Tax Documents Checklist: What You Need to File Taxes

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Our pros have an average of 10 years’ experience handling even the most unique tax situations. Bookkeeping Let a professional handle your small business’ books. Finances Spruce A mobile banking app for people who want to make the most of their refund. Have these identification numbers ready for yourself, your spouse and all dependents. Remember, in addition to children, dependents can include elderly parents and others. Or, when done editing or signing, create a free DocuClix account – click the green Sign Up button – and store your PDF files securely.


Students can claim a deduction for tuition and fees they paid, as well as for interest paid on a student loan. The IRS won’t accept your deduction claim without Form 1098-T, which shows your education transactions. Form 1098-E has details on your student loan.

Income Adjustment, Credit, and Deduction Documents

Visit our Return Planning Page and review our list of stupid and smart things taxpayers do when completing tax returns. With eFile, you can file your individual income tax return, including all your income from wages or employment, your small business, retirement, stocks and investments, and other income. In any event, if you’re getting a tax refund this year, don’t be too surprised if it’s smaller than last year’s refund. Because most of the additional or enhanced tax breaks contained in COVID-relief legislation from 2020 and 2021 have expired. As a result, the child tax credit, child and dependent care credit, and earned income credit are smaller and/or more restrictive for the 2022 tax year.

tax pro

That’s why we’re providing the tax preparation checklist below—along with additional tips and advice to help you this tax season. This website and information are provided for guidance and information purposes only. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy.

Key points to keep in mind when filing 2022 tax returns

If you started as a sole proprietorship, the good news is that you’re in the best position to change your business structure if another works better for your needs. Bank account number and routing number, if you are opting for depositing your tax refund directly into your bank account. Gathering up all the documents needed to prepare and file your tax return with ease. Fortunately, a tax preparation checklist can make light of the situation and help you discover what’s needed to proceed when ready.

  • We strongly suggest that you prepare to prepare your income tax returns.
  • Taxpayers must access these products through the IRS website.
  • Tax credits are a dollar-for-dollar reduction in the amount of tax you owe.
  • We’ve all experienced big changes because of the pandemic, and no doubt you’re still recovering from some of them.
  • You’re permitted to write-off out-of-pocket payments to doctors, dentists, psychiatrists, surgeons, and chiropractors.

You may be able to 2021 Tax Return Preparation And Deduction Checklist In 2022 tax deductions for some of the expenses you have. These deductions reduce the income you are taxed on. Bring documentation for all of the following expenses you have. Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services.

Other Tax Documents or Notices

A financial advisor can also help you optimize your tax strategy to reach investing and retirement goals. When you’re learning how to file small business taxes, the structure you choose informs when and how you file. Different structures require different tax forms and may have different deadlines. You might file one tax return or split individual and corporate tax filings. The Get It Back Campaign helps eligible individuals claim tax credits and use free tax filing assistance to maximize tax time.

Tax Changes in 2023: Why Your Tax Refund Might Be Smaller This … – CNET

Tax Changes in 2023: Why Your Tax Refund Might Be Smaller This ….

Posted: Mon, 23 Jan 2023 08:00:00 GMT [source]