Free Tax Preparation Task Checklist Template

Tax Preparation Task Checklist

I. Document Collection

  1. Gather all income-related documents:

  • W-2s (wages and salary)

  • 1099s (freelance, contractor, or other non-employee compensation)

  • 1098s (mortgage interest, student loan interest)

  • Bank statements and dividend income records

  1. Collect other financial documents:

  • Receipts for deductible expenses (e.g., medical, charitable donations)

  • Records of any real estate transactions or home sales

  • Investment and retirement account statements

  • Childcare and education expense documentation

  1. Review prior-year tax returns for reference.

II. Income Verification

  • Confirm total income from all sources (salary, freelance work, investment income).

  • Verify self-employment income (1099 forms, invoices, and other records).

  • Ensure any other sources of income are accounted for (rentals, dividends, interest).

III. Deductions and Credits

  1. Identify and verify potential deductions:

  • Standard vs. itemized deductions

  • Medical expenses

  • Mortgage interest

  • State and local taxes

  1. Confirm eligibility for available credits:

  • Child tax credits

  • Education credits (e.g., American Opportunity Credit)

  • Energy-efficient home credits

  • Earned Income Tax Credit (EITC)

IV. Tax Software or Forms

  • Choose a tax preparation software or professional service.

  • Gather required forms (e.g., Form 1040, Schedule A, Schedule C).

  • Ensure all tax software settings are configured correctly, such as filing status and dependents.

V. Review and Verification

  • Double-check all personal information (e.g., name, Social Security number, address).

  • Verify the accuracy of income and deduction amounts.

  • Cross-check any prior year tax carryovers (e.g., unused credits, losses).

  • Review any special circumstances (e.g., marriage, dependents, changes in income).

VI. Filing Deadlines

  • Mark tax filing deadlines (e.g., April 15th for individual returns).

  • If necessary, file an extension if unable to complete taxes by the deadline.

  • Confirm submission method (e-filing vs. paper filing) and ensure all payments are made on time.

VII. Final Submission

  • Ensure all required signatures are included.

  • Submit tax returns electronically or mail forms if filing paper returns.

  • Retain copies of all documents, including filed forms and supporting documentation, for your records.

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