You know the last-minute scramble—digging through files, searching inboxes, and wondering if you’ve missed something important. It’s one of the most stressful parts of tax season. If taxes aren’t exactly top-of-mind after another year of market twists and turns, you’re in good company. Still, tax season has arrived, and the sooner you get organized, the sooner you can put it behind you. A bit of preparation now can save you from unnecessary stress and rushed decisions later.
To make the process easier, we’ve created a tax-preparation checklist designed to help you gather what you need, stay one step ahead, and avoid the all-too-common scramble for missing paperwork. It’s a simple way to bring order to tax season and keep things moving smoothly.
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.
Do You Need Help Beyond a Tax-Preparation Checklist?
Tax season has a way of making everything feel more complicated than it needs to be. Still, getting your 2025 tax return filed accurately is non-negotiable; it’s also a great opportunity to zoom out and look at the bigger picture. A solid tax-preparation checklist helps you spot opportunities to use the tools already available to reduce what you owe.
And yes, taxes are complicated (that may be the understatement of the year). That’s why it pays to have the right professionals in your corner. Working with a tax professional, and pairing that insight with guidance from a seasoned financial advisor, can turn tax season from a reactive scramble into a coordinated strategy that supports your broader financial goals.
If you want to be proactive about tax planning and don’t yet have a trusted advisor, we’d love to help. At Prosperity Financial Solutions, we focus on bringing clarity and confidence to every part of your financial life.
To get started, schedule an appointment by calling (561) 207-6213 or (866) 656-2050, emailing ramsden@brookstoneadvisor.com, or contact us online.
Frequently Asked Questions
What documents should I gather for a tax-preparation checklist?
A complete tax-preparation checklist includes income documents such as W-2s, 1099s, and K-1s, along with records for mortgage interest, investment income, healthcare coverage, and retirement distributions. You’ll also want receipts and statements for deductions and credits, including charitable donations, education costs, childcare expenses, and taxes paid. Gathering these documents early helps reduce errors and last-minute stress.
When should I start preparing for my taxes?
The best time to start using a tax-preparation checklist is as soon as tax documents begin arriving, typically in January. Early preparation gives you time to track down missing paperwork, understand how life changes affect your return, and avoid rushed decisions as filing deadlines approach.
Do I still need a tax-preparation checklist if I work with a professional?
Yes. Even when working with a tax professional or financial advisor, a tax-preparation checklist helps ensure nothing is overlooked. At Prosperity Financial Solutions, organized preparation allows advisors to identify tax-saving opportunities, coordinate planning strategies, and file accurately while keeping the process efficient and stress-free.
About David
David Wilcox is president and cofounder of Prosperity Financial Solutions, a financial services firm, based in Palm Beach Gardens, FL, specializing in retirement planning, estate planning, and investments. Since 1987, David has been assisting pre-retirees, retirees, and investors with comprehensive retirement planning, helping them preserve their wealth, increase their retirement income, and avoid common financial mistakes. Prioritizing financial education, he employs strategies to instill confidence and comfort in his clients as they make decisions and move toward their ideal financial future. He also highly values building relationships with clients and strives to make them feel like part of his family.
David holds an associate’s degree from Broward College, a bachelor’s degree from Florida State University, as well as the Life Underwriter Training Council Fellow (LUTCF®) and Long-Term Care (CLTC®) certifications. A firm believer in professional education and participation, he is a member of the Global Financial Association, a member of NAIFA (National Association of Insurance and Financial Advisors), and is a Certified National Long-Term Care instructor. Teaching and mentoring other financial advisors, David presents dozens of seminars and workshops on long-term care and investment planning throughout the country. Outside of the office, family man David enjoys golfing, fitness, and spending time with his kids on the boat, going for long walks, and traveling to new places. He wants to provide a positive example for his children and show them that it’s never too late to follow your dreams. To learn more about David, connect with him on LinkedIn.
Investment advisory services offered through Brookstone Capital Management, LLC (BCM). a registered investment advisor. BCM and Prosperity Financial Solutions are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents.