Preparing to File Your Taxes

It's that time of year again – tax season is upon us! As you gear up to file your taxes, it's essential to gather all the necessary documents and information to ensure a smooth and accurate filing process. In this blog post, we'll provide you with a comprehensive checklist of items you'll need before filing your taxes, along with helpful resource links to guide you along the way.

1. Personal Information Before diving into your tax return, gather the following personal information for yourself, your spouse (if applicable), and any dependents:

• Full names and Social Security numbers

• Dates of birth

• Filing status (single, married filing jointly, married filing separately, etc.)

• Dependent information, including Social Security numbers and dates of birth

2. Income Documents Next, gather all documents related to your income for the tax year. This may include:

• W-2 forms from your employer(s)

• 1099 forms for freelance or contract work

• Investment income statements (e.g., 1099-INT for interest income, 1099-DIV for dividends)

• Retirement account contributions and distributions (e.g., 1099-R)

• Rental income and expenses

• Income from side gigs or self-employment

3. Deduction and Credit Documents To maximize your tax deductions and credits, gather documentation related to potential deductions and credits, such as:

• Mortgage interest statements (Form 1098)

• Property tax statements

• Charitable donation receipts

• Medical expense receipts

• Education expenses and student loan interest statements (e.g., Form 1098-E)

• Childcare expenses

4. Health Insurance Information Ensure you have documentation related to your health insurance coverage for the tax year, including:

• Forms 1095-A, 1095-B, or 1095-C, which provide information about your health coverage

• Records of any health insurance premiums paid, if applicable

5. Additional Information Depending on your individual circumstances, you may need additional documentation, such as:

• Records of estimated tax payments made

• IRA contributions and distributions

• Alimony paid or received

• Records of any other income, deductions, or credits relevant to your tax situation

Resource Link: IRS Tax Preparation Checklist

By gathering these essential documents and information before filing your taxes, you'll be well-prepared to tackle your tax return with confidence and accuracy. Remember, staying organized and proactive can help streamline the filing process and maximize your potential tax benefits.

Stay tuned to Coto Services for more tax tips and resources to help you navigate the tax season with ease.