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tax planning checklist

Gather Important Documents

W-2 forms

1099 forms

Receipts for deductible expenses

Bank statements

Investment statements

Review Income Sources

Salary and wages

Investment income

Rental income

Self-employment income

Determine Deductions and Credits

Standard deduction vs. itemized deductions

Retirement contributions

Education expenses

Homeownership deductions

Consider Tax-Advantaged Accounts

IRA contributions

Health savings accounts

401(k) contributions

Flexible spending accounts

Evaluate Capital Gains and Losses

Review investment gains and losses

Consider tax-loss harvesting strategies

Understand short-term vs. long-term capital gains rates

Plan for Retirement

Review retirement savings accounts

Maximize contributions to retirement accounts

Consider Roth conversions

Evaluate Social Security benefits

Consult with a Tax Professional

Discuss any changes in tax laws

Review tax planning strategies

Get advice on maximizing tax savings

Ensure compliance with tax regulations

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