Before you file your taxes, gather every document, review deductions and credits you might be missing, and make any last-minute tax-reduction moves. The difference between filing prepared and filing rushed can be hundreds or thousands of dollars.
Pre-Filing Checklist
| # | Task | Deadline |
|---|---|---|
| 1 | Collect all W-2s from employers | By January 31 |
| 2 | Collect all 1099s (freelance, interest, dividends, investments) | By February 15 |
| 3 | Gather receipts for deductible expenses | Before filing |
| 4 | Review prior year return for consistency | Before filing |
| 5 | Make prior-year IRA contribution (if applicable) | April 15 |
| 6 | Make prior-year HSA contribution (if applicable) | April 15 |
| 7 | Decide: standard deduction vs. itemize | Before filing |
| 8 | Choose: self-file, tax software, or hire a CPA | Before filing |
| 9 | File by April 15 (or request extension) | April 15 |
Tax Documents to Collect
| Document | What It Reports | Who Sends It |
|---|---|---|
| W-2 | Employment income and tax withheld | Employer |
| 1099-NEC | Freelance/contract income ($600+) | Clients/platforms |
| 1099-INT | Interest income ($10+) | Banks |
| 1099-DIV | Dividend income ($10+) | Brokerage accounts |
| 1099-B | Investment sales (capital gains/losses) | Brokerage accounts |
| 1099-R | Retirement account distributions | 401(k)/IRA custodian |
| 1099-G | Unemployment income, state tax refund | Government |
| 1099-SA | HSA distributions | HSA custodian |
| 1098 | Mortgage interest paid | Mortgage lender |
| 1098-T | Tuition paid | College/university |
| 1098-E | Student loan interest paid | Loan servicer |
| 1095-A | Health insurance marketplace | Healthcare.gov |
| SSA-1099 | Social Security benefits | SSA |
| K-1 | Partnership/S-Corp/trust income | Business/trust |
Deductions and Credits to Review
| Deduction / Credit | Who Qualifies | Potential Savings |
|---|---|---|
| Standard deduction | Everyone | $15,000 (single) / $30,000 (married) |
| Child Tax Credit | Parents with kids under 17 | $2,000 per child |
| Earned Income Tax Credit | Low-to-moderate income | $600-$7,830 |
| Student loan interest deduction | Paid interest on student loans | Up to $2,500 |
| Educator expense deduction | Teachers (K-12) | Up to $300 |
| IRA contribution deduction | Traditional IRA contributors | Up to $7,000-$8,000 |
| HSA contribution deduction | HSA contributors | Up to $4,300-$8,550 |
| Child and Dependent Care Credit | Paid for childcare to work | 20-35% of up to $3,000-$6,000 |
| American Opportunity Credit | College students (first 4 years) | Up to $2,500/year |
| Lifetime Learning Credit | Any post-secondary education | Up to $2,000/year |
| Saver’s Credit | Low-income retirement savers | Up to $1,000 |
| Home office deduction | Self-employed only | Based on square footage |
Last-Minute Tax Moves (Before April 15)
| Move | Impact |
|---|---|
| Contribute to Traditional IRA | Reduce taxable income by up to $7,000-$8,000 |
| Contribute to HSA (if eligible) | Reduce taxable income by up to $4,300-$8,550 |
| Contribute to Roth IRA | No tax break now, but tax-free in retirement |
| Review charitable donations | Ensure all contributions are documented |
| Harvest capital losses | Offset gains with losses (if applicable) |
DIY vs. Tax Professional
| Method | Cost | Best For |
|---|---|---|
| Free File (IRS) | $0 | Simple returns, income under $84,000 |
| TurboTax / H&R Block software | $0-$120 | W-2 income, standard deduction |
| CPA or Enrolled Agent | $200-$500+ | Self-employment, rental income, complex situations |
| Tax attorney | $300-$1,000+ | Tax disputes, audits, estate planning |
The Bottom Line
Tax preparation isn’t just about filing — it’s about capturing every deduction and credit you’re entitled to. Start collecting documents in January, review the full list of deductions and credits, make any last-minute IRA/HSA contributions, and file early. A prepared filer saves more and files faster than someone scrambling on April 14.
Related: Documents to Gather Before Tax Season | Things to Do Before Year-End Taxes