The Essential Documents for Tax Filing You Need to Know

What are the Essential Documents for Tax Filing?

Identification documents (ID, passport, etc.)
Social Security details – tax ID number, Social Security number or Individual Taxpayer Identification Number (ITIN)
Dependent(s) information – names, Social Security numbers, dates of birth, and relationships

Employment income (W-2 forms) – report income directly to the IRS
Self-Employment and Business Records – business income, business expenses, and assets
Rental Income – record income and expenses, including mortgage interest, rental asset information, and rental income records
Retirement Income – pension, IRA, annuity income (1099-R) and Traditional IRA basis
Savings & Investments or Dividends – interest, dividend income (1099-INT, 1099-OID, 1099-DIV)
Other Income & Losses – payment card and third-party network transactions (1099-K), gambling income, hobby income and expense records, prizes and awards, trust income, and royalty income (1099-MISC)

Home and Vehicle Ownership – mortgage interest statements (Forms 1098), real estate and personal property tax records
Charitable Donations – cash amounts donated to houses of worship, schools, and other charitable organizations, non-cash charitable donations
Medical Expenses – amounts paid for healthcare, insurance, and to doctors, dentists, and hospitals. Various deductions can reduce taxable income, which ultimately affects the amount of tax owed or the refund received.
- Health Savings Account – long-term care reimbursements and financial transactions
Health Insurance – Form 1095-A if enrolled in an insurance plan through the Marketplace (Exchange)
Childcare Expenses – fees paid to a licensed day care center or family day care for care of an infant or preschooler
Educational Expenses – Forms 1098-T from educational institutions, qualified educational expenses records

Estimated tax payments made – record of estimated tax payments made (Form 1040-ES) for federal and state income tax
Local taxes – property tax receipts, local tax bills and receipts, sales tax, and local income taxes
Tax bill – reduce your tax bill by utilizing tax deductions and adjusting withholdings

To start the tax filing process, you need to file the necessary documents and information, including income statements, social security details, dependent information, and other financial records.
Previous year’s tax return and tax forms – review and gather necessary information
Any tax-related correspondence – review and respond to IRS notices and letters
Filing your tax return – file your taxes online or with a tax pro, using tax software
Tax prep – prepare documents, create checklists, and stay organized for filing taxes

How to organize your tax documents digitally – digitize and organize tax documents, receipts, and overall financial paperwork
Tips for managing and storing your tax documents – keep tax documents in a safe place, both locally and in the cloud
Reviewing your documents before filing – ensure accuracy and completeness of tax documents before filing

Prior to filing ensure that you have all of the Essential Documents for Tax Filing.