Tax Preparation Checklist: Collect Your Forms Before you e-File

The amount you owe depends on how your business is set up. Tax season offers plenty of challenges especially when it comes to gathering up all that documentation that needs to be handy while working on your tax return. Mortgage interest statement (Form 1098) and property taxes paid.

Know what business tax forms you need to file

A Form 1040 return with limited credits is one that’s filed using IRS Form 1040 only (with the exception of the specific covered situations described below). At Simplicity Financial, our commitment is to simplify the tax preparation journey for individuals and businesses alike. Our guide serves as a valuable resource, offering printable tax preparation checklists for both individuals and businesses that seamlessly integrate with Excel or Google Sheets. Tax templates provide a structured framework for organizing your financial information.

Key IRS Tax Forms, Schedules and Publications for 2024

Knowing which tax breaks and credits may apply to your business is an important step in preparing your business taxes. As a small business owner, it’s easy for tax deadlines to slip your mind. However, it’s important to keep track of when tax payments are due and when you need to file taxes.

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Keeping tax documents in a safe place after you file can also come in handy if you get audited. If the IRS or your state tax authority examines your return, they might ask for records supporting the income and tax breaks on your return. Having this information in one place will speed up the process and help ensure you don’t lose any of your deductions or credits. Tax brackets are the income ranges that different tax rates apply to. When determining what tax bracket you’re in, you need to look for the highest tax rate applicable for the highest portion of your taxable income given your marital filing status.

• Her work has appeared in Business Insider and The New York Times.
• Get help from experienced enrolled agents and CPAs to efficiently file your taxes.
• Tax laws and regulations are complex and subject to change; you should consult with a professional tax advisor, financial planner, or attorney for advice specific to your individual circumstances.
• No matter which way you file, we guarantee 100% accuracy and your maximum refund.
• With NerdWallet Taxes powered by Column Tax, registered NerdWallet members pay one fee, regardless of your tax situation.
• Here’s a rundown of the tax documents and information you’ll need.
• You can also save time by reusing templates for subsequent years and making adjustments as needed.

Too many taxpayers rush into this to get their refunds, only to realize later that they missed a W-2 or 1099, meaning they are forced to prepare and file a tax amendment. Whether you plan to file your tax return using tax software or work with a professional, review the  checklist below before you start. And remember, if you’re married and filing a joint return with your spouse, you’ll need all of the following information for them as well. When looking for a tax professional, taxpayers can search the IRS Directory of Preparers. While it is not a complete listing of tax return preparers, it does include those who are enrolled agents, CPAs and attorneys, as well as those who participate in the Annual Filing Season Program.

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• As with the tuition and fees deduction, Form 1098-T is required to claim either.
• This includes a quick way to calculate your marginal tax rate by selecting your marital filing status and inputting your total taxable income.
• The government offers a number of deductions and credits to help lower the tax burden on individuals, which means more money in your pocket.
• This is followed by California and the state of Washington, all north of 50 cents per gallon.
• Tax brackets are the income ranges that different tax rates apply to.

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If you added to your family through adoption, you might be eligible for additional tax credits. To ensure your generosity pays off at tax time, keep your receipts for charitable donations. The IRS could disallow your claim if you don’t have verification.

Welcome to Simplicity Financial’s guide to tax organization. We will provide you with a checklist for your finances to streamline your tax filing time, to optimize your day for the things that matter in life! Even if you have someone filing your taxes for you, they will require the documents featured in this tax preparation checklist. Some people who file their own taxes use spreadsheet software to keep track of which documents they need as well.

Medical costs could provide tax savings, but only if they total more than 7.5% of adjusted gross income for most taxpayers. If you earn more than $400 from your business, you have to report it as self-employed income and pay the self-employment tax. These are the most commonly-used tax preparation checklist excel resources you’ll need to successfully complete your taxes with any filing method. All features, services, support, prices, offers, terms and conditions are subject to change without notice. Properly documenting the taxes you’ve already paid can keep you from overpaying.

• Too many taxpayers rush into this to get their refunds, only to realize later that they missed a W-2 or 1099, meaning they are forced to prepare and file a tax amendment.
• Not every category will apply to you, so just pick those that do, and make sure you have that information available.
• You’ll need the following documentation to make sure you get all the deductions and credits you deserve.
• And if you want to file your own taxes, you can still feel confident you’ll do them right with TurboTax as we guide you step by step.
• Additionally, spreadsheet files are easily shareable and accessible, making collaboration with tax professionals or other stakeholders more efficient.

TURBOTAX ONLINE/MOBILE PRICING:

• Using a program or app to track your finances is much easier than going through your checks and bank statements for the entire year.
• Try to familiarize yourself with the types of documents required.
• Many or all of the products featured here are from our partners who compensate us.
• Use the checklist below to gather your documents and other forms that you will need to file your taxes.
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• Most of us have income taxes withheld from our paychecks to cover our tax liabilities; that amount is on our W-2 forms.

Anyone with an IRS Preparer Tax Identification Number can be a paid tax return preparer. However, tax return preparers have differing levels of skills, education and expertise. Choosing a tax return preparer wisely is important because taxpayers are ultimately responsible for all the information on their return, no matter who prepares it for them.