As April approaches, it’s time to get organized for the upcoming tax season. Use this tax preparation checklist to help prepare for your taxes and potentially save money:
Tax Document Checklist:
Gather personal information:
- Social Security numbers for you, your spouse, and dependents
- Driver’s license or government-issued ID
- Bank account and routing numbers for direct deposit
Collect income documents:
- W-2 forms from employers
- 1099 forms (1099-MISC, 1099-NEC, 1099-DIV, 1099-INT, 1099-B)
- Schedule K-1 for partnership or S-corporation income
- Unemployment income statements
Organize deduction records:
- Charitable donation receipts
- Mortgage interest statements (Form 1098)
- Property tax receipts
- Medical expense records
- Education expenses (Form 1098-T)
Compile business records (if self-employed):
- Income records
- Business expense receipts
- Home office information
- Vehicle mileage logs
Gather investment and retirement account information:
- IRA contribution records
- 401(k) and other retirement plan statements
Tax-Saving Strategies
Maximize IRA Contributions
Take advantage of IRA contributions before the tax filing deadline. For 2024, you can contribute up to $7,000 if you’re under 50, or $8,000 if you’re 50 or older.
These contributions can potentially reduce your taxable income for the year.
Tax-Loss Harvesting
Consider selling investments that have declined in value to offset capital gains. This strategy, known as tax-loss harvesting, can help reduce your overall tax liability.
Remember to be aware of wash sale rules when repurchasing similar securities.
Utilize Catch-Up Contributions
If you’re 50 or older, take advantage of catch-up contributions for retirement accounts.
For 2025, you can contribute an additional $7,500 to 401(k) plans if you’re between 50-59 or 64 and older, and $11,250 if you’re between 60-63
Review Business Expenses
Self-employed individuals should carefully review all potential business deductions. This includes home office expenses, vehicle use, and professional development costs.
Keeping detailed records throughout the year can help maximize these deductions.
Consider Health Savings Account (HSA) Contributions
If you have a high-deductible health plan, maximize your HSA contributions. These are tax-deductible and can be used for qualified medical expenses tax-free.
Explore Education Credits and Deductions
If you or your dependents are in college, look into education-related tax benefits such as the American Opportunity Credit or the Lifetime Learning Credit.
As you prepare for your taxes, it is always recommended to work with a tax accountant to help ensure your taxes are filed appropriately and navigate the complex tax system.
About the Financial Planning Author
Alexander Langan, J.D, CFBS, serves as the Chief Investment Officer at Langan Financial Group. In this role, he manages investment portfolios, acts as a fiduciary for group retirement plans, and consults with clients regarding their financial goals, risk tolerance, and asset allocation.
With a focus on ERISA Law, Alex graduated cum laude from Widener Commonwealth Law School. He then clerked for the Supreme Court of Pennsylvania and worked in the Legal Office of the Pennsylvania Office of the Budget, where he assisted in directing and advising policy determinations on state and federal tax, administrative law, and contractual issues.
Alex is also passionate about giving back to the community, and has participated in The Foundation of Enhancing Communities’ Emerging Philanthropist Program, volunteers at his church, and serves as a board member of Samara: The Center of Individual & Family Growth. Outside of work and volunteering, Alex enjoys his time with his wife Sarah, and their three children, Rory, Patrick, and Ava.
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Disclosure
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice.
Please consult legal or tax professionals for specific information regarding your individual situation.
The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC.
Investment Advisor Representative, Cambridge Investment Research Advisors, Inc. a Registered Investment Advisor. Cambridge and Langan Financial Group, LLC are not affiliated. 
Cambridge does not offer tax or legal advice.
