2025 Tax Preparation Checklist
By Matthew Nelson•Investments•READ TIME: 2 Min
April is right around the corner! Which means everyone’s favorite chore is as well… gathering everything needed to help file your taxes! Life changes year to year as you accumulate wealth and grow your net worth. We understand the list of items to keep track of can become overwhelming. So we’ve tried to make your life easier by compiling a tax preparation checklist. By organizing the necessary documents and information ahead of time, you can avoid last-minute stress and reduce the chances of errors.
Steps for Tax Preparation
Gather Information & Tax Documents
Start by gathering your personal information. This includes your Social Security number, dependent details, and any changes in your marital status or address. Then collect income-related documents like W-2s, 1099s, or other statements from employers or freelance work. If you’ve earned interest, dividends, or capital gains, have the corresponding statements from banks and investment firms ready. If you receive equity compensation you will likely have additional forms for reporting as well.
Don’t forget tax-related documents such as previous tax returns, notices from the IRS, or any estimated tax payments you’ve made.
Collect Any Deductions & Credits
You’ll also need to gather records of deductible expenses, such as receipts for medical expenses, charitable donations, mortgage interest, or educational costs. If you own a business, make sure to have receipts, business expenses, and mileage logs handy.
Review your filing status and consider if any credits or deductions you qualify for could impact your taxes, such as the Child Tax Credit or education credits. By preparing early with a checklist, you can streamline the process and ensure that you file accurately and on time.
Download Our Tax Checklist
We’ve got all this and more covered on our Tax Document Checklist!
If you have any addition questions, please reach out to our team!
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