Individual Tax Planning in 2025 – What to Bring

Essential Documents and Information for Individual Tax Planning

Tax season can be a daunting time, but being well-prepared with the right documents and information can significantly ease the process. When meeting with a tax planning professional, it is crucial to bring all necessary items to ensure a smooth and accurate tax preparation. Here’s a comprehensive list of what you should gather:

1. Personal Information

• • Social Security Numbers and Dates of Birth: For you, your spouse, and dependents. This information is essential for validating your return and ensuring correct credits and deductions[2][5].

• • Identification: Bring a form of identification like a driver’s license, passport, or state identification card to prove the Social Security information is yours[2].

2. Income Data

• • W-2 Forms: From each employer, including any corrected W-2cs. These forms report wages, tips, and other compensation from employment[2][5].

• • 1099 Forms: For other types of income, such as independent contractor payments, interest, dividends, capital gains, retirement plan distributions, and more[2][4].

• • Other Income Records:

– Retirement Income: 1099-R forms for distributions from retirement plans, SSA-1099 forms for Social Security benefits, and RRB-1099 forms for Railroad Retirement Board benefits[5].
– Self-Employment Income: 1099-NEC forms for non-employee compensation, 1099-K forms if you receive business payments through a third-party payment processor or online marketplace, sales records, profit and loss statements, and expense receipts and records[5].

3. Tax Deduction Records

• • Receipts for Personal and Business Expenses: Detailed receipts for expenses like childcare costs, education expenses, mortgage interest payments, charitable donations, and other itemized deductions[3][5].

• • Expense Logs: Mileage logs if you use your personal vehicle for business purposes, including the total business miles and personal miles driven for the year[4].

• • Cryptocurrency Transactions: A schedule of all cryptocurrency transactions or print out transaction reports from each exchange platform used during the year[4].

4. Asset Purchase Details

• • Description of Assets: If you bought any long-term assets for your business, such as furniture, computers, vehicles, equipment, or real estate, provide a description of the item, the purchase price, and the date you placed the item in service[4].

5. Payroll Records

• • Year-End Payroll Records: Copies of your year-end payroll records or payroll tax returns, as well as W-2s issued to employees and 1099-NECs issued to independent contractors[4].

6. Home Office Expenses

• • Square Footage of Home Office: The square footage of the home office vs. the square footage of your entire home. Your tax preparer needs deductible home office expenses, such as mortgage interest or rent payments, utilities, repairs, cleaning, property taxes, and homeowners’ insurance[4].

7. Itemized Deductions

• • Form 1098: Mortgage Interest Statement, and other information supporting itemized deductions, such as out-of-pocket medical expenses, receipts for charitable donations, and state and local taxes[4].

• • Self-Employed Health Insurance Premiums: Gather the premiums paid for medical, dental, and vision insurance for you, your spouse, and your dependents[4].

• • Dependent Care Expenses: The name, address, EIN, and the amount paid during the tax year to your daycare provider[4].

• • Retirement Plan Contributions: Document your contributions if you contributed to an IRA, SEP-IRA, or another retirement plan[4].

• • Education Expenses: Copies of Form 1098-E for student loan interest[4].

8. Taxes Already Paid

• • Estimated Tax Payments: Records of any prepaid taxes, which are subtracted from the amount you owe on your tax return (withheld federal income taxes will also be shown on W-2 and 1099 forms)[5].

• • Prior-Year Refunds: Information about prior-year refunds applied to the current tax year[5].

9. Additional Information

• • Bank Account and Routing Numbers: For direct deposit or tax payments[5].

• • Foreign Bank Account Information: If Foreign Bank and Financial Accounts (FBAR) reporting is required[5].

• Last Year’s Tax Return: A copy of last year’s tax return for general reference and e-filing[5].

By gathering all these essential documents and information, you will be well-prepared for your tax planning session. This comprehensive checklist ensures that you cover all bases, making the process smoother and more accurate, ultimately helping you maximize your refund or minimize your tax liability.