It’s officially tax season, which means tax planning is in full force. Though you may in the midst of dotting your i’s and crossing your t’s, it can be easy to overlook certain documents and forget to collect specific forms for filing your 2025 tax return. Whether you are gathering documents for your preparer or organizing your records on your own, a thoughtful review of your financial activity throughout the year can make filing more efficient and help ensure nothing important is overlooked.
One of the first areas you can review is your income. Are you an employee or self-employed? Self-employment may require more documents than a W-2, such as a 1099-MISC, 1099-NEC, and more. Did you receive any sources of retirement income or any other sources of income? Accounting for all income sources early on can help ensure accurate reporting and minimize surprises during the filing process.
Another area of consideration is deductions. If you are self-employed, you can gather documentation of all deductible business expenses like home office use, vehicle use, and other expenses that relate to your business income. Also, if you paid interest on a mortgage, home equity loan, or home equity line of credit, you may need Form 1098 and other relevant documentation such as origination dates and balances.
Credits bring additional considerations to the table. Did you buy an electric vehicle and/or make an energy efficient home improvement? You may be able to receive credits by bringing proper documentation. Additionally, if you have children, including adopted children, or other dependents, you can gather documentation to establish dependency status and receive credits.
Tax season can be a useful time to reflect on broader planning opportunities. Reviewing documentation from the prior year may reveal patterns in income, deductions, or giving that could inform future decisions. But you don’t have to sort through these documents alone.
To help simplify the process, we are sharing a checklist designed to highlight some key situations and considerations when gathering your documents, so you can file your tax return without missing a beat.
At Tobias Financial Advisors, our goal is to help you navigate your financial plan in a smooth and productive way. If you have questions or want to review your personal situation, contact us and we’ll be happy to help you reach your financial goals with clarity and confidence.
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Professional advisors, accountants, and licensed attorneys should be consulted before implementing any of the options presented. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. This is a representation of a general case scenario, however individual client timeline and experience may vary due to one’s unique circumstances.