The Only Tax-Preparation Checklist You Need

By Brett Gottlieb

After what felt like yet another unpredictable year, the last thing anyone likely wants to focus on is taxes. However, tax season is officially upon us, and the better prepared you are, the faster you can alleviate that stress and return your focus to other priorities.

To help you avoid the common frustration of realizing you are missing a critical document just as you are about to file, we have created this comprehensive tax preparation checklist. It’s designed to support you with all your essential documents and details organized and ready to go.

Organize Your Personal & Income Information

You’ll start receiving various tax documents virtually or in the mail soon (if you haven’t already), so instead of letting them sit in a pile on your counter, create an organized system for the following.

Income Information

• Form W-2: These are issued by employers and show your wages and tax withholdings. The deadline for these to be mailed is January 31.
• Form 1099-MISC: These report income you have received as an independent contractor or freelancer. You should receive one from each person or company that pays you over $600.
• Form 1099-INT: This form will show any interest you have earned.
• Form 1099-R: This form reports income received from annuities, IRAs, or pensions.
• Form 1099-DIV: Dividend income you earn in taxable accounts is reported on this form.
• Form 1099-B or 1099-S: You will receive these if you have any income from the sale of property or stock.
• Form 1098: You will get this from your mortgage company reporting the interest that you paid.
• Form 1098-T: This reports payments of qualified tuition and expenses.
• Form 1095-A or 1095-C: These forms report your healthcare coverage for the year and your premium tax credit, if applicable.
• Schedule K-1 (Form 1065, Form 1120S, or Form 1041): This reports income for a partner, a shareholder, or an income beneficiary of an estate or trust. The Schedule K-1 normal deadline can be as late as April 15th.

Income-Reduction Documents

• Form 1098-E for student loan interest paid, or loan statements for student loans received
• Form 1098-T for tuition paid or receipts from the institution you or your dependents attend
• Receipts for any qualifying energy-efficient home improvements
• Records of IRA contributions made during the year
• SEP, SIMPLE, and other self-employed pension plan information
• Records of medical savings account (MSA) contributions
• Moving expense records
• Self-employed health insurance payment records
• Alimony you paid if your divorce was finalized before December 31, 2018

Personal Information

If you want your tax-filing experience to be painless, you’ll also want to make sure you have all of your and your dependents’ personal information available, such as:

• Social Security numbers and birth dates
• Copies of last year’s tax return (helpful, but not required)
• Bank account number and routing number, if you wish to have your refund deposited directly into your account

Gather Documents for Itemization

If you’re planning to itemize your deductions this year, you’ll need records to include your totals and provide proof.

Deductions and Credits

• Childcare costs: provider’s name, address, tax ID, and the amount paid
• Education costs: Form 1098-T, education expenses
• Adoption costs: SSN of the child; records of legal, medical, and transportation costs
• Form 1098: Mortgage interest, private mortgage insurance (PMI), and points you paid
• Investment interest expenses
• Charitable donations: cash amounts and official charity receipts
• Medical and dental expenses paid
• Casualty and theft losses: the amount of damage, insurance reimbursements
• Records/amounts of other miscellaneous tax deductions: union dues; unreimbursed employee expenses (uniforms, supplies, seminars, continuing education, publications, travel, etc.)
• Records of home business expenses

Taxes Paid

• State and local income tax
• Real estate tax
• Personal property tax

Updates for the 2025 Tax Year

There are some important things to keep in mind when filing your 2025 tax return. Depending on your filing status, some taxpayers may receive significantly smaller refunds due to these factors:

• The Child Tax Credit is worth a maximum of $2,200 per qualifying child, but reduced if your MAGI exceeds $200,000 filing single or $400,000 filing jointly.
• The Earned Income Tax Credit remains at $649 for eligible taxpayers with no children.
• The Child and Dependent Care Credit allows you to claim from 20% to 35% of your care expenses up to a maximum of $3,000 for one child, or $6,000 for two or more children.

Stay on Top of Tax Changes

Those lists cover the details of what you’ll need in front of you to thoroughly fill out your tax return. But there are also a few things to think about that could impact how you file, such as any changes that have occurred this year. Did you add another child to your family? Did one of your children start college? Did you start taking withdrawals from a retirement account? All these changes need to be reflected on your tax return but won’t show up on prior returns.

It’s important to stay on top of annual changes to retirement plan contribution limits.

IRA Contribution Limits

• For 2025, the IRA contribution limit is $7,000. If you are 50 or older, you can contribute an additional $1,000, for a total of $8,000.
• You have until April 15, 2026, to make IRA contributions for the 2025 tax year.
• IRA contribution limits increase to $7,500 in 2026, with an additional catch-up limit of $1,100.

401(k), 403(b), and 457 Plan Contribution Limits

• For 2025, the annual contribution limit for 401(k), 403(b), and most 457 plans is $23,500. Those age 50 and older can contribute an extra $7,500, bringing their total limit to $31,000.
• For 2026, the contribution limit increases to $24,500, with a catch-up contribution of $8,000 for those 50 and older, making the total $32,500.
• The “super” catch-up provision applies to individuals ages 60 to 63, allowing them to contribute $11,250 instead of $7,500. These limits apply to both 2025 and 2026.

HSA Contribution Limits

• For 2025, health savings account (HSA) contribution limits are $4,300 for individuals and $8,550 for families. If you are 55 or older, you can contribute an additional $1,000.
• For 2026, these limits increase to $4,400 for individuals and $8,750 for families. The additional $1,000 catch-up for those 55 and older remains the same.
• Just like IRAs, HSA contributions for the 2025 tax year can be made until April 15, 2026.

By keeping up with these changes, you can maximize your retirement savings and take full advantage of tax-advantaged contributions each year. A knowledgeable tax professional can help you understand any tax law changes and how they affect you.

Looking Ahead With Your Tax Preparation Checklist

Getting your 2025 tax return filed accurately is always the priority, but the true opportunity lies in looking beyond the current filing season. We encourage you to examine the broader tax landscape so that you are proactively utilizing every available tool to optimize and limit your overall tax liability.

Given the inherent complexities of tax codes, working with a qualified tax professional is often necessary to optimize all opportunities. A significant benefit is gained when a seasoned financial advisor collaborates with you and your tax advisor to develop a cohesive tax strategy that is fully aligned with your long-term financial objectives.

If you are ready to move toward proactive tax planning, we at Comprehensive Advisor are here to help you enjoy confidence across your entire financial plan. We can begin this strategic discussion utilizing the details compiled in your tax preparation checklist. Please email us at info@ComprehensiveAdvisor.com or call (760) 813-2125 to get started.

About Our Advisors

Brett Gottlieb is the founder of Comprehensive Advisor and a financial advisor with nearly two decades of industry experience. He graduated from California State University-Chico with two bachelor’s degrees, in business administration and economics, and is Life Insurance licensed in several states. He is passionate about guiding his clients on retirement income planning, helping each client pursue their specific retirement goals, and defending the assets his clients have worked so hard to achieve. Brett is a California native and currently resides in San Elijo Hills with his beautiful wife and three children.

Our team of qualified professionals have experience in the financial service industry, and our advisors hail from some of the largest independent broker/dealers and banking institutions in the country. They have dedicated their professional careers to creating personalized financial strategies for individuals and families who seek successful retirement planning and currently offer investment advisory services through AE Wealth Management, LLC. Our advisors take a common-sense approach to the planning process and work with clients to create a comprehensive retirement roadmap to help ensure their assets are preserved and they receive the income needed to enjoy their future. Based in Carlsbad, California, they work with clients throughout San Diego County and beyond. Learn more by connecting with Brett on LinkedIn or email them at info@ComprehensiveAdvisor.com.

Investment advisory products and services made available through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. Insurance products are offered through the insurance business C.A. Financial & Insurance Services. Comprehensive Advisor, LLC is an Investment Advisory practice that offers products and services through AE Wealth Management LLC (AEWM), a Registered Investment Advisor. AEWM does not offer insurance products. The insurance products offered by C.A. Financial & Insurance Services are not subject to investment Advisor requirements. CA Ins. Lic. #6000262. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. 3800671 – 3/26