Tax Day Checklist 101

Whether you do it yourself or hire a professional, you need specific information and documentation to file your tax returns correctly. Your tax day checklist primarily depends on your situation. To help you with your tax filing process and to prepare for the upcoming tax season, we have created a checklist for you:

1. Personal Information

Let’s start with the obvious things on your tax day checklist:

• Your tax ID number or social security number.
• Information related to your stimulus payment, also known as EIP (Economic impact payment).
• Your spouse’s full name, tax ID number, or social security number and date of birth.
• IRS Letter 6475- to determine your eligibility to claim the Recovery Rebate Credit and your 2021 Economic Impact Payment.
• Identity protection pin if you or your spouse has one issued.
• Account and routing numbers to pay your balance due or receive a refund by direct deposit.

2. Dependent(s) Information

Note that it isn’t only your responsibility to prepare your tax day checklist. To make sure their taxes are filed, your caregivers and parents should provide you with the following information:

• Tax ID numbers or social security numbers and date of birth.
• If possible, child records (including the ID number of the tax provider).
• Income of adults or dependents in your home.
• IRS Letter 6419- official document comprising details you need to report your advance Child Tax Credit payments.

3. Types of Deductions

The types of deductions depend a lot on your lifestyle. These include:

• Mortgage interest statements or Forms 1098.
• Real estate and personal property tax records.
• 1098 series forms.
• Receipts of energy-saving home improvements.
• Charitable donations.
• Medical expenses.
• Childcare and educational expenses.

4. Source(s) of Income

Though most of these forms won’t be required to file taxes every year. You should have them in the record as a part of your tax day checklist:

• Employed: W-2 Forms
• Unemployed: 1099-G
• Self Employed: Forms 1099, records of all expenses, business-use assets information, office in-home information, and Form 1040-ES.

Online Bookkeeping Services in the USA

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