For deadline guidance, filing methods, and common mistake prevention, see the Tax Filing hub.
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
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy