Tax Preparation Checklist

by Sadan SEO Sadan SEO

Ensure you've got everything before you start working on your Tax Preparation. You only need to worry about the relevant ones, so focus on gathering data in those areas. Having everything in order before you start working on your tax return will save you a tonne of time later on.

Before you get started on your taxes

• You can save this checklist as a PDF and print it out.

• To keep track of your Tax Preparation checklist, keep it in a file folder or tape it to the outside.

• Put tax records in the folder as you find them, and cross them off the list as you do so.

• The most common items on the list are presented first, so cross them off if they don't apply to you.

• Direct deposit recipients should input their bank's routing number and account number as shown on their deposit confirmation letter.

Get a printout of your financial transactions for the upcoming tax year (say, 2022) if you utilise a software. This will simplify tax time and give you a clear picture of your annual financial standing.

• It's much more convenient to have this data in a report than to go through a year's worth of bank statements and cheque-books.

• As you read through the report, make notes or underline sections that will be helpful when filing your taxes.

Provide Your Pertsonal Details

The Internal Revenue Service wants to know who is filing and who is included in the tax return. You and your family members' birth dates and Social Security numbers will be necessary.

Choose a Tax Professional

If you don't already have a tax preparer, a trusted friend or advisor (such as a lawyer you know) can recommend someone for Tax Preparation. To prepare federal income tax returns, the individual you hire must have a Preparer Tax Identification Number (PTIN).

Find out how much their fees are before you commit. This is dependent on the intricacy of your tax return. If the company you're considering takes a cut of your refund, look elsewhere. Guidelines for selecting a preparer and a link to a searchable directory of preparers (by credentials and location) can be found on the IRS website.

Decide Whether to File for an Extension

If you need extra time to finish your Tax Preparation, you can get an extension to file your tax return until October 15th. To avoid fines and interest, you must still estimate the tax you owe and pay it by the standard April deadline.

Schedule Your Refund Ahead of Time

You can choose from a few different methods if you're due a tax refund.

• To be used in full or in part towards next year's tax bill. The initial instalment of quarterly taxes might be covered by projected payments made throughout the year.

• You can choose to have your refund deposited straight into your bank account, mailed to you as a check, or invested in tax-free savings vehicles.

By filling out Form 8888, you can divide your refund among the available direct deposit options.

Your tax preparer will need to know your intentions so they can make the appropriate notations on your return.


Whether you do your Tax Preparation yourself or hire a professional for IRS penalty relief or getting your records in order ahead of time will save you both time and money. The sooner you get started, the sooner you can leave it behind you for another year, and the easier it should be.

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Created on Aug 26th 2023 02:38. Viewed 110 times.


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