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Tax preparation for a newly licensed nurse

I. Personal Information Gathering

Confirm your legal name as it appears on your Social Security card.

Gather your Social Security number.

Collect your current address and any previous addresses for the tax year.

Note any name changes and the date of the change.

II. Income Documentation

Obtain W-2 forms from your employer(s).

Request W-2 forms from your employer's HR department.
Ensure all forms are for the correct tax year.
Verify that all earnings and withholdings are accurately reported.

Collect any 1099 forms if you worked as an independent contractor or received other income.

Check with clients or companies you contracted for.
Confirm the forms are for the correct tax year.
Review all reported income for accuracy.

Document any other sources of income (e.g., bonuses, stipends).

Gather pay stubs or statements showing additional earnings.
Keep records of any stipends or bonuses received.
Ensure documentation is clear and verifiable.

III. Deduction and Credit Documentation

Gather receipts for any work-related expenses (e.g., uniforms, supplies).

Compile records of any continuing education expenses related to nursing.

Collect documentation for student loan interest if applicable.

Review potential tax credits for healthcare professionals.

Sure! Here are some additional steps that could be included in the "Deduction and Credit Documentation" section of the checklist

Document any travel expenses incurred for work-related duties, including mileage logs and receipts for gas or public transportation

Gather receipts for home office expenses if you work from home, including a portion of utilities, internet, and office supplies

Compile any documentation related to professional association memberships or nursing licenses fees

Collect records of any charitable contributions made throughout the year, including receipts and acknowledgment letters for donations

Review and document any medical expenses that may be deductible, including out-of-pocket costs not covered by insurance

Gather records of any childcare expenses if applicable, including receipts and provider information for tax credits

Document any unreimbursed business expenses related to your job, such as conference fees or professional development courses

Check for eligibility and gather documentation for any state-specific tax credits available to nurses or healthcare professionals

IV. Health Insurance Information

Obtain Form 1095-A, 1095-B, or 1095-C, which verifies your health insurance coverage.

Ensure you have documented any changes in your health insurance during the year.

V. Retirement Contributions

Document any contributions made to retirement accounts (e.g., 401(k), IRA).

Collect statements showing contributions and employer matches.

VI. Filing Status and Dependency

Determine your filing status (single, married, head of household).

Collect information regarding any dependents you may claim.

VII. Tax Preparation Resources

Decide whether to file taxes yourself or hire a tax professional.

If filing yourself, gather necessary software or forms.

Check for any relevant state or local tax requirements.

VIII. Deadlines and Submission

Note the tax filing deadline for the current year.

Prepare to submit your tax return electronically or by mail.

Schedule reminders for estimated tax payments (if applicable).

IX. Record Keeping

Organize and store all tax documents for at least three years.

Keep a copy of your filed tax return for future reference.

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