Tax Documents Checklist 2024

Let's face it. Tax season can be one of the most challenging aspects of adulting. The thought of gathering all the necessary documents and filling out complicated forms can be overwhelming.

We’ll provide you with a thorough tax documents checklist to ensure that you have everything you need to accurately and efficiently file your taxes.

Here’s what we’ll cover:

• Why it’s important to get organized

• Tax prep checklist

• Tax documents checklist

• Tax planning tips

Why it’s important to get organized

Before we dive into the nitty-gritty of tax documents, let's discuss why it's crucial to get organized from the get-go. Tax season can feel like an endless maze of paperwork, leaving you drowning in numbers and forms. But with careful planning and organization, you can transform this daunting task into a manageable process. That's where LAMA comes in.

LAMA isn’t just an organization app, it's your personal life assistant designed to effortlessly help you navigate tax season. With powerful features like document storage, reminders, and collections of related files, LAMA takes the stress out of tax season and makes adulting easy.

Tax prep checklist

In addition to gathering the necessary tax documents (see below!), having a well-organized tax preparation checklist can significantly streamline the filing process and help you stay on top of your financial responsibilities. Here's a comprehensive tax prep checklist to ensure you're fully prepared for tax season.

1. Review last year’s return: Start by reviewing your previous year's tax return. This can provide valuable insights into your financial situation, any changes in income or deductions, and help you identify potential areas for improvement.

2. Set up a tax document organization system: Establish a structured system for gathering and managing your tax documents, whether it's through a tool like LAMA or traditional physical folders, t ensure a smooth tax preparation process.

3. Explore tax deductions and credits: Research and identify potential deductions and credits you may be eligible for. Common deductions and credits include the Earned Income Tax Credit (EITC), Child Tax Credit, and deductions for education expenses. Ensure you have the necessary documentation to claim these benefits.

4. Organize business records (if applicable): If you run a small business or are self-employed, ensure you have accurate business income and expense records. This includes invoices, receipts, and statements related to your business activities.

5. Estimate your tax liability: Use tax calculators or tax software to estimate your tax liability for the current year. This can help you determine if you need to adjust your withholding or make estimated tax payments.

6. Prep for e-filing: If you plan to e-file your tax return, ensure you have the necessary information, such as your Social Security number, bank account details for direct deposit, and any electronic filing PIN provided by the IRS.

7. Consult a tax professional: If your tax situation is complex or you have questions about specific deductions or credits, consider consulting a tax professional. They can provide personalized advice and ensure you're taking full advantage of available tax benefits.

Tax document checklist

Now, let's get down to business and discuss the essential tax documents you'll need to file your taxes accurately.

Personal information

• Social security number (SSN) for yourself, your spouse, and dependents

• Filing status information (e.g., if you're single, married, or head of household)Personal income

Personal income

1. Employment income

   • W-2 forms from your employer

   • Additional income sources like tips and bonuses

2. Self-employment and other income

   • 1099 forms for self-employment, freelance work, or investments

   • Records of rental income, alimony, or dividends

3. Unemployment income

   • Form 1099-G for unemployment compensation

4. Retirement and other savings

   • Form 5498-SA for HSA contributions

   • Form 5498 for IRA contributions

   • Other 5498 series forms (e.g., 5498-QA, 5498-ESA)

5. Bank statements for income verification

Types of deductions

1. Healthcare deductions

   • Form 1095-A, 1095-B, or 1095-C for health insurance coverage

2. Homeownership deductions

   • Form 1098 for property taxes

   • Form 1098 for mortgage interest

   • Records of home improvement expenses

3. Childcare expenses

   • Receipts and records of childcare expenses

4. Education expenses

   • Form 1098-T for tuition payments

   • Form 1098-E for student loan interest

   • Documents for educational tax credits

5. Business income and expenses

   • Invoices, receipts, and records for business income and expenses

   • Business-related travel expenses

6. Charitable donations

   • Receipts for donations made to charitable organizations

Dependents

• Documents and information for dependents, including SSN and records of their income, if applicable

Investments

• Brokerage statements, mutual fund statements, and records of capital gains or losses

State and local tax documents

Check for any state or local tax forms or documents required for your specific jurisdiction, including records related to state/local income tax, sales tax, and invoices for large-item purchases like cars, boats, motorcycles, etc.

Tax planning tips

Tax season doesn’t just mean filing your taxes. It's an opportunity to optimize your financial situation. Here are some tax planning tips to make your tax season even smoother.

• Budget for taxes: Set aside money throughout the year to cover your tax payments. By planning ahead, you can avoid financial stress when it's time to pay your taxes.

• Stay informed: Avoid common pitfalls by staying informed about tax law changes that may affect you. Visit the IRS website for the latest tax law updates, or consider subscribing to tax-related newsletters for timely information.

• Plan for the future: Use tax season to review your financial goals and make adjustments where needed. Consider increasing your contributions to retirement accounts to reduce your taxable income.

• Digital organization: Maintain organized financial records year-round to make tax season less stressful. Scan, organize, and securely store your records in LAMA to reduce clutter and ensure easy access when needed.

• Deadline reminders: Set up calendar reminders for important tax deadlines, such as filing and payment due dates (p.s. you can do this in LAMA). This simple step can help you avoid late penalties.

Filing your taxes doesn't have to be a daunting task. With the right organization and the help of tools like LAMA, you can tackle tax preparation like a pro. Use this comprehensive tax document checklist to ensure you have all the necessary paperwork to complete your tax return accurately. Remember, staying organized is the key to a stress-free tax season. Consider incorporating LAMA into your adulting toolkit to streamline your tax management. Download LAMA today and check off your tax documents checklist.