Tax Prep Tips
Take time to plan ahead. Watch for and begin to organize the important tax documents that arrive. Keep an eye out for the W2’s, 1099’s, and K1’s!
Where to start? It’s simple really take a look at your 2023 Form 1040 and build out your tax prep plan.
Five Easy Steps to Follow to File
1. Review last year’s return in February
This will remind you what documents you need and should be on the lookout for in the mail or in email communications.
2. Ask yourself what has changed since last year’s filing?
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- New Employer: You will need the old employer’s W2 and your recent W2.
- Sold any investments: You will need the Composite 1099 Statement for cost basis information.
- Took a withdrawal from a qualified account: You will need the 1099 showing distribution and withholding.
3. Create a summary list of Required Documents
- Income Documents
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- W2’s
- Paystubs
- Checks paid to you for business purposes
- Bank statements
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- Credit or Deduction Documents
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- Childcare or dependent care expenses
- Home mortgage and property tax records
- Donations to charity
- Health savings account or flexible spending account contributions
- Healthcare expenses
- Retirement contributions
- If you’re a student or teacher, receipts for books, tuition and other education expenses
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If you are itemizing be sure to gather supporting documents for all your deductible expenses. For a list of allowable deductions check the IRS website Credits and deductions for individuals | Internal Revenue Service.
4. Create one file location
Keep one file either paper or electronic to organize all the tax documents. Have them stored in one easy place to access or upload to your CPA’s secure portal.
5. Plan for the deadline
Be sure you make time in your schedule to file online or meet with your accountant prior to the deadline! If you will be traveling for work or vacation around the deadline, don’t wait until the last week to begin this process. Filing and payments are due on April 15, 2025.
For more information on filing free or extensions visit the IRS website: File your tax return | Internal Revenue Service.
You can also access the IRS Tax Time Guide 2025: Essentials needed for filing a 2024 tax return
Other Important Information to Have
- Social Security numbers for yourself and your dependents
- Bank account and routing numbers
- AGI for prior year or self-selected IRS Pin
At Wealth Planning Corporation we are here to simplify your financial complexities. If we can be of assistance this tax season, please do not hesitate to reach out. Looking for a more in-depth financial discussion, give us a call to schedule a complimentary discovery meeting.
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