security benefits (SSA-1099)
- K-1 forms for partnerships, S-corps, estates or trusts
- Rental income statements
- Documentation of any other income (alimony received, gambling winnings, prizes, etc.)
- Deductions and credits:
- Mortgage interest statement (Form 1098)
- Property tax statements
- State and local taxes paid (including estimated payments)
- Charitable donation receipts (cash and non-cash)
- Health insurance premiums (if you buy your own)
- Medical expenses (if itemizing)
- Dependent care expenses (with provider’s tax ID)
- Education expenses (Form 1098-T)
- Student loan interest (Form 1098-E)
- Retirement account contributions
- HSA contributions
- Investments and accounts:
- Year-end brokerage statements
- Cryptocurrency transaction reports
- Documentation of any stock sales or trades
- Other important items:
- Prior-year tax return (helpful for reference)
- Quarterly estimated tax payments (dates and amounts paid)
- Proof of any energy-efficient home improvement purchases (to claim credits)
- Proof of any clean vehicle purchases (to claim credits)
- Any IRS correspondence or notices
DOCUMENTS CHECKLIST FOR SMALL BUSINESS OWNERS
- Business income:
- Profit and loss statement (for the full tax year)
- Balance sheet (as of year-end)
- 1099-NEC forms (received from clients/customers for contract work)
- Gross receipts/revenue records (if not reflected in profit and loss statement)
- Documentation of any other income (such as grants)
- Business expenses:
- Credit card and bank statements (highlight business-related expenses)
- Payroll records (including wages paid to employees and contractors)
- Health insurance premiums (if self-employed or covering employees)
- Receipts for deductible expenses, categorized as:
- Rent or lease payments
- Office supplies and equipment
- Marketing and advertising costs
- Business travel (including mileage logs)
- Meals and entertainment (with receipts and purpose documented)
- Continuing education or professional development
- Utilities (electricity, internet, phone)
- Home office deduction (if applicable):
- Square footage of home office vs. total home square footage
- Rent/mortgage payment records
- Utility bills (electricity, water, internet)
- Property taxes
- Homeowner’s/renter’s insurance
- Vehicles and transportation:
- Mileage log for business use of vehicles (date, purpose, miles driven)
- Vehicle purchase or lease documents
- Fuel, maintenance and insurance expenses
- Taxes paid:
- Quarterly estimated tax payments (dates and amounts paid)
- State and local taxes paid (if not included in business expenses)
- Payroll tax filings (Forms 940, 941 or state equivalents)
- Sales tax returns and payments
- Assets and depreciation:
- Records of new equipment or asset purchases (invoices, descriptions, costs)
- Documentation of assets sold, traded or disposed of (including sale price)
- Depreciation schedules from prior tax years
- Loans and financing:
- Loan agreements for business loans
- Statements showing interest paid on business loans
- Documentation of forgiven loans
- Other business-specific items:
- Any IRS correspondence, notices or account transcripts
- Partnership or LLC agreements (if applicable)
- K-1s for business owners in partnerships, S-corps or LLCs
- Business licenses or certifications