Gather every document you need for tax filing, from W-2s and 1099s to deduction records, charitable receipts, and prior year returns for a smooth and accurate filing.
Employers must mail W-2s by January 31. If you changed jobs during the year, you will receive a W-2 from each employer. Contact payroll if you have not received yours by mid-February.
Gather all 1099 forms for freelance, contract, and investment income
Common forms include 1099-NEC (freelance income over $600), 1099-INT (bank interest over $10), 1099-DIV (dividends), and 1099-B (investment sales). Brokerages may not mail 1099s until mid-February.
Document any other income sources
This includes rental income, alimony received (for pre-2019 agreements), gambling winnings (W-2G), Social Security benefits (SSA-1099), and state tax refunds (1099-G). All income must be reported even without a form.
Collect K-1 forms from partnerships, S-corps, or trusts
K-1 forms are often the last to arrive, sometimes not until March or April. If you are a partner or S-corp shareholder, expect delays. File an extension if your K-1 has not arrived by April 1.
Deduction Documentation
Gather mortgage interest statement (Form 1098)
Your lender mails Form 1098 by January 31 showing total interest paid, property taxes paid through escrow, and points paid. If you refinanced, you will receive a 1098 from each lender.
Compile property tax payment records
If you pay property taxes directly (not through escrow), gather payment receipts from your county. Property taxes are deductible up to $10,000 combined with state and local income taxes (SALT cap).
Collect state and local income tax records
Gather your prior year state tax return showing taxes paid or withheld. State income taxes are combined with property taxes under the $10,000 SALT deduction cap for federal returns.
Total medical expenses exceeding 7.5% of adjusted gross income
Only medical expenses above 7.5% of your AGI are deductible. For someone with $80,000 AGI, only expenses above $6,000 count. Include insurance premiums paid with after-tax dollars, dental, and vision costs.
You can deduct up to $2,500 in student loan interest even if you do not itemize. This deduction phases out at $75,000-90,000 AGI for single filers and $155,000-185,000 for married filing jointly.
Charitable Contribution Records
Collect receipts for all cash charitable donations
Donations under $250 need a bank record or written receipt from the charity. Donations of $250 or more require a written acknowledgment from the organization stating the amount and whether you received anything in return.
Document non-cash charitable donations with values
For donated clothing and household items, use fair market value (thrift store prices). Non-cash donations over $500 require Form 8283. Items over $5,000 need a qualified appraisal.
Record mileage driven for charitable purposes
The 2024 charitable mileage rate is 14 cents per mile. Track the date, destination, and miles for each trip. Parking and tolls while volunteering are also deductible.
Self-Employment and Business Records
Calculate total self-employment income and business expenses
You owe self-employment tax (15.3%) on net earnings over $400. Track all business expenses including home office, vehicle, supplies, software, and professional services to reduce your taxable income.
Measure your home office if claiming the deduction
The simplified method allows $5 per square foot up to 300 square feet ($1,500 max). The regular method deducts actual expenses proportional to office size. The space must be used regularly and exclusively for business.
Calculate business mileage for the year
The 2024 standard mileage rate is 67 cents per mile for business use. Keep a log showing date, destination, purpose, and miles for each trip. Commuting from home to a regular office does not count.
Gather records of estimated tax payments made during the year
List the date and amount of each quarterly estimated payment. These payments (made April 15, June 15, September 15, and January 15) reduce your tax liability when you file your annual return.
Credits and Other Tax Benefits
Collect childcare expense records for the Child and Dependent Care Credit
You need your childcare provider's name, address, and tax ID number (SSN or EIN). The credit covers up to $3,000 for one child or $6,000 for two or more children and is worth 20-35% of expenses.
Gather education expense records (Form 1098-T)
The American Opportunity Credit provides up to $2,500 per eligible student for the first 4 years of college. The Lifetime Learning Credit provides up to $2,000 per return for any post-secondary education.
Document energy-efficient home improvements for credits
The residential clean energy credit covers 30% of solar panel and battery storage costs with no cap. The energy efficiency credit covers up to $3,200 per year for heat pumps, insulation, windows, and doors.
Filing Preparation
Locate your prior year tax return
Your prior year return provides AGI needed for e-filing verification, carryforward amounts for losses or credits, and a comparison baseline. If you cannot find it, request a transcript from the IRS at irs.gov/individuals/get-transcript.
Gather Social Security numbers for all dependents
You need the SSN for each dependent claimed on your return. Children must have an SSN issued before your filing deadline (including extensions) to qualify for the Child Tax Credit.
Collect bank account and routing numbers for direct deposit
Direct deposit refunds arrive in 21 days on average compared to 6-8 weeks for paper checks. You can split your refund across up to three accounts using Form 8888.
Decide whether to file yourself or hire a professional
Simple returns (W-2 income, standard deduction) can be filed free through IRS Free File if your AGI is under $79,000. Self-employment, rental properties, or complex investments often justify the $200-500 cost of a tax professional.
Frequently Asked Questions
What documents do I need to file my taxes?
Core documents: W-2s, 1099s (interest, dividends, freelance, brokerage, retirement, Social Security). For deductions: 1098 (mortgage), 1098-E (student loans), 1098-T (tuition), property tax bills, charitable receipts, medical records. Most arrive by January 31; brokerage 1099s by mid-February.
How long should I keep tax records?
At least 3 years from filing (standard IRS audit window). Six years if income was underreported by 25%+. Property basis records until 3 years after selling. Digital copies are IRS-accepted.
When should I hire a tax professional instead of filing myself?
DIY works for W-2 employees with standard deductions. Hire a CPA or EA ($200-$2,000) for self-employment income, rental properties, stock options, foreign income, multi-state filing, or major life events.
What is the penalty for filing taxes late?
Failure-to-file: 5% of unpaid taxes per month (max 25%). Failure-to-pay: 0.5% per month (max 25%). Form 4868 extends filing to October 15 but not the April 15 payment deadline. File on time even if you cannot pay, then set up a payment plan.