Tax Season Checklist: What You'll Need to File Your Return

Tax season is arrived once again. As you prepare to file your taxes, ensure that you have all of the relevant documents and information. To assist you, we've created a tax season checklist to ensure you have everything you need to file your taxes.

 

Tax Season Checklist: What You'll Need to File Your Return

 

1. Personal Particulars

The first step is to gather all of your personal information. This includes the following:

- Full name and SSN (Social Security Number)
- Your birth date
- Spouse's name and Social Security number (if filing jointly)
- Names and Social Security numbers of dependents (if relevant)

 

Tax Season Checklist: What You'll Need to File Your Return

 

2. Income Certificates

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Next, assemble all of your income documentation. This could include:

- W-2 forms from all employers

- 1099s for unrelated income (for example, freelancing employment or rental income)

- If you received unemployment benefits, you must file Form 1099-G.

- Forms 1099-INT and 1099-DIV for interest and dividend income, respectively.

- K-1 forms from corporations or partnerships

 

Tax Season Checklist: What You'll Need to File Your Return

 

3. Credits and Deductions

To ensure that you get the most out of your tax return, compile all deductions and credits that may apply to you. These could include:

- Statements of mortgage interest (Form 1098).

- Property tax receipts

- Receipts for charitable contributions

- Statements of student loan interest (Form 1098-E)

- Tuition receipts (Form 1098-T)

- Medical costs

- Child care costs

- Home energy-efficiency upgrades

- Contributions to a retirement plan (such as an IRA or 401k)

- Educational expenses (for example, textbooks or materials)

 

Tax Season Checklist: What You'll Need to File Your Return

 

4. Additional Documents

Other documents may be required in addition to personal information, income records, and deductions/credits. These could include:

- Bank records

- Financial statements

- Information on vehicle registration and property taxes

- Alimony received or paid - Gambling earnings and losses

- Contributions to an HSA or MSA

- Payment of jury duty - Refund of state taxes (Form 1099-G)

 

Tax Season Checklist: What You'll Need to File Your Return

 

5. Options for Filing

Once you've gathered all of your paperwork, you'll need to determine how to file your taxes. You have several options:

- File by mail: You can print and mail the relevant forms to the IRS.

- E-file: To file electronically, you can use a tax software program or employ a tax professional.

- Hire a professional: You can outsource your tax preparation to a tax specialist.

 

Tax Season Checklist: What You'll Need to File Your Return

 

6. Deadlines

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It's critical to remember the tax deadlines so you can file on time and avoid penalties. The deadline for most taxpayers to file their 2020 taxes is April 15, 2021. There are, however, several exceptions:

- Residents of Texas, Oklahoma, and Louisiana have until June 15, 2021, to file a claim due to severe winter storms.

- You have an extension to file and pay taxes if you are serving in a conflict zone or a qualifying hazardous duty location.

- If you are not a US citizen, you have until June 15, 2021, to file.

 

Tax Season Checklist: What You'll Need to File Your Return

 

Preparing your taxes might be intimidating, but using a tax season checklist can help. Before determining how to file, make sure you have all of your personal information, income papers, deductions/credits, and other relevant documents. To avoid fines, keep track of the tax deadlines and file on time. Good luck with your filing!

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