This guide outlines the information and tax forms typically required to prepare different types of tax returns. Reviewing this early helps avoid delays, missed items, and last-minute corrections.
Important: This guide is for general informational purposes only and does not constitute tax advice. Actual filing requirements depend on individual facts and circumstances.
Personal Tax Preparation Checklist for 2025 Returns (Form 1040)
Form 1040 – U.S. Individual Income Tax Return
You should be able to account for all income received during 2025, including:
Form W-2 – Wages from all employers
Form 1099-NEC / 1099-MISC – Freelance, consulting, or side income
Form 1099-INT – Bank interest
Form 1099-DIV – Dividends
Form 1099-B – Investment and brokerage transactions
Form 1099-K – Payment apps, marketplaces, or online platforms (if issued)
Form 1099-DA – Digital asset / crypto transactions (if issued)
Supporting schedules commonly used:
Schedule B – Interest & dividends
Schedule D – Capital gains & losses
Life changes here directly affect credits, filing status, and eligibility:
Number of dependents claimed in 2025
Any new dependents (birth, adoption, new custody)
Dependents who no longer qualify
Changes in marital status
College attendance for dependents
Common related forms:
Form 8812 – Child Tax Credit
Form 2441 – Child & Dependent Care Credit
Form 8863 – Education credits
Relevant if itemizing deductions:
Form 1098 – Mortgage interest paid
Property tax amounts paid during the year
Purchase or sale of a home during 2025
Refinancing or home equity loan activity
Related schedule:
Schedule A – Itemized deductions
These may affect deductions or reporting in limited cases:
Vehicles purchased or sold in 2025
Business or self-employed vehicle use
Auto loan interest (if applicable under current law)
Related schedules:
Schedule C – Business use
Form 4562 – Depreciation (if applicable)
IRA / 401(k) contributions or distributions
Pension or annuity income
Health Savings Account activity (Form 8889)
Health insurance marketplace coverage (Form 1095-A, Form 8962)
Charitable contributions (if itemizing)
Self-Employed & Freelancer Tax Preparation Checklist (Schedule C)
How self-employment taxes work
Self-employed individuals pay tax on net income, including self-employment tax. Planning often focuses on expense substantiation, asset treatment, and retirement options.
- 1099-NEC / 1099-MISC
- Income not reported on forms
- Business bank & credit card statements
- Profit & Loss statement
- Equipment & vehicle purchase records
- Mileage logs
- Home office details
- Estimated tax payment records
Schedule C, Schedule SE, Form 4562, Form 8829
- Solo 401(k) or SEP-IRA contributions
- Asset expensing vs depreciation decisions
- Vehicle deduction method (standard vs actual)
- Health insurance deduction (if eligible)
- Timing income & expenses year-to-year
- Proper crediting of estimated tax payments
E-Commerce & Online Seller Tax Preparation Checklist
How e-commerce taxes differ
Online sellers face platform reporting, inventory accounting, and multi-state considerations. Planning errors often occur when inventory or platform fees are incomplete.
- Amazon settlement reports
- Shopify / WooCommerce summaries
- Stripe / PayPal / Square reports
- Inventory purchases & ending inventory
- Refunds, chargebacks, discounts
- Sales tax filing states
- Schedule C, Form 1120-S, Form 1065
- Form 1099-K
- Inventory valuation method consistency
- Timing inventory purchases
- Fee & refund reconciliation (avoids overstated income)
- Entity structure review (sole prop vs S-Corp)
- Multi-state exposure awareness
Real Estate Investor & Rental Property Tax Preparation Checklist
How rental taxes work
Rental income is impacted by depreciation, passive activity rules, and property-level expenses. Missing depreciation is one of the most common lost benefits.
- Rental income by property
- Mortgage interest & property taxes
- Repairs vs improvements
- Insurance, HOA, utilities
- Prior depreciation schedules
- Closing statements for buys/sales
Schedule E, Form 4562, Form 8582, Form 4797
- Depreciation optimization
- Repair vs improvement classification
- Passive loss planning
- Timing property sales
- Cost segregation (when appropriate)
Business & Entity Tax Preparation Checklist
S-Corps, Partnerships, C-Corps, Nonprofits
How entity taxes work
Entity returns rely on complete financial statements and impact owner-level taxation.
- Profit & Loss
- Balance Sheet
- Owner distributions
- Capital contributions or loans
- Fixed asset purchases
- Payroll filings
- Contractor reviews
- Prior-year returns
Form 1065, 1120-S, 1120, 990, 7004
- Reasonable compensation analysis (S-Corps)
- Timing distributions vs payroll
- Loss utilization & carryforwards
- Retirement plans at entity level
- Charitable structuring (for nonprofits)
Need help applying this to your situation?
This guide is designed to help you prepare early. If you’d like professional support reviewing your readiness or identifying planning opportunities before filing, you can contact our team to discuss next steps.
Frequently Asked Questions (FAQs)
The following questions address common tax season preparation concerns and are provided for general educational purposes only.
Most taxpayers benefit from starting preparation before the filing season opens in late January. Early preparation gives you time to gather documents, identify missing information, and address potential tax planning opportunities before filing deadlines.
Required documents depend on your situation but commonly include income forms (such as W-2s and 1099s), expense records, investment statements, and information related to dependents, property, or business activity. This guide outlines typical documents by taxpayer category to help you prepare.
No. This guide is for general informational purposes only and is intended to help you organize information early. Tax filing and planning decisions depend on individual circumstances and should be reviewed with a qualified tax professional.
No. Tax planning opportunities are not automatic and depend on eligibility, income thresholds, timing, and individual facts. Some strategies require action before filing or even before year-end to be effective.
Yes. This guide includes sections for individuals, self-employed taxpayers, online sellers, real estate investors, and business entities. Each section highlights common documentation needs and planning considerations relevant to that category.
Waiting until the deadline can lead to missing documents, delayed filings, overlooked deductions, or the need for extensions. Early preparation allows more time to resolve issues and reduces the risk of errors or follow-up requests.
