These days, filing your taxes is easier than ever, especially since you can meet with a TurboTax Live tax expert — but there are still documents to gather for tax prep. For example, if your AGI is $50,000, the first $3,750 of qualified expenses (7.5% of $50,000) don’t count. If you had $5,000 of unreimbursed medical expenses in 2024, you would only be able to deduct $1,250 on Schedule A. In addition, you can only deduct unreimbursed medical expenses that exceed 7.5% of your adjusted gross income (AGI), found on line 11 of your 2024 Form 1040. As you plan to file your taxes, you may want to check which tax brackets you fall into and use that information to estimate how much you’ll owe. Figuring out which documents the IRS is expecting you to prepare for your income tax filing, and what paperwork is needed to collect the data needed for these documents can be a big chore all-in-of-itself.

One response to “Tax Form Checklist for Simple Filers”

If you find yourself in this situation, read on, and we’ll lay it all out for you. Keeping a detailed checklist is a great way to stay organized and keep track of what deductions you may be eligible for. With TurboTax Live, you can connect with tax experts for personalized advice and even have them review or file your return or do everything on your behalf. Tax professionals can also provide tailored advice based on your business’s unique needs and situation. If you’re looking for a blend of convenience and expert assistance, TurboTax Live Business offers the best of both worlds. This may go without saying, but be sure to keep your business and personal expenses separate.

Step 2: Determine whether you have dependents

  • From income sources to credits and deductions, we’ll walk you through everything you need to get organized and ensure you’re prepared to file your taxes.
  • Reduce stress by setting goals so you can file small business taxes with plenty of time to spare.
  • For example, if your AGI is $50,000, the first $3,750 of qualified expenses (7.5% of $50,000) don’t count.
  • There are a few other situations that would require you to file a tax return, such as being self-employed.
  • Say goodbye to chaotic crunch time before filing, and hello to a more organized, streamlined filing experience.
  • Depending on your province of residence, you may also need a few other amounts for certain provincial credits such as rent receipts, property tax, or children’s fitness and arts expenses.

In addition, if you use a program or app to keep track of your finances, print or download a report of your transactions for the tax year. As you review the report, highlight information you will need to prepare your tax return. Still, it’s a good idea to track those expenses throughout the year and keep copies of receipts. That way, if you have any large, unreimbursed medical expenses during the year, you’ll have what you need to deduct any qualified medical expenses and potentially reduce your tax bill. As you prepare to file your taxes, take a look at our tax document checklist to make sure you don’t miss anything. There are a few other situations that would require you to file a tax return, such as being self-employed.

Canada Tax Checklist: What Documents Do I Need to File My Taxes?

To make this beginning step of the tax preparation process simple for the following years, keep these important documents in a permanent home in either your home desk or filing cabinet. As you receive tax forms at the beginning of the year, you can stick them in this folder for easy access as you get ready to file. But just because you don’t have to file a tax return doesn’t mean you shouldn’t file.

Help and support

Use this simple tax preparation checklist to help you gather all important information and documentation ahead of time. From income sources to credits and deductions, we’ll walk you through everything you need to get organized and ensure you’re prepared to file your taxes. Before you begin working on your personal income tax return, it’s a good idea to collect and organize your tax documents and related records. The tax preparation checklist below will help you keep track of the information you’ll need (check out the PDF version of the Tax Preparation Checklist).

  • To find out whether you should file a return, you can use the IRS tax filing tool.
  • By comparing last year’s return to your current filing status, you can ensure accuracy and spot potential tax-saving opportunities.
  • When filing taxes, it’s important to have records of any asset purchases or leases.
  • For example, the type of entity you choose can significantly impact your liability when it comes to taxes.
  • The same concept applies if you are a resident of a state with income taxes and had state income taxes withheld from your pay.

We’ll check every possible deduction for savings, turbotax checklist including health expenses. It can also provide valuable savings for the future, making it an effective tax planning strategy to consider. Employers can typically deduct contributions made on behalf of their employees, reducing their business’s overall tax bill. If your business is structured as a corporation or partnership, keeping detailed records of shareholder contributions and distributions is crucial. Distributions represent earnings or profits paid out of contributions.

Get organized with our tax preparation checklist

If federal taxes were withheld from your paycheck, you may be due a refund of federal income taxes. The same concept applies if you are a resident of a state with income taxes and had state income taxes withheld from your pay. In addition, you may be eligible for the Earned Income Tax Credit (EITC), which provides refunds to low-to-moderate-income taxpayers who meet certain requirements. The TurboTax Tax Document Finder is a special tool that uses a checklist to analyze your personal life situation and determine which tax documents you will need when sitting down to prepare your tax return. It’s a great question and in reality, for simple tax filing needs, just about any brand could work well enough.