Tax Preparation Checklist: Personal (PDF Only)

Tax Preparation Checklist: Personal 

This comprehensive tax preparation checklist is designed to help individuals stay organized during the tax season. It outlines the key documents and information needed to complete tax returns accurately and efficiently, ensuring compliance and minimizing errors.

Key Features:

• Personal Information and Dependents: Ensure clients provide all necessary details, including names, birth dates, SSNs, and identity protection PINs, to complete their tax returns without delays.
• Income and Expense Reporting: Covers income sources beyond traditional W-2s and 1099s, such as independent contractor earnings, self-employed income, rental property income, and investments, ensuring that all financial activities are accurately reported.
• Healthcare and Medical Expenses: Clients are prompted to gather HSA forms, 1099-SAs, unreimbursed medical expense receipts, and qualified insurance premium amounts to ensure deductions are properly applied.
• Property and Charitable Contributions: This checklist covers property tax records, real estate, and charitable donation receipts, helping clients document deductions for mortgage interest, charitable miles driven, and property damage due to theft or natural disasters.
• Education and Retirement: Guides clients in gathering documentation for education-related expenses such as scholarships, fellowships, and educator expenses, as well as contributions and distributions from retirement accounts, including IRAs and 529 plans.
• Business and Rental Real Estate: Tailored sections for business owners and rental property investors to compile income and expense records, office use details, and asset purchase information to ensure proper deductions and tax credits.

Key Dates and Deadlines:

• January 31: Employers must send out W-2s and 1099 forms.
• April 15: Tax filing deadline for individuals.
• June 15: Deadline for quarterly estimated tax payments.
• October 15: Final deadline for extended tax filings.

This 2024 checklist ensures clients are well-prepared for tax season, with all necessary documentation in hand to facilitate a smooth and timely tax filing process. It’s an indispensable tool for tax professionals looking to provide thorough and organized tax preparation services.