Tax preparation tips
Open An Account Contact Us For Assistance

Call 1-877-422-6569 8 a.m. – 8 p.m. ET Monday - Friday

Get ready for tax season with a tax preparation checklist

Man looking through tax checklist in kitchen

Tax season can be a stressful time of year, but there are ways to minimize your frustration.

Before you meet with your accountant or begin filling out your tax forms, gather all of your tax documents and review any changes to the tax code.

Tax preparation checklist

Use this tax checklist to make sure you’re prepared for tax season.

1. Gather personal information

Make sure you have basic information, including Social Security numbers and employer information, for each person on your return. Create a folder on your personal computer with this type of information so you always know where to find it.

2. Collect income data

Gathering tax forms for you and your spouse is a good first step, but remember that you may have income that is not included on your W-2. Don’t forget to claim any income you’ve received throughout the year, including:

It can take some time to collect all of the necessary income information, so be sure to give yourself plenty of time.

3. Make a note of itemized deductions and credits

Tax deductions decrease your total amount of taxable income. So, it’s important to keep track of everything you can deduct. A few standard deductions include:

Most deductions require receipts and other documentation, so check with your tax advisor to make sure you have the necessary paperwork.

4. Document taxes you’ve already paid

Most employers take federal, state and other taxes out of each paycheck. These deductions will be detailed on your W-2 form.

If you’re a contracted employee or own a business, you’ll have to keep tax records yourself.

5. Note life changes in the past year

Significant life events can affect your tax return. You may be eligible to claim additional deductions if you had an IRS-recognized life event, such as:

6. Learn about upcoming tax changes

The federal tax code changes all the time. Make sure you talk to your tax advisor about how these changes may affect you each year.

Upcoming tax law proposals may have an effect on higher tax brackets. Be sure to read up on these bills, especially if your family income exceeds $250,000 per year.

Tax refunds

While processing your taxes, you may realize that your employer deducted more taxes from your paychecks over the course of a year than you owe. If you do get a tax refund, start your year off right by saving it. Open a money market account, bank CD or other online savings account. These lower-risk savings options from Nationwide feature attractive interest rates and can help you on your way to earning more on your savings.

Share Article